ASK Automotive, ESAF Small Finance Bank, and Cello World Get SEBI Nod for IPOs

18 Oct 2023 , 01:09 PM

ASK Automotive, ESAF Small Finance Bank, and Cello World have received approval from the Securities and Exchange Board of India (SEBI) to proceed with their fundraising plans via initial public offerings (IPOs).

ASK Automotive:

• ASK Automotive is a manufacturer of brake shoes and advanced braking systems.
• The company is planning to launch an IPO consisting of 2.95 crore equity shares, entirely through an offer-for-sale (OFS).
• Promoters Kuldip Singh Rathee and Vijay Rathee will be the selling shareholders in the OFS, with the proceeds going to the promoters.
• ASK Automotive is the largest manufacturer of brake shoes and advanced braking systems for two-wheelers in India, with a market share of approximately 50 percent in FY22.
• The company supplies products to leading two-wheeler original equipment manufacturers (OEMs).
• JM Financial, Axis Capital, ICICI Securities, and IIFL Capital Services are the book-running lead managers for the issue.

ESAF Small Finance Bank:

• ESAF Small Finance Bank has refiled IPO papers and aims to raise Rs 629.04 crore through a public issue.
• The IPO includes a fresh issuance of shares worth Rs 486.74 crore by the company and an offer-for-sale (OFS) of Rs 142.3 crore by selling shareholders.
• The bank plans to utilize the net fresh issue proceeds to bolster its Tier–I capital base to meet future capital requirements.
• Promoters hold 74.43 percent of ESAF’s shares, with the remaining 25.57 percent held by public shareholders, including PNB MetLife India Insurance Company, Muthoot Finance, Bajaj Allianz Life Insurance Company, PI Ventures LLP, and ICICI Lombard General Insurance Company.
• ICICI Securities, DAM Capital Advisors, and Nuvama Wealth Management are the merchant bankers for the issue.

Cello World:

• Cello World, a Mumbai-based consumer products company, is planning to raise Rs 1,750 crore through an IPO.
• The public issue comprises only an offer-for-sale by the selling shareholders, including promoters Pradeep Ghisulal Rathod, Pankaj Ghisulal Rathod, and Gaurav Pradeep Rathod.
• The company will not receive any funds from the public issue, with all proceeds (excluding IPO expenses) going to the promoters.
• Cello World is a leading player in the consumerware market in India, with a presence in consumer houseware, writing instruments, stationery, and molded furniture categories.
• The firm is currently in the process of establishing a glassware manufacturing facility in Rajasthan.
• Kotak Mahindra Capital Company, ICICI Securities, IIFL Capital Services, JM Financial, and Motilal Oswal Investment Advisors are the merchant bankers for the issue.

Link Intime India is the registrar for all three public issues.