IPO of this big company will open next week
IPO: Everyone is waiting for the opening of IPO. Till now, IPOs of many small and big companies have entered the market, many of which have proved to be a profitable deal for the investors. So there is good news for such people. The IPO of a big company is going to open next week. Another opportunity has come for those who invested money in IPO and made profits. Investors can get a great opportunity to earn in the festive season.
IPO will open on this date
Market regulator SEBI has given the green signal to the company to launch an IPO. The company had filed the draft IPO or DRHP with SEBI on June 12 after the market regulator gave it approval last month. The company had then indicated that it would launch an IPO before Diwali. Now the company said that its IPO will open on 7th November and will remain open for subscription till 9th November.
Shares to be included in OFS
Will be part of the offer for sale only at ASK Automotive Limited. In the IPO, 2.95 crore shares are to be opened for sale through the company’s promoters Kuldeep Singh Rathi and Vijay Rathi Offer for Sale. Kuldeep Singh Rathi holds the largest stake of 41.33 percent in ASK Automotive Limited. So Vijay Rathi holds 32.3 percent shares of the company. In OFS, Kuldeep Rathi has to sell 2,06,99,973 shares and Vijay Rathi has to sell 88,71,417 shares.
JM Financial, Axis Capital, ICICI Securities and IIFL Securities have been made book running lead managers for the market-dominating IPO. ASK dominates the market for automotive brake-shoes and advanced braking systems. The company has 50 per cent market share in brake-shoes and advanced braking systems for two-wheelers. The company’s customers include Hero MotoCorp, Honda Motorcycle & Scooter India, Bajaj Auto, TVS Motor and Suzuki Motorcycle India.
The company has fixed the price band of Rs 268 to Rs 282 per share for the IPO. There are 53 shares in one lot. In this, the investor investing money in IPO will have to invest at least Rs 14946. After the IPO, allotment of shares will be done on November 15. The shares will be credited to the demat account on November 17. ASK Auto shares will be listed on November 20.
