Actis-backed Endurance Technologies files for India IPO
Indian automobile component manufacturer Endurance Technologies has filed for an IPO, providing an exit for its investor Actis.
The offer will consist of 24.6 million shares, all from existing shareholders, according to the prospectus; up to 19.3 million shares will come from Actis, with up to 5.3 million from promoter Anurang Jain. Actis' offer represents its entire stake in the company. Pricing for the shares has not yet been announced.
Actis has been an investor in Endurance since 2011, when it paid INR3.7 billion ($71 million) for 6.6 million shares held by Standard Chartered Private Equity, which fully exited its holding. The following year the company bought back about 10% of Actis' stake.
In 2016 the existing shares were reorganized, with the face value raised from INR4 to INR10; this reduced Actis' holding to 2.4 million shares. A bonus issue the same year saw the firm's stake increase to its current level of 19.3 million shares.
Endurance claims to be India's largest manufacturer of components for two-wheeled and three-wheeled vehicles. Its products include motorcycle wheels, suspension assemblies, transmissions and brake systems for companies including Bajaj Auto, Royal Enfield, Yamaha and Hero MotoCorp. The company also operates in Europe, producing engine and transmission components for Jeep, Chrysler, Alfa Romeo and others.
About 70% of Endurance's revenue comes from India, where 18 of its 25 manufacturing plants are located; the rest originates in Europe. The company reported INR53 billion in revenue for the year ended March 2016, up from INR49 billion the year before. Over the same period profit rose from INR3.6 billion to INR4.1 billion.
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