ASK Automotive IPO Subscribed 67% on Day 2; Check Details Here

8 Nov 2023 , 12:02 PM

In its initial days, the ASK Automotive IPO witnessed significant interest from investors, showcasing a 67% subscription on the second day of bidding, as of 12 PM. The public issue recorded a 38% subscription on its bidding debut on November 7, with investors acquiring 78.51 lakh equity shares against the issue size of 2.07 crore.

The IPO, valued at Rs 834 crore, comprises only an offer-for-sale of 2.95 crore equity shares by the Rathee family, without any fresh issue portion. Consequently, the entire proceeds from the issue will be allocated to the promoters, and the company will not raise funds from the offer.

Retail investors and high net-worth individuals displayed considerable interest, subscribing to 97% and 83% of the portion set aside for them, respectively, while qualified institutional buyers secured 3% of the reserved portion. The price band for the issue, set to conclude on November 9, stands at Rs 268-282 per share.

ASK Automotive, specializing in advanced braking systems for the two-wheeler segment, attracted Rs 250 crore from anchor investors such as Morgan Stanley, Neuberger Berman, Goldman Sachs, Copthall Mauritius Investment, BNP Paribas Arbitrage, Societe Generale, ICICI Prudential Mutual Fund, SBI Life Insurance Company, Tata Mutual Fund, ICICI Prudential Life Insurance Company, and Abakkus Diversified Alpha Fund.

Headquartered in Gurugram, the company operates through 15 manufacturing facilities across five states.