- The anchor book of the offer will be opened for a day on November 6
- 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
- The company has clients, including TVS Motor Company Ltd, Hero MotoCorp, Greaves Electric Mobility, and Bajaj Auto
NE BUSINESS BUREAU
AHMEDABAD, NOV 5
Auto ancillary player ASK Automotive Limited fixed the price band at ₹268-282 per equity share for its ₹834 crore Initial Public Offering (IPO).
The maiden public issue will be opening for subscription on Tuesday, November 7, and closes on Thursday, November 9.
The anchor book of the offer will be opened for a day on November 6, top company official said here on Friday.
The floor price is 134 times the face value of the equity shares and the cap price is 141 times the face value of the equity shares. The price to earning ratio based on diluted EPS for fiscal 2023 at the floor price is 43.37 times and at the cap price is 45.63 times. ASK Automotive IPO lot size is 53 equity shares and in multiples of 53 equity shares thereafter.
The total offer size of up to 29,571,390 equity shares with a face value of ₹2 each is being offered by Kuldip Singh Rathee up to 20,699,973 equity shares and Vijay Rathee (promoter selling stockholders) up to 8,871,417 equity shares.
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 has reserved not more than 50% of the shares in the public issue for Qualified Institutional Buyers (QIB), not less than 15% for Non Institutional Investors (NII), and not less than 35% of the offer is reserved for Retail Investors.
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 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 TVS Motor Company Ltd, Hero MotoCorp, Greaves Electric Mobility, and Bajaj Auto.
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.
