Automotive component manufacturer, Endurance Technologies has priced its initial public offering (IPO) aimed at raising Rs 1,161 crore (when calculated at the upper end of the price band), between Rs 467 and Rs 472 per share.
Automotive component manufacturer, Endurance Technologies has priced its initial public offering (IPO) aimed at raising Rs 1,161 crore (when calculated at the upper end of the price band), between Rs 467 and Rs 472 per share. The IPO is 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 will be exiting by selling 1.92 crore shares and Jain will be diluting his stake in the company by around 6.5% or 53 lakh shares. The offer shall constitute up to 17.50% of the fully diluted post-offer paid-up equity share capital of the company. Bids can be made for a minimum of 30 Equity Shares and in multiples of 30 Equity Shares thereafter. The issue opens on October 5.
According to guidelines put out by the Securities and Exchange Board of India (Sebi), 50% of the shares are reserved for qualified institutional buyers (QIBs), 15% for high net-worth individuals and the remaining 35% for retail investors. Up to 60% of the QIB portion has been reserved for anchor investors and one-third of the anchor investor portion has been reserved for domestic mutual funds. Five per cent of the QIB category, excluding the anchor investor portion, has been reserved for mutual funds on a discretionary basis.
Endurance Technologies ended 2016 with revenues of Rs 5,274.5 crore, up 6.5% compared to Rs 4,949.4 crore in 2015. Total expenses grew by 5.9% at Rs 4,860.9 crore from previous year’s Rs 4,590 crore. Net profit during the same period was up 15.38% at Rs 291 crore from previous year’s Rs 252 crore.
The company manufactures components for two and three wheeler automotive. Endurance also has its operations in Europe with manufacturing facilities in Italy and Germany.