Endurance Tech IPO subscribed 92% on Day 2

The IPO received bids for 15,870,960 shares against the total issue size of 17,229,118 shares

Automobile component maker Endurance Technologies' initial public offering (IPO) was subscribed 92 per cent on the second day of the offer on Thursday.

The company's IPO received bids for 15,870,960 shares against the total issue size of 17,229,118 shares, data available with the National Stock Exchange (NSE) till 1730 hrs showed.

The quota set aside for qualified institutional buyers (QIBs) was oversubscribed 1.70 times, while non institutional investors received 13 per cent subscription. Retail investors category was subscribed 82 per cent.

Endurance Technologies has raised over Rs 348 crore by allotting shares to anchor investors. The issue comprises 24.6 million equity shares, including an offer for sale of 19.3 million shares by private equity firm Actis and 5.32 million shares by the promoter. It has fixed the price band at Rs 467-472 per equity share for the offer which is scheduled to close on Friday.

The issue is being managed by Axis Capital and Citigroup Global Markets India Pvt Ltd. The equity shares are proposed to be listed on BSE and NSE.

The company manufactures two-wheeler and three-wheeler automotive components. It also has operations in Europe with manufacturing facilities in Italy and Germany.