Market welcomes Endurance Technologies with Open Hands Endurance Technologies, the auto component maker on 19th October 2016, Wednesday made a stellar debut on the Bombay Stock Exchange by listing at Rs 570, thereby marking a 20.76 per cent premium to its issue price of Rs 472 apiece. On the National Stock Exchange, the stock got listed at Rs 572, up 21.19 per cent. The initial public offering (IPO) Rs 1,161 crores, which was sold between 5th October 2016 and 7th October 2016, was subscribed almost 44 times. Strong demand was observed from high net worth individuals or the HNIs and qualified institutional buyers or the QIBs as the quota for the two categories was subscribed to about 127 times and 53.43 times of the quota limits, respectively. The quota for retail investors was oversubscribed 2.60 times. Analysts are of opinion that Endurance Technologiesâ€™ valuations are comparable with those of Gabriel India along with Rico Auto, which are trading at Financial Year 2016 earnings multiples of around 22.9 times as well as 29.6 timers, respectively.
Endurance Technologies is engaged in the designing, development, validation, testing, manufacturing, delivery as well as aftermarket sales and service of a wide range of technology intensive auto component products. It also supplies auto parts directly to original equipment manufacturers (OEMs). The auto component maker has 18 established plants in the Country and seven in Europe. It has 12 distribution centres along with 256 distributors in India and exports products to 20 countries, directly and indirectly. Some experts are of opinion sales in the two-wheeler segment, which accounts for about two-thirds of the companyâ€™s total sales, may grow at a healthy pace going forward on the back of good monsoon, which may boost rural spending. Additionally with the festive season at hand, auto and auto components manufacturers have performed quite well in the past few months. Besides, the seventh Pay Commission payout will add to demand for twowheelers. At the moment Endurance Technologies share price is trading at Rs 636.25 apiece on the National Stock Exchange up by 11.23 per cent or 64.25 points. The daily high of the share went as up as Rs 649.00 and the daily low touched Rs 572.00. A total of 3,36,39,675 shares of the newly listed Company have already been traded on the counter of NSE amounting to a total money value of Rs 2,02,971.71 lacs. The Lower Price Band is 457.60 and the Upper Price Band is 686.40.
For more details news on Endurance Technologies please refer “Endurance Technology Day 2 saw massive subscription of 92%” and “Endurance Technologies IPO Subscribed 12% On Day One“.
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Article Written by Tanaya Nath