ENDURANCE TECHNOLOGIES LIMITED
Our Company was originally incorporated as a private limited company at Mumbai uder the
name of 'Endurance Suspension Systems (India) Private Limited' under the Companies
Act, 1956 and received a certificate of incorporation dated.
December 27,1999 As of the dated of the prospectus, the name of our Company is Endurance
Technologies Limited which was pursuant to a fresh certificate of incorporation dated May
31,2016.
Registered Office: K-228. MIDC Industrial Area, Waluj.
Aurangabad 431 136, Maharashtra, India; Telephone: +91 (240) 255 6686; Facsimile:
+91 (240) 265 6685. Corporat Office: E-92. MIDC Industrial Area, Waluj,
Aurangabad 431 136, Maharashtra. India; Telephone: +91 (240) 256 9737; Facsimile;
+91 (240) 255 1700. For details of changes to the name of our Company, status and address
of the registered office of our Company, please see 'History and Certain Corporate
Matters' on pege 186 of the Prospectus. Contact. Person: Mr. Sunil
Lalai, Company Secretary and Vice President - Legal and Compliance Officer, Email:
investors@endurance.co.in Website:
www.endurancegroup.com; Corporate
Identity Number: U34102MH1999PLC123296
PROMOTER OF OUR COMPANY: MR. ANURANG JAIN
Our Company has filed the Prospectus dated October 10, 2016 with the Registrar of
Companies, Mumbai, Maharashtra (the ''Prospectus') and the Equity Shares are proposed
to be listed on the BSE, limited (''BSE') and the National Stock Exchange of India
Limited ('NSE') and the trading is expected to commence on October 19,2016,
BASIS OF ALLOTMENT
INITIAL PUBLIC OFFERING OF 24,613,024 EQUITY SHARES OF FACE VALUE RS 10 EACH
('EQUITY SHARES') OF ENDURANCE TECHNOLOGIES LIMITED ('COMPANY' OR
ISSUER') FOR CASH AT A PRICE OF RS 472 PER EQUITY SHARE INCLUDING A SHARE PREMIUM 0F
RS 462 PER EQUITY SHARE. AGGREGATING TO RS 11,617,35 MILLION. CONSISTING OF AN OFFER
FOR SALE OF 19.295,968 EQUITY SHARES BY ACTIS COMPONENTS AND SYSTEM INVESTMENTS LIMITED
('ACTIS') AND 5,317,056 EQUITY SHARES BY MR. ANURANG JAIN ('PROMOTER
SELLING SHAREHOLDER') (COLLECTIVELY, THE 'SELLING SHAREHOLDERS') (THE
'OFFER FOR SALE' OR THE 'OFFER'). THE OFFER CONSTITUTES 17.50% OF THE FULLY
DILUTED POST OFFER PAID-UP EQUITY SHARE CAPITAL OF THE COMPANY.
OFFER PRICE: RS 472 PER EQUITY SHARE OF FACE VALUE OF RS 10 EACH
ANCHOR INVESTOR OFFER PRICE: RS 472 PER EQUITY SHARE
THE OFFER PRICE IS 47.20 TIMES THE FACE VALUE
Risks to Investors:
i. The two Lead Managers associated with the Offer have handled 19 public Issues in
the past three years out of which 5 issues closed below the
issue price on the listing date.
i i. The Price to Earnings ratio based on diIuted EPS for FY 2016 for the Company at the
upper end of the Price Band is as high as 22.80 and 32.23 on consolidated basis and
unconsolidated basis respectively.
i i i. Average cost of acquisltion of Equity Shares for the Promoter SelI i ng Shareholder
and Actis is Rs 1.28 and Rs 190,82 per Equity Share respectively, and the Offer Price at
the upper end of the price bard is as high as Rs 472.00 per Equity Share.
OFFER PROGRAMME: OPENED ON: WEDNESDAY, OCTOBER 05, 2016
CLOSED ON FRIDAY, OCTOBER 07, 2016
ANCHOR INVESTOR BIDDING PERIOD : TUESDAY, OCTOBER 04, 2016
In terms of Rule 19(2)(b}(ii) of the Securities Contracts Regulations Rules. 1957.
as amended ('SCRR')l read with Regulation 41 of the Securities and
Exchange Board of India, (Issue of Capital and Disclosure Requirements) Regulations. 2009,
as amended ('ICDR Regulations'), this was an Offer for at least
10% of the post-Offer capital. The Offer was made through the Book Building Process, in
reliance on Regulation 26(1} of the ICDR Regulations, wherein not more than 50%: of the
Offer was allocated on a proportionate basis to Quafified Institutional Buyers ('QIBs').
Provided that our Company and the Selling Shareholders, in consultation with the Lead
Managers, haw allocated up to 60% of the QIB Portion to Anchor Investors on a
discretionary basis. One-third of the Anchor Investor Portion was reserved for domestic
Mutual Funds, subject to valid Bids received from domestic Mutual Funds at or above the
Anchor Investor Allocation Price. 5% of the QIB Portion (excluding the Anchor Investor
Portion) was available for allocation on a proportionate basis 10 Mutual Funds only, and
tine remainder of the QIB Portion was available for allocation on a proporiioriaie basis
to an QIB Bidders (other than Anchor investors), Including Mutual Funds, subject to valid
Bids received at or above the Offer Price. Further, not less than 15% oF the Offer was
available for allocation on a proportionate basis to Non-lnsttitutional Investors and not
lass than 35% of the Offer was available for allocation to Retail Individual Investors, in
accordance wiih the ICDR Regulations, subject to valid Bids, received at or above the
Offer Price. All Bidders, other than Anchor Investors, were nequired to mandatorily
utilise the Application Supported by Blocked Amount ('ASBA')
process providing details of their respective bank accounts which were blocked by the Self
Certified Syndicate Banks ('SCSBs'), to participate in the
Offer. Anchor Investors were not permitted to participate in the Offer through the ASBA
process. For details, please see 'Offer Procedure' on page 546 of the Prospectus.
The Offer received 621,460 applications for 761,029.470 Equity Shanes (prior to technical
rejections) resulting in 30.9198 times subscription. The details of the applications
received in the Offer from various categories are as under (before technical rejection):
Category |
No. of
Applications |
No. of Shares |
Reserved |
No. of times
Subscribed |
AMOUNT (Rs) |
Retail Individual Bidders |
620.687 |
22,469,220 |
8,614.569 |
2.6083 |
10.609.484.199.00 |
Non Individual Investors |
627 |
470,107,530 |
3,691,954 |
127.3330 |
221,890.740.060 00 |
Qualified Institutional Buyers (excluding Anchor Investors) |
108 |
260,804,970 |
4,922,605 |
52.9811 |
123,099,945,840.00 |
Anchor Investors: |
38 |
7,647,750 |
7,383,906 |
1.0357 |
3,609,738.000.00 |
TOTAL |
621.460 |
761,029,470 |
24,613,024 |
30.9198 |
359,209,908.099.00 |
Final Demand
A summary of the final demand as at different Bid prices is as under:
Bid Price |
No. of
Equity Shares |
% to
Total |
Cumulative
Total |
Cumulative
% of Total |
467 |
67,920 |
0.01 |
67,920 |
0.01 |
468 |
7,440 |
0.00 |
75,360 |
0.01 |
469 |
6.750 |
0.00 |
82.110 |
0.01 |
470 |
50,970 |
0.01 |
133.080 |
0.02 |
471 |
10,140 |
0.00 |
143,220 |
0.02 |
472 |
735,209,670 |
97.33 |
735,352.890 |
97.35 |
9999 |
20.041,530 |
2.65 |
755.394.420 |
100.00 |
TOTAL |
755,394,420 |
100.00 |
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The Basis of Allotment was finalized in consultation with the
Designated Stock Exchange, being the BSE on October 14.2016.
A. Allotment to Retail Individual Investors. (After Technical Rejections)
(including ASBA Applications) The Basis of Allotment to the Retail Individual
Investors, who have bid at the Cutoff Price or at the Offer Price of Rs 472
per Equity Share, was finalized in consultation with the BSE This category has been
subscribed to the extent of 2,5694 times, The total number of Equity Shares Allotted
in Retail category is 8.614.559 Equity Shares to 287.151 successful Retail Individual
Investors. The category-wise details of the Basis of Allotment are as under:
Category |
No. of
Applications
Received |
% of
Total |
Total No, of
Equity Shares
Applied |
% to
Total |
No.of Equity
Shares Allotted
par Applicant |
Ratio |
Total No. of
Equity Shares
Allotted |
30 |
582,986 |
95.16 |
17,489,580 |
79.01 |
30 |
232.495 |
8,197,350 |
60 |
11,418 |
1.86 |
685.080 |
3.10 |
30 |
15:32 |
160.560 |
90 |
4,880 |
0.80 |
439,200 |
1.98 |
30 |
15:32 |
68,640 |
120 |
2,592 |
0.42 |
311.040 |
1.41 |
30 |
15:32 |
36,450 |
150 |
1,706 |
0.28 |
255,900 |
1.16 |
30 |
15:32 |
24,000 |
180 |
931 |
0.15 |
167,580 |
0.76 |
30 |
15:32 |
13,080 |
210 |
1,719 |
0.28 |
360,990 |
1.63 |
30 |
15:32 |
24,180 |
240 |
498 |
0.08 |
119.520 |
0.54 |
30 |
15:32 |
6,990 |
270 |
252 |
0.04 |
68.040 |
0.31 |
30 |
15:32 |
3,540 |
300 |
837 |
0.14 |
251,100 |
1.13 |
30 |
15:32 |
11,760 |
330 |
198 |
0.03 |
65,340 |
0.30 |
30 |
15:32 |
2,790 |
360 |
236 |
0.04 |
84,960 |
0.38 |
30 |
15:32 |
3,330 |
390 |
362 |
0.06 |
141.180 |
0.64 |
30 |
15:32 |
5,100 |
420 |
4,036 |
0.66 |
1,695,120 |
7.66 |
30 |
15:32 |
56,760 |
13,906 Allottees from Serial no
2 to 14. allotted 1(one) additional share |
|
|
29 |
TOTAL |
612,651 |
100.00 |
22,134,630 |
100.00 |
|
|
8,614,559 |
B. Allotment to Non-Institutional Investors (AfterTechnical
Rejections)
The Basis of Allotment to the Non-lnstilutional Investors,, who have bid at the Offer
Price of Rs 472 per Equity Share, was finalized in consultation with the BSE The
Non-lnstitutional Portion has been subscribed to the extent of 127.3085 times. The total
number of Equity Shares Allotted in this category is 3.691,954 Equity Shares to 484
successful Non-Institutional Investors. The category-wise details of the Basis of
Allotment are as under.(Sample as under)
Category |
No. of
Applications
Received |
% of
Total |
Total No, of
Equity Shares
Applied |
% to
Total |
No.of Equity
Shares Allotted
per Applicant |
Ratio |
Total No. of
Equity Shares
Allotted |
450 |
38 |
6.26 |
17.100 |
0.00 |
30 |
2:19 |
120 |
480 |
1 |
0.16 |
480 |
0.00 |
30 |
1:1 |
30 |
510 |
9 |
1.48 |
4.590 |
0.00 |
30 |
1:9 |
30 |
540 |
3 |
0.49 |
1,620 |
0.00 |
30 |
1:3 |
30 |
570 |
3 |
0.49 |
1.710 |
0.00 |
30 |
1:3 |
30 |
600 |
10 |
1.65 |
6,000 |
0.00 |
30 |
1:10 |
30 |
630 |
7 |
1.15 |
4,410 |
0.00 |
30 |
1:7 |
30 |
660 |
1 |
0.16 |
660 |
0.00 |
30 |
1:1 |
30 |
690 |
2 |
0.33 |
1,380 |
0.00 |
30 |
1:2 |
30 |
720 |
1 |
0.16 |
720 |
0.00 |
30 |
1:1 |
30 |
750 |
3 |
0.49 |
2,250 |
0.00 |
30 |
1:3 |
30 |
780 |
1 |
0.16 |
780 |
0.00 |
30 |
1:1 |
30 |
840 |
5 |
0.82 |
4,200 |
0.00 |
30 |
1:5 |
30 |
900 |
7 |
1.15 |
6.300 |
0.00 |
30 |
1:7 |
30 |
990 |
5 |
0.82 |
4,950 |
0.00 |
30 |
1:5 |
30 |
C- Allotment to QlBs (Excluding Anchor Investors) (After
Technical Rejections)
Allotment to QIBs, who have Bid at the Offer Price of Rs 472 per Equity Share, has been
done on a proportionate basis in consultation with the BSE. This category has been
subscribed to the extent of 52.9811 times of QlB Portion. As per the ICDR Regulations,
Mutual Funds were Allotted 5% of the Equity Shares of QIB Portion avaiable i.e. 246,131
Equity Shares and other QIBs and unsatisfied demand of Mutual Funds were Allotted the
remaining available Equity Shares i.e. 4,676,474 Equity Shares on a proportionate basis
The total number of Equily Shares Allotted1 in the QIB portion is 4,922.605 Equity Shares,
which were allotted to 108 successful QIB Bidders. The category-wise details of the Basis
of Allotment are as under:
CATEGORY |
FIS/BANKS |
MFS |
ICS |
VCS |
AIF |
Fll/FPC |
OTHERS |
TOTAL |
ALLOTMENT |
1,235,951 |
1,059,957 |
610,735 |
19,393 |
24,102 |
1,972,467 |
- |
4,922,605 |
D. Allotment to Anchor Investors (After Technical Rejections)
The Company and the Selling Shareholders, in consultation with the Lead Managers,
have allocated 7,383,906 Equily Shares to 38 Anchor Investors (through 24
Applications) at the Anchor Investor Offer Price of Rs 472 per Equity Share in
accordance with the ICDR Regulations,This represents 60% of the QIB category.
CATEGORY |
FIS/BANKS |
MFS |
ICS |
VCS |
AIF |
FIL/FPC |
OTHERS |
TOTAL |
ALLOTMENT |
- |
2.670.210 |
953.460 |
- |
- |
3.760.236 |
- |
7.383.906 |
The IPO Commnittee of our Company on October 15.2016 has taken on
record the Basis of Allotment of Equity Shares approved by the Designated Stock Exchange,
being BSE and has allotted the Equity Shares to various successful Bidders. The Allotment
Advice, refund intimations or notices have been dispatched to the address of the investors
as registered with the depositories. Further, the instructions, to the Self Certified
Syndicate Banks for urblocking of funds, transfer to Public Offer Account have been issued
on October 15.2016 and payment to non-Syndicate brokers have been issued on October 17,
2016. In case the same is not received, investors may contad the Registrar to the Offer at
the address given below. The details of Equity Shares Allotted to the successful Allottees
have been uploaded on October 17,2016 for credit into the respective beneficiary accounts
subject to validation of the account details with the depositories oncemed. The Company:
has filed the listing application with BSE and NSE on October 17,2016 and the trading is
expected to commence on October 19,2016.
All capitalised terms used and not specifically defined herein shall have the same meaning
as ascribed to them in the Prospectus.
INVESTORS PLEASE NOTE
The details of the Allotment made will be hosted on the website of the Registrar to the
Offer, Link Intime India Private Limited at www.linkintime.co.in
All future correspondence in this regard may kindly be addressed to the Registrar to the
Offer quoting full name of the first/ sole Bidder, Bid cum Application Form number. Bidder
DP ID, Client ID, PAN, date of submission of Bid cum Application Form, address of the
Bidder, number of Equity Shares applied for, the name and address of the Designated
Intermediary where the bid cum Application Form was summitted by the Bidder and a copy of
the Acknowledgment Slip received from the Designated Intermediary at the address given
below:
Link Intime India Private Limited
C-13, Pannalal Silk Mills Compound. LBS.Marg,
Bhandup (Wast), Mumbai 400 078. Maharashtra, India
Telephone: +91 (22) 6171 5400; Facsimile: +91 (22)2596
0329
Email; etl.ipo@linkintime.co.in;
Investor Grievance Email; etl.ipo@linkintime.co.in
Website: www.linkintime.co.in;
Contact Person: Shanti Gopalkrishnan
SEBI Registration No.: INR00004058
Place: Mumbai Date: October 17.2016 |
For ENDURANCE TECHNOLOGIES LIMITED
On behalf of the Board of Directors
Sd/-
Company Secretary and Vice President- Legal and Compliance Officer |
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