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India-based ASK Automotive is preparing for its initial public offering (IPO) scheduled to open on Tuesday, November 7, 2023. The company has priced its shares between ₹268 and ₹282, and they will be offered in lots of 53 equity shares. The IPO is structured with an offer-for-sale component of up to 2.96 crore shares by promoters Kuldeep Singh Rathee and Vijay Rathee.
The IPO aims to raise ₹834 crore ($112 million), with the anchor book opening on Monday, November 6, and concluding on Thursday, November 9. The company, however, will not receive any proceeds from the IPO.
ASK Automotive is a leading manufacturer of advanced braking systems, aluminum lightweight precision, wheel assembly to 2W OEMs, and safety control cables. The company operates across 15 units in five Indian states and supplies key Original Equipment Manufacturers (OEMs) such as HMSI, HMCL, Suzuki, TVS, Yamaha, Bajaj, Royal Enfield, Denso, Magneti Marelli. It also exports through its facilities and serves the independent aftermarket.
The issue is managed by JM Financial, Axis Capital (NYSE:), ICICI Securities, IIFL Securities with Link Intime India serving as the registrar. The distribution of the IPO is divided among institutional bidders (50%), non-institutional investors (15%), and retail investors (35%). Upon completion of the IPO process, ASK Automotive’s shares will be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
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