Endurance Technologies IPO was subscribed by 12 per cent on the first day of offer till 4.45 pm. The issue received bids for 20,00,550 shares against 1,72,29,118 shares offered by the company, according to the data available with NSE. Auto components manufacturer has raised over Rs 348 crore by allotting 73,83,906 equity shares to anchor investors at the upper price band of Rs 472 apiece. The issue will close on October 7.
The public offer is being managed by Axis Capital and Citigroup Global Markets India. Shares of the company are proposed to be listed on BSE and NSE. The company has fixed a price band at Rs 467-472 per equity share for the ongoing IPO.
The IPO consists of an offer for sale (OFS) of 1.93 crore shares (13.7 per cent stake) by Actis Components and Systems Investments (a Private Equity Firm) and 0.53 crore shares (3.8 per cent stake) by promoters. The entire IPO consists of OFS and the company will not receive any funds from the issue.
Centrum Broking has given ‘Subscribe’ rating to the issue. The brokerage house in a research note said, “Despite the sluggish growth in automotive industry during FY12-16, Endurance Technologies reported revenue CAGR of 8.1 per cent, operating profit and net profit at 7.1 per cent and 12.4 per cent, respectively.”
Endurance Technologies manufactures 2-wheeler and 3-wheeler automotive components. It also has operations in Europe with manufacturing facilities in Italy and Germany.