ASK Automotive IPO subscribed 5.7 times on final day

Gurugram-based auto component manufacturer ASK Automotive’s initial public offer, to raise up to Rs 834 crore, concluded on Thursday, November 9, with an overall subscription of 51.1 times with strong participation from all categories of investors.

Here’s how different categories of investors responded to the issue:

 Qualified institutional buyers (QIBs) 50% 142.4

The ASK Automotive IPO comprised an offer for sale (OFS) of 2,95,71,390 equity shares by promoters, and did not include fresh issuance. This means none of the proceeds of the issue would go to the company.

ASK Automotive shares are set to be listed on stock exchanges BSE and NSE tentatively on November 14.

Here are some of the key details about the ASK Automotive IPO:

Under the offer, ASK Automotive shares were available for bidding in a price band of Rs 268-282 apiece in multiples of 53 shares, amounting to Rs 14,204-14,946 per lot.
While up to 50 per cent of the total issue was reserved for QIBs, 35 per cent was set aside for retail investors, and the remaining 15 per cent for non-institutional investors (NIIs).

Ahead of the launch of the IPO, anchor investors, including ICICI Pru, Goldman Sachs Funds, BNP Paribas Arbitrage, Nippon Life India, SBI Life Insurance, and Tata Mutual Fund, collectively invested Rs 250 crore in the auto component maker.

How to check allotment status:

Those who participated in the IPO can check the status of their applications online using the portal of either of stock exchange BSE or issue registrar Link Intime India.

About ASK Automotive:
ASK Automotive is a leading brake-shoe and advanced braking systems manufacturer for two-wheelers in India, boasting a market share of approximately 50 per cent in the fiscal year 2022.

LINK THIS COPY ON THE COMPANY'S NAME: https://www.zeebiz.com/markets/ipo/news-ask-automotive-files-preliminary...

The company supplies safety systems and critical engineering solutions, accommodating both electric vehicles (EV) and internal combustion engine original equipment manufacturers. Its notable clients include TVS Motor Company, Bajaj Auto and Hero MotoCorp.