Diffusion Engineers IPO allotment: Check application status, latest GMP and listing date

Diffusion Engineers is scheduled to finalize the basis of allotment of its shares most likely on Tuesday, October 01. Bidders will get the messages, alerts or emails for debit of their funds or revocations of their IPO mandate latest by Thursday, October 03. The IPO had received a strong response from the investors during the three-day bidding.

Diffusion Engineers sold its IPO in the price band of Rs 159-168 per share with a lot size of 88 shares, which was open for bidding between September 26 and September 30. The company aimed to raise around Rs 158 crore from its primary offering, which was entirely a fresh share sale of 94.05 lakh equity shares.

The issue was overall subscribed a solid 114.49 times, thanks to all round demand. The portion for qualified institutional bidders (QIBs) was booked 95.74 times, while the quota for non-institutional investors (NIIs) was subscribed 207.60 times. The allocations for employees and retail investors were subscribed 85.61 times and 95.03 times, respectively.

Incorporated in 1982, Nagpur-based Diffusion Engineers 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 grey market premium of Diffusion Engineers has seen correction amid the volatility and selloff in the broader markets. Last heard, the company was commanding a premium (GMP) of Rs 55 per share in the unofficial market, suggesting a listing pop of about 33 per cent for the investors. The GMP stood at Rs 90 when the bidding for the issue kicked-off for bidding.

Brokerage firms had a positive view on the issue and suggested subscribing for a long term citing its sound financial performance, expansion plans, strong market share, rising demand and reasonable valuations. However, dependence on delay in setting facilities, Indian clients and approval related nature of business are the key concerns for it.

Unistone Capital is the sole book running lead manager of the Diffusion Engineers IPO, while Bigshare Services is the registrar for the issue. Shares of the company shall be on both BSE and NSE with October 4, Friday, as the tentative date of listing on the bourses.

Investors, who had bid for the issue of Diffusion Engineers, can check the allotment status on the Bombay Stock Exchange (BSE) website:

1) Visit https://www.bseindia.com/investors/appli_check.aspx

2) Under the issue type, click Equity

3) Under the issue name, select Diffusion Engineers Limited in the dropbox

4) Write the application number

5) Add the PAN card ID

6) Click on 'I am not a Robot' and hit submit

Investors can also check the allotment status on the online portal of Bigshare Services Limited (https://ipo.bigshareonline.com/IPO_Status.html), the registrar to the issue.
 

The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus. The registrar is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries.

1) Go to the web portal of Bigshare Services Private Limited

2) Select the IPO in dropbox whose name will be populated only if the allotment is finalized

3) You shall be required to select either one of the three modes: Application number/CAF No, Beneficiary ID, or PAN ID.

4) Enter the details of the mode you selected in Step 2

5) For security purposes, fill the captcha accurately

6) Hit Search to know your allotment status.