ASK Automotive IPO price band at Rs 268-282 per share, to raise Rs 834 crore

ASK Automotive IPO | The public edition will be available for subscription on November 7. The offer would close on November 9.

by Akash Jha updated November 2, 2023, 11:39 PM 5 Views

According to the PTI, ASK Automotive, an auto accessory concern, fixed the price band for its Rs 834-crore Initial Public Offering (IPO) on Thursday at Rs 268-282 per equity share. According to PTI, the first public offering will be available for subscription on November 7-9.

The company has stated that the anchor book of the offer would be opened for a day on November 6. Following ESAF Small Finance Bank and Protean eGov Technologies, this will be the third such IPO in November. ASK Automotive promoters Kuldip Singh Rathee and Vijay Rathee have issued an offer-for-sale (OFS) of 2,95,71,390 equity shares.

According to the news agency, because the IPO is an OFS, the whole proceeds will go to the selling shareholders, and the firm will not get any funds from the issuance. The IPO is projected to raise Rs 833.91 crore at the top of the pricing band. Half of the offer has been reserved for qualified institutional investors, 35% for retail investors, and the remaining 10% for institutional investors. Investors can bid for a minimum of 53 equity shares and in multiples of 53 equity shares after that.

The shares are expected to be listed on the BSE and NSE. The IPO of ESAF Small Finance Bank will be available for public subscription on November 3, while Protean eGov Technologies will go public on November 6.

Gurugram-based ASK Automotive is one of India’s major manufacturers of brake-shoe and sophisticated braking systems for two-wheelers, with a market share of over 50% in fiscal 2022. The company provides safety systems and key engineering solutions with in-house design, development, and production skills. Its offerings are powertrain agnostic, catering to both electric vehicle (EV) and internal combustion engine (ICE) original equipment manufacturers.

TVS Motor Company Ltd, Hero MotoCorp, Greaves Electric Mobility, and Bajaj Auto are among its clientele. The book-running lead managers are JM Financial Ltd, Axis Capital Ltd, ICICI Securities Ltd, and IIFL Securities Ltd.