Aluminium die caster Endurance Technologies raises INR348 cr from anchor investors

<p>Endurance Technologies Ltd, an Aurangabad-based automobile parts maker, on Tuesday said it has raised INR348.5 crore by allocating shares to so-called anchor investors, a day ahead of its initial public offer (IPO).<br /><br />Shares were allocated at INR472, the upper end of the IPO price band of INR467-472, the company wrote to stock exchanges. 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.<br /><br />The three-day IPO opens on 5 October. The company is backed by UK-based private equity firm Actis Advisors Pvt. Ltd.<br /><br />Government of Singapore, Monetary Authority of Singapore, Nomura, Goldman Sachs and Amundi were allocated shares in the anchor allotment, besides domestic investors such as ICICI Prudential, Reliance Capital, UTI Mutual Fund, Axis Mutual Fund and Birla Sun Life subscribed to shares in the anchor book.<br /><br />{googleAdsense}<br /><br />The Endurance IPO is a pure offer for sale by existing investors and the company isn&rsquo;t issuing any fresh shares.<br /><br />Axis Capital and Citigroup Global Markets are the book-running lead managers to the issue.<br /><br />In 2015-16, the company&rsquo;s net sales rose 6.6 per cent to INR5,240.6 crore from INR4,916.9 crore a year ago. Net profit rose 15 per cent to INR291.2 crore.<br /><br />Actis bought the <a title="Endurance " href="http://www.alcircle.com/downstream_products/newscircle/market/detail/26019/endurance-technologies--indias-largest-aluminium-die-casting-manufacturer-ipo-opens-on-oct-5">Endurance </a>stake in 2011 for $70 million (approximately INR373 crore) from Standard Chartered Private Equity.<br /><br />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 per cent of its revenue from its aluminium casting business and the rest comes from suspension, transmission and braking products. Endurance has 24 manufacturing facilities&mdash;17 in India, five in Italy and two in Germany.<br /><br />Some of its customers include Bajaj Auto Ltd, Honda Motorcycle &amp; Scooter India Ltd, Royal Enfield, India Yamaha Motor, Hero Motorcorp, Mahindra &amp; Mahindra and Tata Motors.</p>