Mumbai-based asset and wealth management company, ASK Investment Managers has filed Draft Red Herring Prospectus (DRHP) with capital market regulator SEBI to raise funds through its initial public offering (IPO).
The public offer comprises a fresh issue of shares worth up to Rs 600 crore, and an offer for sale of up to 13,569,405 equity shares by AI Global (investor) and 4,400,000 shares by Sameer Koticha (promoter).
The company that primarily caters to the HNI and ultra HNI market in India is likely to raise approximately Rs 2,000 crore through IPO, sources told Moneycontrol.
The PE firm Advent International backed firm will decide the IPO price band after consultation with the book running lead managers (BRLMs).
ASK Investment Managers, in consultation with the book running lead managers, may consider a private placement of up to 4,395,865 equity shares for cash consideration aggregating up to Rs 300 crore, at its discretion, prior to the filing of the red herring prospectus with the ROC (Pre-IPO Placement).
The company will utilise fresh issue proceeds towards investment in the subsidiary, ASKFH, for augmenting the capital base for the NBFC business; and General corporate purposes.
According to CRISIL Research, ASK Investment was the third largest company in both discretionary listed equity portfolio management services and discretionary equity overall portfolio management services according to assets under management as of May 30, 2018.
The lead managers to the issue are JM Financial, Axis Capital, Citigroup Global Markets India and Nomura Financial Advisory and Securities (India).