ASK Automotive, an auto ancillary firm, on Thursday fixed the price band at Rs 268-282 per equity share for its Rs 834-crore Initial Public Offering (IPO), the PTI stated. As per PTI, the maiden public issue will open from November 7-9 for subscription.
The company has said the anchor book of the offer will be opened for a day on November 6. After ESAF Small Finance Bank and Protean eGov Technologies, this will be the third such listing in November. ASK Automotive promoters Kuldip Singh Rathee and Vijay Rathee has made an Offer-For-Sale (OFS) of 2,95,71,390 equity shares.
According to the news agency, 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. At the upper end of the price band, the IPO is expected to fetch Rs 833.91 crore. Half of the issue has been reserved for qualified institutional investors, 35 per cent for retail investors, while the remaining 10 per cent for institutional investors. Investors can bid for a minimum of 53 equity shares and in multiples of 53 equity shares thereafter.
The shares are proposed to be listed on the BSE and NSE. The IPO of ESAF Small Finance Bank will open for public subscription on November 3, while that of Protean eGov Technologies will hit the market on November 6.
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 about 50 per cent in fiscal 2022. The company 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.