Active Stocks
Fri Mar 01 2024 15:59:51
  1. Tata Steel share price
  2. 150.00 6.46%
  1. State Bank Of India share price
  2. 769.30 2.67%
  1. Tata Motors share price
  2. 977.20 2.78%
  1. ITC share price
  2. 409.50 0.74%
  1. ICICI Bank share price
  2. 1,086.90 3.18%
Business News/ Market / Stock-market-news/  Endurance Technologies IPO subscribed 43.7 times on final day
BackBack

Endurance Technologies IPO subscribed 43.7 times on final day

The Endurance Technologies IPO received bids for 752.6 million equity shares as against 17.2 million shares on offer

On Tuesday, Endurance Technologies raised Rs 348.5 crore by allocating shares to anchor investors, at Rs 472, the upper end of the IPO price band of Rs467-472. Photo: Pradeep Gaur/MintPremium
On Tuesday, Endurance Technologies raised Rs 348.5 crore by allocating shares to anchor investors, at Rs 472, the upper end of the IPO price band of Rs467-472. Photo: Pradeep Gaur/Mint

New Delhi: The initial public offering of Endurance Technologies Ltd, an Aurangabad-based automobile parts maker, was subscribed 43.7 times on the final day of the issue.

The issue received bids for 752.6 million equity shares as against 17.2 million shares on offer. The quota reserved for qualified institutional buyers was covered 53.43 times, while non-institutional investors’ portion was subscribed 127 times. Retail investors, whose investments cannot exceed Rs.2 lakh in an IPO, bid for about 2.5 times their quota.

On Tuesday, Endurance Technologies raised 348.5 crore by allocating shares to anchor investors, at 472, the upper end of the IPO price band of 67-472. The anchor investors included Government of Singapore, Monetary Authority of Singapore, Nomura, Goldman Sachs and Amundi, ICICI Prudential, Reliance Capital, UTI Mutual Fund, Axis Mutual Fund and Birla Sun Life.

The anchor book is the portion of the IPO which bankers can allot to institutional investors on a discretionary basis. Anchor book subscription opens a day before the launch of an IPO and acts as an indicator of institutional investor interest.

The Endurance IPO is a pure offer for sale by existing investor Actis and promoter Anurag Jain. While Actis is selling 19.29 million shares while Jain is selling 5.3 million shares. The issue will constitute up to 17.5% of the company’s post-offer capital.

Actis bought the Endurance stake in 2011 for $70 million (approximately Rs.373 crore) from Standard Chartered Private Equity.

Axis Capital and Citigroup Global Markets are the book-running lead managers to the issue.

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 its aluminium casting business and the rest comes from suspension, transmission and braking products. Endurance has 24 manufacturing facilities—17 in India, five in Italy and two in Germany.

Some of its customers include Bajaj Auto Ltd, Honda Motorcycle & Scooter India Ltd, Royal Enfield, India Yamaha Motor, Hero Motorcorp, Mahindra & Mahindra and Tata Motors.

In 2015-16, the company’s net sales rose 6.6% to Rs5,240.6 crore from Rs4,916.9 crore a year ago. Net profit rose 15% to Rs291.2 crore.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
More Less
Published: 07 Oct 2016, 06:58 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App