ASK Automotive IPO subscribed 51.14 times on last day of offer

New Delhi, Nov 9 (PTI) The Initial Public Offering (IPO) of ASK Automotive was subscribed 51.14 times on the last day of subscription on Thursday, with heavy participation coming in from institutional buyers.

The Rs 833.91 crore initial share sale received bids for 1,05,85,92,956 shares against 2,06,99,974 shares on offer, as per NSE data.

The portion for Qualified Institutional Buyers (QIBs) got subscribed 142.41 times while the category for non-institutional investors received 35.47 times subscription. The quota for Retail Individual Investors (RIIs) attracted 5.70 times subscription.

The IPO was an Offer For Sale (OFS) component of 2,95,71,390 equity shares by promoters -- Kuldip Singh Rathee and Vijay Rathee.

Since the IPO was completely an OFS, the entire proceeds will go to shareholders divesting their shares.

The issue had a price band of Rs 268-282 per equity share.

ASK Automotive on Monday said it has mobilised a little over Rs 250 crore from anchor investors.

Gurugram-based ASK Automotive is one of the largest manufacturers of brake-shoe and advanced braking systems for two-wheelers in India with a market share of about 50 per cent in the 2022 fiscal.

The firm supplies safety systems and critical engineering solutions with in-house designing, developing, and manufacturing capabilities.

The company has clients, including TVS Motor Company Ltd, Hero MotoCorp, Greaves Electric Mobility and Bajaj Auto.

JM Financial Ltd, Axis Capital Ltd, ICICI Securities Ltd and IIFL Securities Ltd were the book running lead managers to the issue.

The equity shares of the company are proposed to be listed on the BSE and the NSE. PTI SUM SHW