Diffusion Engineers mobilises over Rs 47 crore via anchor book, IPO subscription to open on September 26

Diffusion Engineers IPO

Diffusion Engineers, which offers repair and reconditioning services for heavy machinery and equipment, has raised Rs 47.15 crore from four anchor investors on September 25. The IPO will open for subscription on September 26.

HDFC Mutual Fund was the biggest investor amongst them, buying 10.8 lakh equity shares worth Rs 18.14 crore, followed by 3P India Equity Fund I which acquired 8.92 lakh shares worth Rs 15 crore.

Saint Capital Fund and Craft Emerging Market Fund PCC were the last two investors, picking shares worth Rs 9 crore, and Rs 5 crore, respectively.

The Maharashtra-based company in its filing on exchanges Wednesday said it has finalised the allocation of 28,06,500 equity shares to four anchor investors for Rs 168 per equity share.

It targets to raise Rs 158 crore through its initial public offering, which comprises of entire fresh issue. The price band for the issue has been fixed at Rs 159-168 per share.

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Diffusion Engineers that manufactures welding consumables, wear plates and parts, and heavy machinery for core industries will spend net fresh issue funds for the expansion of the existing manufacturing facility at Khapri (Uma), Nagpur, and setting up of a new manufacturing facility at Sonegaon, Nagpur.

Further, the IPO funds will be utilised for its working capital requirements and the general corporate purposes.

The IPO will close on September 30.

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Incorporated in 1982, Diffusion Engineers operates its business through four manufacturing units Nagpur, Maharashtra. It intends to expand its portfolio of welding consumables by manufacturing of powders for corrosion and abrasion resistance to be used in welding applications.