Endurance Technologies IPO subscribed 43.84 times

Receives bids for 75.52 crore shares

Endurance Technologies' initial public offer (IPO) saw strong response from investors. The issue received bids for 75.52 crore shares and it was subscribed 43.84 times. The qualified institutional buyers (QIBs) category was subscribed 53.43 times. The non-institutional investors' category was subscribed 127.07 times. The retail investors category was subscribed 2.69 times.

The bidding for the IPO remained open between 5 October 2016 to 7 October 2016. The price band for the IPO was Rs 467 to Rs 472 per share.

The IPO consisted of offer for sale of 1.92 crore hares by Actis Components and System Investments (Actis) and upto 53.17 lakhs by Anurag Jain, the promoter selling shareholder of the company.

Out of the total IPO issue of 2.46 crore shares, Endurance Technologies' IPO committee at a meeting held on 4 October 2016 finalized allocation of 73.83 lakh shares to 24 anchor investors at Rs 472 per share, the upper price of the IPO price band, aggregating to Rs 348.52 crore.

Among others, around 9.53 lakh shares or 12.91% of anchor investor portion was allotted to Smallcap World Fund Inc while Government of Singapore was allotted 3.17 lakh shares or 4.3% of anchor investor portion.

The objects of the offer were to achieve the benefits of listing the shares on the stock exchanges and to carry out the offer for sale. The company will not receive any proceeds from the offer and all proceeds shall go to the selling shareholders.

Endurance Technologies' consolidated net profit rose 15.38% to Rs 29.11 crore on 6.58% rise in net revenue from operations to Rs 524.05 crore in the year ended 31 March 2016 (FY 2016) over the year ended 31 March 2015 (FY 2015).

Endurance Technologies is a two-wheeler and three-wheeler automotive component manufacturer. The company has operations in Europe with highly-automated manufacturing facilities in Italy and Germany. The company is a tier one supplier to original equipment manufacturers (OEMs) for most of its products. In India, the company manufactures a diverse range of technology-intensive automotive components for the two-wheeler and three-wheeler segments. The company also manufactures specified components for four-wheeler passenger vehicles, light commercial vehicles (LCVs) and heavy commercial vehicles (HCVs).

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