ASK Automotive IPO price band at Rs 268-282 per share, to raise Rs 834 crore

ASK Automotive sets IPO price band

ASK Automotive that specialises in advanced braking systems for two-wheeler segment has set the price band for its IPO at Rs 268-282 per share. The public issue will be opening for subscription on November 7.

The closing date for the offer would be November 9, while the investors can participate in the anchor book on November 6, which opens for a day.

The auto ancillary company is planning to mop up Rs 833.91 crore at the upper price band, via initial public offering of 2,95,71,390 equity shares.

The said public issue comprises only an offer-for-sale by promoters Kuldip Singh Rathee and Vijay Rathee. Hence, the entire issue proceeds, excluding IPO expenses, will be received by promoters.

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The firm has reserved half of the public issue size for qualified institutional buyers, 15 percent for high networth individuals, and the remaining 35 percent for retail investors.

Investors can bid for a minimum of 53 equity shares and in multiples of 53 shares thereafter. Hence, the minimum investment by retail investors will be Rs 14,946 (for 53 shares), and the maximum Rs 1,94,298 (689 shares).

ASK Automotive, the largest manufacturer of brake-shoe and advanced braking (AB) systems for two-wheelers in India, also specialises in aluminium light-weighting precision solutions, wheel assembly, and safety control cables products, serving both the automotive and non-automotive sectors.

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The company operates business via 15 manufacturing facilities across five states in India, and maintained long-standing relationships with top six two-wheeler manufacturing companies namely Hero MotoCorp, Honda Motorcycle and Scooter India, Bajaj Auto, India Yamaha Motor, TVS Motor, and Suzuki Motorcycle India.

JM Financial, Axis Capital, ICICI Securities, and IIFL Securities are the merchant bankers to the issue.