Diffusion Engineers makes tepid stock market debut, shares rise 12% on listing

Diffusion Engineers Ltd stock price: Diffusion Engineers shares made a tepid stock market debut on Friday as the stock opened for trading at Rs 188 against initial public offering ( IPO ) price of Rs 168, marking an upside of 12 per cent on the BSE. On the National Stock Exchange, Diffusion Engineers shares opened for trading at Rs 193.50, up 15 per cent from IPO price.

After staging a tepid start, Diffusion Engineers shares rose as much as 17.47 per cent from IPO price to Rs 197.35 and the stock was locked in 5 per cent upper circuit, data from the stock exchanges showed.

Diffusion Engineers shares were in high demand during the three-day share sale via IPO which ended on September 30 as the IPO was booked 114.49 times. Portion of shares set aside for Qualified Institutional Buyers was booked 96 times, pie set aside for non-institutional investors was subscribed 207.60 times and shares set aside for retail investors was subscribed 95.61 times.

The company raised Rs 158 crore from the IPO which was purely fresh issue of shares and a retail investor was allowed to bid for minimum one lot of 88 shares up to maximum of 13 lots. One lot of Diffusion Engineers shares in the IPO was priced at Rs 14,784 at the upper end of the price band.

Diffusion Engineers Limited is active in the manufacture of welding consumables, wear plates and parts, and heavy machinery for core industries.

The company offers specialized repair and reconditioning services for heavy machinery and equipment. The company also trades in wear protection powders and welding and cutting machines.