ASK Automotive IPO: Today, November 9, is the last day of bidding for ASK Automotive’s initial public offering (IPO). On Wednesday, the second day of bidding for the initial public offering (IPO), which opened for public subscription on November 7, was subscribed 1.34 times. The initial public offering (IPO) was subscribed 2.49 times on Thursday until 11:21 a.m., with bids for 5,14,75,932 shares versus the 2,06,99,974 on offer.
The retail individual investor (RII) quota was subscribed 2.48 times, compared to 5.73 times for the non-institutional investor category. The portion of qualified institutional buyers (QIBs) made a 0.07 percent subscription.
IPO GMP for ASK Automotive Today
Market watchers reported that unlisted shares of ASK Automotive IPO were selling on the grey market for Rs 50 more than the company’s issue price. The maximum issue price of Rs 282 per share is approximately 17.73 percent lower than the grey market premium, or GMP, of Rs 50. This indicates that the grey market anticipates a 17.73 percent listing gain from the public issuance.
Investors’ willingness to pay more than the issue price is indicated by the term “grey market premium.”
On the IPO of ASK Automotive
The IPO is an offer for sale (OFS) by the promoters, Vijay and Kuldip Singh Rathee, of 2,95,71,390 equity shares.
The proceeds from the IPO, which is entirely an OFS, will all go to the shareholders who are selling their shares.
The price range for the ASK Automotive IPO is Rs 268–Rs 282 per share. 53 shares is the minimum lot size required for an application. Retail investors are needed to invest a minimum of Rs 14,946.
On Monday, ASK Automotive said that it has raised somewhat more than Rs 250 crore from major investors. With a market share of almost 50% in the fiscal year 2022, Gurugram-based ASK Automotive is one of the biggest producers of brake shoes and sophisticated braking systems for two-wheelers in India.
The company offers key technical solutions and safety systems, and it has its own in-house design, development, and production skills. TVS Motor Company Ltd., Hero MotoCorp, Greaves Electric Mobility, and Bajaj Auto are among the company’s clientele.
The issue’s book-running lead managers are JM Financial Ltd., Axis Capital Ltd., ICICI Securities Ltd., and IIFL Securities Ltd. It is suggested that the equity shares be listed on the NSE and BSE.