New Delhi, Apr 29 (PTI) Engineering solutions provider Diffusion Engineers has re-filed its preliminary IPO papers with markets regulator Sebi by incorporating a new financial statement.

This came after the Securities and Exchange Board of India (Sebi) returned the Nagpur-based company's draft red herring prospectus (DRHP) in March.

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The company had last filed its draft IPO papers with Sebi on December 27.

According to market sources, the IPO size could be anywhere between Rs 125 crore and Rs 150 crore.

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Without changing the offer size, the company filed the fresh DRHP on Saturday and included a reservation for a subscription by eligible employees in the issue along with a discount.

The Initial Public Offering (IPO) with a face value of Rs 10 each is a complete fresh issuance of 98.5 lakh equity shares.

Proceeds from the issue will be used by the company towards the expansion of its existing manufacturing facility and setting up a new manufacturing facility in Maharashtra.

On the financial front, the company's consolidated revenue from operations rose 24.6 per cent Year-on-Year (YoY) to Rs 255 crore in the financial year 2023 from Rs 204.6 crore in the preceding fiscal 2022. Profit after tax rose 30 per cent to Rs 22.14 crore in fiscal 2023 from Rs 17.05 crore in the previous financial year.

For the nine months ended December 31, 2023, revenue from operations stood at Rs 204.20 crore, and profit after tax stood at Rs 21.62 crore.

Incorporated in 1982, Diffusion Engineers is engaged in the business of providing engineering solutions to customers in domestic and international markets. It provides a wide range of products and services, including the manufacture of special welding consumables, wear plates and heavy engineering equipment, and customised repairs and reconditioning services for heavy machinery and equipment.

Unistone Capital is the sole book-running lead manager to the issue. The company's equity shares are proposed to be listed on the BSE and National Stock Exchange (NSE).

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