Diffusion Engineers shares close listing day with 21% gains, locked in upper circuit despite fall in markets

Diffusion Engineers shares close listing day with 21% gains, locked in upper circuit despite fall in markets

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26 Aug, 2025 12:21

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Diffusion Engineers shares rallied 21 percent on October 4, their first day on the bourses, despite sharp correction in the equity benchmark indices. The benchmark Nifty 50 index fell nearly 1 percent on Friday and shed 4.3 percent for the week.

The stock opened 15.2 percent higher at Rs 193.5 on the NSE, which is much lower than analysts' estimates of over 30 percent opening gains and got immediately locked in upper circuit at Rs 203.17, up 5 percent over the opening price and up 20.93 percent over the issue price of Rs 168.

There was a 5 percent upper and lower circuit limit for the stock as its IPO size was below Rs 250 crore.

On the BSE, the stock finished at Rs 197.35, up 17.47 percent over the issue price and up 5 percent over the opening price of Rs 188. Its market capitalisation stood at Rs 738.61 crore.

On the volumes front, it traded with volume of 1.62 lakh equity shares and 28.01 lakh shares on the NSE.

Diffusion Engineers, which manufactures welding consumables, wear plates and parts, and heavy machinery for core industries launched its Rs 158-crore IPO on September 26 and closed with 114.5 times subscription on September 28. The price band for the issue was Rs 159-168 per share.

The IPO solely consisted of fresh issue of 94.05 lakh equity shares.

The Maharashtra-based company will utilise fresh issue proceeds for the expansion of existing manufacturing facility and setting up of a new manufacturing facility at Nagpur. Further, the funds will also be used for working capital requirements, and general corporate purposes.

The company provides specialised repairs and reconditioning services for heavy machinery and equipment. Additionally, it is also involved in trading of anti-wear powders and welding and cutting machinery.