It's a pretty strong debut for shares of Endurance Technologies Limited, with investors thronging the counters on the stock exchanges today.
The stock opened at Rs 570 on BSE and rose to Rs 601 on fairly strong volumes. On the National Stock Exchange, over 14.8 million shares have been traded so far at the Endurance Technologies counter this morning.
On NSE, the stock hit a high of Rs 599 and is currently trading at Rs 589, up 25% over the IPO price of Rs 472, the upper end of the Rs 467 - Rs 472 band.
The IPO from the company evoked tremendous response from investors and was subscribed 43.84 times. The qualified institutional investors category was subscribed 53.43 times and the non-institutional investors' portion was subscribed a little over 127 times. However, response from retail investors was not any significantly encouraging. The retail investors category was subscribed just 2.69 times.
Endurance Technologies is engaged in automotive components manufacturing business, and has the largest presence in the two-wheeler and three-wheeler automotive component segment, with tie-ups with all major manufacturers. The company derives about 44% of its revenue from its aluminium casting business and the rest comes from suspension, transmission and braking products. Endurance has 24 manufacturing facilities, with as many as 17 centres in India. The company has operations in Europe with highly-automated manufacturing facilities in Italy and Germany.