ASK Automotive Announces IPO Price Band of Rs 268-282 per Share to Raise Rs 834 Crore

ASK Automotive Announces IPO Price Band at Rs 268-282 per Share, Aims to Raise Rs 834 Crore

Mumbai, November 2, 2023: ASK Automotive, a leading manufacturer of advanced braking systems for the two-wheeler segment, has revealed the price band for its Initial Public Offering (IPO), setting it at Rs 268-282 per share. The company is aiming to raise Rs 834 crore through this public issue, which is scheduled to open for subscription on November 7.

The IPO is set to conclude on November 9, giving investors a brief window to participate in this offering. Additionally, an anchor book will be open for one day on November 6, providing a limited opportunity for institutional investors to take part.

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ASK Automotive’s IPO will consist solely of an offer-for-sale by its promoters, Kuldip Singh Rathee and Vijay Rathee. As a result, all proceeds from the IPO, excluding associated expenses, will go directly to the promoters.

The allocation for this public issue is structured as follows: 50% is reserved for qualified institutional buyers, 15% for high net worth individuals, and the remaining 35% for retail investors. The minimum bid size is set at 53 equity shares, with subsequent bids in multiples of 53 shares. For retail investors, this implies a minimum investment of Rs 14,946 (for 53 shares) and a maximum of Rs 1,94,298 (for 689 shares).

Also See : ASK Automotive IPO GMP

ASK Automotive, the largest manufacturer of brake-shoes and advanced braking (AB) systems for two-wheelers in India, specializes in aluminum lightweight precision solutions, wheel assembly, and safety control cable products, serving both the automotive and non-automotive sectors. The company operates through 15 manufacturing facilities across five states in India and maintains enduring relationships with India’s top six two-wheeler manufacturing companies, including Hero MotoCorp, Honda Motorcycle and Scooter India, Bajaj Auto, India Yamaha Motor, TVS Motor, and Suzuki Motorcycle India.

The merchant bankers for the ASK Automotive IPO include JM Financial, Axis Capital, ICICI Securities, and IIFL Securities. This IPO represents a significant development in the automotive industry and is expected to generate substantial interest among investors as it opens for subscription next week.

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