scorecard
  1. Home
  2. business
  3. corporates
  4. news
  5. ASK Automotive IPO to open on Nov 7

ASK Automotive IPO to open on Nov 7

ASK Automotive IPO to open on Nov 7
The initial share sale of ASK Automotive will open for public subscription on November 7. The three-day initial public offering (IPO) will conclude on November 9, and the bidding for anchor investors will open on November 6, as per the red herring prospectus (RHP) filed on Monday.

The IPO is entirely an offer for sale (OFS) of 2,95,71,390 equity shares by promoters Kuldip Singh Rathee and Vijay Rathee.

At present, Kuldip holds a 41.33 per cent stake in ASK Automotive and Vijay owns a 32.3 per cent stake in the firm.

Since the IPO is completely an OFS, the entire proceeds will go to the selling shareholders and the company will not receive any funds from the issue.

Gurugram-based ASK Automotive is one of the largest manufacturers of brake-shoe and advanced braking (AB) systems for two-wheelers in India with a market share of approximately 50 per cent in fiscal 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's clients include TVS Motor Company Ltd, Hero MotoCorp, Greaves Electric Mobility and Bajaj Auto, among others.

JM Financial Ltd, Axis Capital Ltd, ICICI Securities Ltd, and IIFL Securities Ltd are the book-running lead managers to the issue. The equity shares are proposed to be listed on the BSE and NSE.

READ MORE ARTICLES ON



Popular Right Now



Advertisement