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IPO

ASK Automotive's Rs.834-Cr issue closes with 51x bids

Business Line  

The INR 834 crore initial public offering of Ahmedabad-based ASK Automotive Ltd closed with 51.14 times subscription. The issue was priced in the range of INR 268-282. The entire issue was offer-for-sale (OFS) by promoters Kuldip Singh Rathee and Vijay Rathee. While the non-institution portion was subscribed 35.47 times, the quota of retail investors received bids for 5.70 times. Qualified institutions portion was subscribed by 142.41 times. The offer's book running lead managers were JM Financial Ltd, Axis Capital Ltd, ICICI Securities Ltd and IIFL Securities. Ahead of the issue, ASK Automotive raised INR 250.17 crore from 25 anchor investors, who were allotted 88.71 lakh shares at INR 282 a share. ASK Automotive has 15 manufacturing facilities across five states and manufactures brake-shoe and advanced braking (AB) systems for two-wheelers. It also offers aluminium light-weighting precision solutions, wheel assembly, and safety control cables products, serving both the automotive and non-automotive sectors.