Endurance Technologies, one of India's leading automotive component manufacturing companies, has set a price band of INR467 to INR472 per share for its initial public offering (IPO) of shares scheduled next week. The company aims to raise funds estimated around INR1161 crore. The share sale is scheduled for a beginning on October 5 and will run until October 7. Citi and Axis Capital are the book running lead managers for Endurance Technologies' public issue.
According to the sources close to the company, Actis Components and System Investments is selling 19.3 million shares while promoter, Anurag Jain will go for his own stake dilution by selling 5.3 million of shares. The two parties, together, 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.
Endurance Technologies’ net sales have risen by 5 per cent to INR5240 crore for FY16 on an annual basis. Its net profit has grown by 15 per cent to INR289 crore in FY16 as compared to the corresponding period last fiscal.
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Endurance Technologies operates 18 automotive component parts manufacturing plants in India and 7 plants in Europe. In terms of market share, it is the largest aluminium die casting manufacturer in India and manufactures aluminium die castings (including aluminium alloy wheels), transmission and brake systems, and suspension among other products.
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