The initial public offering (IPO) of Endurance Technologies on day three was subscribed 43.69 times with investors bidding for 75.28 crore shares of the total 1.72 crore shares on offer. Qualified institutional buyers (QIBs) bid for 26.30 crore shares of the total 49.22 lakh shares on offer, 53.43 times their quota. High net-worth (HNIs) individuals bid for 46.91 crore shares of the 36.91 lakh shares reserved for them or 127 times their quota. Retail investors bid for 2.4 times their quota or 2.06 crore shares of the total 86.14 lakh shares reserved for them.
The R1,161-crore IPO was a pure offer for sale (OFS) of 2.46 crore equity shares by Actis Components and System Investments and Anurag Jain, Managing Director of the company. Through the issue, Actis Components and System Investments exited by selling 1.92 crore shares and Anurag Jain diluted his stake in the company by around 6.5% or 53 lakh shares.
On October 4 the company raised approximately R348.52 crore by allotting 73.83 lakh shares to anchor investors at a price of R472 apiece. Among the investors who were allotted shares in the pre IPO placement include Goldman Sachs, Nomura, HSBC, Government of Singapore, HDFC Mutual Fund and Reliance Capital Trustee among others.
Endurance Technologies ended 2016 with revenues of R5,274.5 crore, up 6.5% compared to R4,949.4 crore in 2015. Total expenses grew by 5.9% at R4,860.9 crore from previous year’s R4,590 crore. Net profit during the same period was up 15.38% at R291 crore from previous year’s R252 crore.