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The initial public offer of Aurangabad-based auto parts maker Endurance Technologies found favour with institutional investors on the third and final day, with the category subscribing over 53 times in their segment. The IPO was subscribed over 43 times at 7 p.m. on Friday.
The issue was a share sale of over 2.46 crore shares by the promoter and an exiting private equity investor. The offer was sized at ₹1,161 crore and the price band was ₹467-472. The IPO was well-received by brokerages, which highlighted the company’s long-term growth potential.
The company found favour with retail investors as well, who subscribed 2.6 times to the portion reserved for them. Non-institutional investors bid over 127 times for the 36.91 lakh share reserved for them. The company had raised ₹348.5 crore at the upper end of the price band from anchor investors a day before the public sale opened. The IPO was led by Axis Capital and Citigroup Global Markets as book running lead managers.
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