ASK Automotive IPO to open on November 7; check price band, lot size and other details
ASK Automotive has 15 manufacturing units spread across five states in India as of June 2023. ASK Automotive supplies to original equipment manufacturers (OEMs).
- Nov 2, 2023,
- Updated Nov 2, 2023 4:09 PM IST
The initial public offering (IPO) of ASK Automotive will open for subscription on Tuesday, November 7. The company will be selling its shares in the range of Rs 268 to Rs 282 apiece with a lot size of 53 equity shares. The three-day bidding for the issue will conclude on Thursday, November 9. ASK Automotive, which was incorporated in 1988, is a manufacturer of Advance Braking Systems for two-wheelers in India as well as overseas. The product range of the company includes AB systems; aluminium lightweight precision, wheel assembly to 2W OEMs; and safety control cables. ASK Automotive is looking to raise a total of Rs 834 crore from its primary offering, which entirely include an offer-for-sale (OFS) component of up to 2.96 crore equity shares by its promoters Kuldeep Singh Rathee and Vijay Rathee. The company will not receive any proceeds from the issue. The anchor book will open for Monday, November 6. ASK Automotive has 15 manufacturing units spread across five states in India as of June 2023. ASK Automotive supplies to original equipment manufacturers (OEMs) like HMSI, HMCL, Suzuki, TVS, Yamaha, Bajaj, Royal Enfield, Denso, Magneti Marelli, and others. It also provides to the independent aftermarket and the export market through its manufacturing facilities. The company has reserved 50 per cent of the offer for qualified institutional bidders (QIBs), while 15 per cent of shares shall be reserved for non-institutional investors. Remaining 35 per cent of shares shall be allocated towards the retail investors. JM Financial, Axis Capital, ICICI Securities and IIFL Securities are the book running lead managers to the issue, while Link Intime India is the registrar for the issue. Shares of ASK Automotive will be listed on both BSE and NSE.
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The initial public offering (IPO) of ASK Automotive will open for subscription on Tuesday, November 7. The company will be selling its shares in the range of Rs 268 to Rs 282 apiece with a lot size of 53 equity shares. The three-day bidding for the issue will conclude on Thursday, November 9. ASK Automotive, which was incorporated in 1988, is a manufacturer of Advance Braking Systems for two-wheelers in India as well as overseas. The product range of the company includes AB systems; aluminium lightweight precision, wheel assembly to 2W OEMs; and safety control cables. ASK Automotive is looking to raise a total of Rs 834 crore from its primary offering, which entirely include an offer-for-sale (OFS) component of up to 2.96 crore equity shares by its promoters Kuldeep Singh Rathee and Vijay Rathee. The company will not receive any proceeds from the issue. The anchor book will open for Monday, November 6. ASK Automotive has 15 manufacturing units spread across five states in India as of June 2023. ASK Automotive supplies to original equipment manufacturers (OEMs) like HMSI, HMCL, Suzuki, TVS, Yamaha, Bajaj, Royal Enfield, Denso, Magneti Marelli, and others. It also provides to the independent aftermarket and the export market through its manufacturing facilities. The company has reserved 50 per cent of the offer for qualified institutional bidders (QIBs), while 15 per cent of shares shall be reserved for non-institutional investors. Remaining 35 per cent of shares shall be allocated towards the retail investors. JM Financial, Axis Capital, ICICI Securities and IIFL Securities are the book running lead managers to the issue, while Link Intime India is the registrar for the issue. Shares of ASK Automotive will be listed on both BSE and NSE.
Also read: Hot stocks on November 2: Vodafone Idea, Suzlon Energy, Adani Power, Power Finance Corp and more
Also read: Tata Motors Q2 results: Net profit rises to Rs 3,764 crore; revenue climbs 32%