India's Endurance Technologies Said to Plan $118 Million IPO

  • Supplier to BMW, Harley-Davidson seeks listing in second half
  • U.K. buyout firm Actis to sell Endurance stock in offering

Endurance Technologies Pvt., an Indian supplier of components to BMW AG, is planning an initial public offering that could raise about 8 billion rupees ($118 million), people familiar with the matter said. 

The company, backed by U.K. private-equity firm Actis, plans to list in the second half of this year, the people said, asking not to be identified as the information is private. Investment banks met the automotive parts maker last week to pitch for a role on the share sale, according to the people.

Endurance is considering a listing at a time when the South Asian nation’s IPO market is rebounding. Fundraising from first-time share sales in India rose more than ninefold last year to 139 billion rupees, the highest since 2010, data compiled by Bloomberg show.

The majority of the Endurance offering will be existing stock sold by Actis, the people said. Biswajit Choudhury, a spokesman for Endurance, and Sarah Douglas, a London-based spokeswoman for Actis, declined to comment.

Endurance, whose customers include Harley-Davidson Inc., filed a draft prospectus with the capital markets regulator in December 2010 for a planned IPO. The manufacturer was planning to seek about 5 billion rupees at the time, a person familiar with the matter said previously

Turnover at Endurance, based in the west Indian city of Aurangabad, rose 17 percent in the year ended March to 49.6 billion rupees, according to its website. Actis invested $71 million in the company in 2011.

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