ASK Automotive files draft papers with SEBI to mop up funds via IPO
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 has clients, including
JM Financial Ltd, Axis Capital Ltd, ICICI Securities Ltd, and IIFL Securities Ltd are the book-running lead managers to issue. The equity shares are proposed to be listed on the BSE and NSE.
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