India's Diffusion Engineers rises 21% in debut trade

Diffusion Engineers

04/10/2024 06:33

** Shares of Diffusion Engineers  DIFF.BO  up 21% at 203.17
rupees in debut trade
    ** Stock opens trade at 193.5 rupees, higher than IPO price
of 168 rupees
    ** The engineering equipment maker's IPO was oversubscribed
114.49 times, as per exchange data 
    ** Co got bids worth 126.92 bln rupees ($1.51 bln)
    ** IPO's P/E valuation is "reasonable", says Shivani Nyati,
head of wealth at Swastika Investmart, and adds that those who
participated in the IPO may hold on to their shares
    ** Rival AIA Engineering  AIAE.NS  rated "hold" on avg -
LSEG data; AIAE up ~16% this year after two straight yearly
gains
    ** DIFF will use IPO proceeds to expand its existing
manufacturing plant and setup of new factory, both in
Maharashtra state, as per its RHP

    ($1 = 83.9625 Indian rupees)

 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com))