New Delhi: UK-based private equity (PE) firm Actis Advisers Pvt. Ltd on Wednesday said it had exited its investment in auto components maker Endurance Technologies Ltd through the latter’s initial public offering (IPO) this month.
The 5-7 October IPO was a pure offer for sale by Actis and promoter Anurang Jain. While Actis sold 19.29 million shares to exit the company, Jain sold 5.3 million shares.
Shares of Endurance Technologies closed 37.22% higher on their trading debut on Wednesday after the Rs1,160-crore IPO received demand for 43.7 times the stock on offer. Actis bought the Endurance stake in 2011 for $70 million (around Rs373 crore) from Standard Chartered Private Equity.
Endurance was established in 1985 as Anurang Engineering Co. Pvt. Ltd to manufacture aluminium die-casting products in Aurangabad, Maharashtra.
The company derives almost 44% of its revenue from the aluminium casting business and the rest from suspension, transmission and braking products.
Endurance has 24 manufacturing facilities—17 in India, five in Italy and two in Germany.
“When we first invested in 2011 we saw a very high quality management team lead by MD and founder Anurang Jain. We were greatly impressed by the company’s professional culture, commitment to doing things the right way with world class governance standards and their openness to a relationship of true partnership with ourselves,” Asanka Rodrigo, a partner at Actis Advisers, said in a statement.
“We saw the potential for us to work closely together and during our investment term the business has continuously outgrown the industry. It has been an absolute pleasure working with Anurang and his team and being part of this business,” Rodrigo added.