Endurance Technologies sets price band for its IPO

Endurance Technologies has set a price band of Rs 467 to Rs 472 per share for its initial public offering (IPO) of shares next week. The company could raise as much as Rs 1161 crore. The share sale will begin on October 5 and run until October 7. Axis Capital and Citi are the book running lead managers for the public issue.

Actis Components and System Investments is selling 19.3 million shares while promoter, Anurag Jain will dilute his stake by selling 5.3 million of his shares. Together the two will sell 24.6 million shares in the IPO. The offer will contribute about total 17.5 per cent of the fully diluted post-offer paid-up equity share capital of the company.

On the financial front, Endurance Technologies’ net sales have grown just by 5 per cent to Rs 5240 crore for FY16 on a yearly basis. Its net profit has risen by 15 per cent to Rs 289 crore in FY16 as compared to previous fiscal.

Endurance Technologies is one of India's leading automotive component manufacturing companies. The company operates 18 plants in India and 7 plants in Europe. It is the largest aluminium die casting manufacturer in India and also manufactures aluminium die casting (including alloy wheels), suspension, transmission and brake systems.