Promoter Kuldip Singh Rathee will be selling a 6.05 percent stake in ASK Automotive via an offer for sale (OFS) on September 27-28. The sale comprises a base issue size of 5.5 percent and a green-shoe option of 0.55 percent for a total of 1.19 crore equity shares.
The floor price has been set at Rs 433 per share. At the floor price, the size of the base OFS is Rs 469 crore, and the size of the green shoe option is Rs 47.4 crore, taking the total size to Rs 516.4 crore.
The ASK Automotive OFS will open for non-retail investors on September 27 and for retail investors on September 28. There is a retail reservation of 10 percent, while the mutual fund and insurance companies’ reservation is at 25 percent.
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Promoters of the firm have a shareholding of 85 percent in the firm, as of June 2024. Kuldip Singh Rathee has a total holding of 40.23 percent while Vijay Rathee, Aman Rathee and Prashant Rathee, his family members and fellow promoters, have a shareholding of 34.97 percent, 4.9 percent and 4.9 percent respectively.
ASK Automotive listed on the bourses on November 15, 2023, after seeing healthy buying interest from investors during its public issue. Since its listing, shares of the auto OEM have rallied around 51 percent in trade.
ASK Automotive is the largest manufacturer of brake-shoe and advanced braking systems for two-wheelers in India with a market share of approximately 50 percent in FY2023 in terms of production volume for OEM and the branded independent aftermarket (IAM), on a combined basis.
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