Oct 20, 2016, 07.28 AM | Source: Moneycontrol.com
The company is expected to commission an additional machining plant in Germany in current financial year.
Shares of newly listed Endurance Technologies ended 37 percent higher from its issue price of Rs 572 per share. It had fixed issue price at the higher end of price band of Rs 467-472 per share. The Aurangabad-based company has raised around Rs 1,161 crore through the issue, including Rs 348 crore from anchor investors. The issue, which opened for subscription during October 5-7, was oversubscribed 43.84 times with price band at Rs 467-472 per share.
Incorporated in 1999, the company is prominently 2-wheeler and 3-wheeler component supplier in India and 4-wheeler auto component supplier in Europe. It has 25 manufacturing facilities of which 18 are in India and 7 are in Europe (5 plants in Italy and 2 in Germany). Its India business has been an organic growth story while European business is fully acquired. It derives 70 percent revenue from India and 30 percent from Europe.
The company is expected to commission an additional machining plant in Germany in current financial year. It is currently in the initial stages of planning an automotive proving ground (test track) in Aurangabad, Maharashtra, which it is expected to be operational by the end of 2018. It is also planning on setting up a new plant at Halol (Gujarat), which it is expected to complete in FY18 for the supply of suspension parts to Hero.