Endurance Technologies made a robust debut on bourses as the company’s shares listed at a premium of 21.19 per cent at Rs 572 against the issue price of Rs 472 on NSE. The initial public offering (IPO), which was opened for subscription from October 5-7, got oversubscribed 44 times at a price band of Rs 467-472 per share. Citigroup Global Markets India and Axis Capital are the merchant bankers to the issue. On BSE, shares of the company listed at Rs 570.
Later, shares of Endurance Technologies closed 38.64 per cent up at Rs 654.40, while it closed 37.22 per cent higher at Rs 647.70 on BSE.
The quota set aside for qualified institutional buyers (QIBs) was oversubscribed 53.43 times, while non-institutional investors portion got 127 times subscription. Retail investors category was oversubscribed 2.60 times. The public issue comprises 2.46 crore equity shares, including an offer for sale of 1.93 crore shares by private equity firm Actis and 53.17 lakh shares by the promoter.
The company is engaged in the business of manufacturing two-wheeler and three-wheeler automotive components. It also has operations in Europe with manufacturing facilities in Italy and Germany.