ASK Automotive IPO: Company mops up over ₹250 crore from anchor investors ahead of opening

ASK Automotive IPO: ASK Automotive accumulated over ₹250 crore from anchor investors, a day before the opening of its initial public offering on 7 November. In a regulatory filing, the company listed 25 investors who participated in the anchor book. Moreover, the company also named 5 mutual funds that applied through 6 schemes.

ASK Automotive IPO opens tomorrow: GMP, issue details, review, 10 key things to know

“The IPO Committee of the Company at its meeting held on November 6, 2023, in consultation with the Book Running Lead Managers to the Offer, has finalized allocation of 88,71,416 Equity Shares, to Anchor Investors at Anchor Investor allocation price of Rs.282 per Equity Share (including a share premium of Rs. 280 per Equity Share),” the company said.

The 25 investors in the list include big names like Goldman Sachs, Neuberger Berman Investment Funds and emerging markets equity trust, Morgan Stanley, Florida Retirement System, Copthall Mauritius Investment, BNP Paribas Arbitrage, Integrated Core Strategies, Societe Generale, Edelweiss Trusteeship. The other names in the list are SBI Life Insurance Company, ICICI Prudential Life Insurance Company, ICICI Prudential Mutual Fund, Nippon Life India, Bajaj Allianz Life Insurance Company, Tata Mutual Fund, Canara Robeco Mutual Fund and Abakkus Diversified Alpha Fund.

ASK Automotive IPO opens tomorrow

The auto ancillary company will open for subscription tomorrow, 7 November with IPO price band fixed in the range of ₹268 to ₹282 per equity share of face value of ₹2. The floor price at which the equity shares are being offered is 134 times their face value, and the cap price is 141 times the face value.

When we calculate the price-to-earnings ratio using the diluted earnings per share for the fiscal year 2023, it stands at 43.37 times the floor price and 45.63 times the cap price. ASK Automotive's IPO lot size is 53 equity shares and its multiples.

ASK Automotive Ltd is a company that specializes in advanced braking systems, precision solutions for making lightweight aluminum components, the assembly of wheels for 2-wheeler original equipment manufacturers (OEMs), and the production of safety control cables. Their services cater to a diverse range of sectors, including both the automotive and non-automotive industries.