ASK Automotive files draft papers with SEBI to raise funds via IPO

The company is the largest manufacturer of brake-shoe and advanced braking (AB) systems for two-wheelers (2Ws) in India. In terms of production volume for original equipment manufacturers (OEMs) and the branded independent aftermarket, the company holds a market share of approximately 50 percent as of Fiscal 2022.

ASK Automotive has expanded its operations to include a range of offerings in addition to brake-shoe and advanced braking (AB) systems. These new offerings include aluminum lightweighting precision (ALP) solutions, wheel assembly for two-wheeler (2W) OEMs, and safety control cables (SCC) products.

ASK Automotive supplies a comprehensive portfolio of AB systems, ALP solutions, wheel assembly, and SCC products to OEMs in the automotive sector for 2Ws, three-wheelers (3Ws), passenger vehicles (PVs), and commercial vehicles (CVs). Additionally, the company provides these products to the non-automotive sector for applications such as all-terrain vehicles (ATVs), power tools, and outdoor equipment. This diversification expands ASK Automotive's reach across various industries and demonstrates its commitment to meeting the needs of a wide range of customers.

The firm has top clients including TVS Motor Company Limited, Ather Energy, Hero MotoCorp, Greaves Electric Mobility, Bajaj Auto and Revolt Intellicorp.

The firm currently operates 15 manufacturing facilities in India, spread across five states. These facilities are strategically located in close proximity to the firm's original equipment manufacturer (OEM) customers. Additionally, the firm is in the process of developing a new manufacturing facility in Rajasthan, further expanding its manufacturing capabilities to meet the growing demands of the market.

For FY23, the firm's revenue stood at Rs 2555.17 crore compared to Rs 2013.08 crore a year ago. Net profit for the year stood at Rs 122.95 crore versus Rs 82.66 crore last year.