ASK Automotive IPO hits D-Street: Check out all the key details here
The ASK Automotive IPO comprises an offer for sale (OFS) of 2,95,71,390 equity shares by promoters Kuldip Singh Rathee and Vijay Rathee, which means none of the proceeds will go to the company.
Auto parts maker ASK Automotive on Tuesday, November 7, launched an initial public offer (IPO) worth an estimated Rs 834 crore. The IPO will be open for subscription from 10 am to 5 pm for three trading days till Thursday, November 9.
The ASK Automotive IPO comprises an offer for sale (OFS) of 2,95,71,390 equity shares by promoters Kuldip Singh Rathee and Vijay Rathee, which means none of the proceeds will go to the company.
ASK Automotive became the third company to hit the primary market this month, after ESAF Small Finance Bank and Protean eGov Technologies.
Here are some of the important details to know about the ASK Automotive IPO:
ASK Automotive IPO: Important dates
Under the IPO, potential investors will be able to bid for ASK Automotive shares for three trading days, till the end of day on November 9.
ASK Automotive IPO: Price band
ASK Automotive’s board has fixed a price band of Rs 268- 282 per share for the IPO. Potential investors will be able to bid for shares, under the IPO, in multiples of 53 shares, translating into Rs 14,204-14,946 per lot.
ASK Automotive IPO: Anchor investors
Ahead of the launch of the IPO, the company secured Rs 250 crore from anchor investors, by selling 88.7 lakh shares at Rs 282 apiece. The anchor investors include ICICI Pru (10.2 per cent), Goldman Sachs Funds (8.8 per cent), BNP Paribas Arbitrage (8.8 per cent) Nippon Life India (6 per cent), SBI Life Insurance (6 per cent), and Tata Mutual Fund (6 per cent).
ASK Automotive IPO: Investor reservation
While up to 50 per cent of the total issue is reserved for qualified institutional buyers (QIBs), at least 35 per cent of it is set aside for retail investors, and the remaining 10 per cent for non-institutional investors (also known as high net-worth individual investors).
ASK Automotive IPO: Fund utilisation
Since the IPO is an OFS, the entire proceeds will go to the selling shareholders and the company will not receive any funds from the issue.
ASK Automotive IPO: Allotment
After the completion of the bidding process, subscribers will be able to check the allotment status on the website of Registrar Link Intime India. Here's the link. https://linkintime.co.in/mipo/ipoallotment.html
What does ASK Automotive do?
Gurugram-based ASK Automotive is one of the largest manufacturers of brake-shoe and advanced braking systems for two-wheelers in India with a market share of approximately 50 per cent in the fiscal year 2022. The firm supplies safety systems and critical engineering solutions with in-house designing, developing, and manufacturing capabilities.
Its offerings are powertrain agnostic, catering to electric vehicles (EV) as well as internal combustion engine original equipment manufacturers.
The company has clients including TVS Motor Company Ltd, Hero MotoCorp, Greaves Electric Mobility, and Bajaj Auto.
With inputs from agencies
Catch latest stock market updates here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Top 5 mid cap mutual funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme
Exclusive: Sebi reviews authorised person regulations; discusses minimum qualification, NISM certification and deposit amount criteria
SIP Investment: Can Rs 70/day savings help you build Rs 6 crore corpus? Understand calculations for 10, 20, 30, and 40 years at 13%, 14%, and 15% return
Stocks To Buy For 2 Weeks: Axis Direct recommends buying these stocks for 5-15 day; check targets, stop losses
EPF vs SIP vs PPF: Which can help generate highest retirement corpus on Rs 11,000 monthly investment in 30 years?
10:05 AM IST