After healthy subscription numbers, those investors who participated in the ASK Automotive IPO are keen to know the share allotment status which is expected to be finalised by November 10, sources told Moneycontrol.
Investors can check their share allotment status either on the IPO registrar portal or the BSE website by following three easy steps.
On the IPO registrar portal,
a) Select ASK Automotive Limited - IPO in the dropdown
b) Select and accordingly enter either 'PAN number', or 'application number,' or 'DP Client ID'
c) Finally click on 'search' button
a) Select issue type 'equity', and issue name 'Protean eGov Technologies Limited' in the dropdown
b) Enter either 'application number' or 'PAN number'
c) Check box (I am not a robot) and finally click on the 'search' button
The IPO shares will be distributed on the proportionate basis given the strong response from investors. The Rs 834-crore public issue was subscribed 51.14 times during November 7-9, with bids for 105.85 crore equity shares against offer size of 2.07 crore shares.
The total bids were valued at Rs 29,851.7 crore against the offer size available for public at Rs 583.74 crore (excluding anchor book). The company had raised Rs 250 crore from anchor investors on November 6, a day before the issue opening.
Also read: Online travel distribution platform TBO Tek files IPO papers, fresh component at Rs 400 crore
All kind of investors participated in the public issue, but the qualified institutional buyers and high networth individuals looked more aggressive amongst them, buying 142.41 times and 35.47 times the allotted quota respectively, while the retail investors bid 5.7 times the portion set aside for them.
The refunds are likely to be credited to the bank accounts of unsuccessful investors, and the equity shares will be transferred to demat accounts of eligible participants by November 13.
And finally, the shares of auto ancillary company may start trading on the bourses with effect from November 15, i.e. T+3 timeline instead of T+6 timeline set by the company earlier. As per the IPO schedule, it was supposed to debut on November 20.
Also read: Tata Technologies in talks with Morgan Stanley, US funds for IPO investments
Its IPO shares were available at around 17 percent premium in the grey market over the upper price band given the reasonable valuations, robust market share and strong topline along with decent profitability, analysts on anonymity said.
The grey market is an unofficial platform wherein the IPO shares can be bought and sold till the listing. Investors generally get a bit of help from the grey market to guess the possible listing price of any IPO.
The price band for the IPO was Rs 268-282 per share.
Also read: SME IPOs: ROX Hi-Tech subscribed 113 times; Sunrest Lifescience booked 26 times on final day
ASK Automotive is a leading player with more than 50 percent market share in break shoe and advanced braking systems segment. The company enjoys strong relations with all the top two-wheeler manufacturers in the country.
Financially, the company has recorded topline growth at a CAGR of 29 percent, while there was a bit of volatility in the profitability due to supply chain issues on account of pandemic, with net profit at Rs 122.95 crore in the year ended March FY23 against Rs 82.66 crore in FY22 and Rs 106.2 crore in FY21.
The public issue consisted of only an offer-for-sale by the Rathee family, hence the entire issue proceeds will go them and the company will not get any money from IPO.
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