ASK Automotive was incorporated on 18 January 1988. The company is the largest manufacturer of brake shoes and advanced braking systems for two-wheelers in India, with a market share of approximately 50% in Fiscal 2023 in terms of production volume for original equipment manufacturers and the branded independent aftermarket.
| Bidding Dates |
|---|
| 07 Nov 2023 - 09 Nov 2023 |
| Subscription |
|---|
| 51.14x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹14,946 | 1 | 13 | 53 | 29.6 M | ₹268 - ₹282 | 85 % | ₹7925.1 M - ₹8339.1 M | RHP DOC |
ASK Automotive IPO SUBSCRIPTION STATUS
09 Nov '23ASK Automotive IPO overall subscription rate was 51.14 times the total available shares
ASK Automotive IPO retail subscription rate was 5.7 times in the retail segment
ASK Automotive IPO non-institutional investor subscription rate was 35.47 times in the non-institutional investor category
ASK Automotive IPO Qualified Institutional Bidder subscription rate was 142.41 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
09 Nov 2023 (Day 3) | 5.7x | 35.47x | 142.41x |
08 Nov 2023 (Day 2) | 1.68x | 2.27x | 0.06x |
07 Nov 2023 (Day 1) | 0.56x | 0.41x | 0.03x |
ASK Automotive FINANCIALS
| Period | Net Profit (Rs in millions) | Revenue from Operations (Rs in millions) | Cash Flow from Operations (Rs in millions) | Free Cash Flow (Rs in millions) | Margins |
| Q1FY24 | 348.3 | 6,565.1 | 205.1 | -588.8 | 9.9% |
| Q1FY23 | 225.5 | 6,037.4 | 316.7 | 191.8 | 8.5% |
| FY23 | 1,229.5 | 25,551.7 | 1,385.8 | -113.1 | 9.7% |
| FY22 | 826.6 | 20,130.8 | 1,442.2 | 593.3 | 9.0% |
| FY21 | 1,062.0 | 15,439.9 | 1,279.6 | 818.0 | 13.4% |
ASK Automotive IPO SUBSCRIPTION STATUS DETAILS
ASK Automotive had 29.6 M shares on offer
ASK Automotive IPO offer price was in the range ₹268 - ₹282
ASK Automotive IPO minimum Investment was ₹14946
ASK Automotive IPO issue size was ₹ 7925.1 M - ₹ 8339.1 M
ASK Automotive had a minimum lot size of 53 Shares per application
ASK Automotive NUMBER OF SHARES ON OFFER
ASK Automotive IPO IMPORTANT DATES
| Issue Open Date | 07 Nov 2023 |
| Issue close Date | 09 Nov 2023 |
| Allotment Date | 10 Nov 2023 |
| Refund Date | 10 Nov 2023 |
| Demat Account Credit Date | 13 Nov 2023 |
| Listing Date | 15 Nov 2023 |
| Listing on Exchange(s) | NSE and BSE |
| ASK Automotive Allotment Status | Exchange |
ASK Automotive IPO subscription opened on 07 Nov 2023, and closed on 09 Nov 2023
IPO allotment for ASK Automotive was finalized on Friday, 10 Nov 2023
IPO listing for ASK Automotive was on NSE and BSE on Wednesday, 15 Nov 2023
ASK Automotive IPO LISTING GAINS
| Issue Price (adjusted) | 282.0 |
| Listing Open Price | 303.3 |
| Listing Close Price | 310.1 |
| Listing Gain% | 7.5% |
| Current Gain% | 125.2% |
ASK Automotive Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ASK Automotive Ltd. | 635 | 12517.6 | 39.6 | 1.7 | 2.7 | 22.7 | 11.6 | 4196.4 | 16.2 | 297.3 | 20.1 | 16 | 23.2 |
| Samvardhana Motherson International Ltd. | 168.5 | 177842.4 | 40.6 | 1.3 | 1.4 | 9.4 | 3.5 | 126414.2 | 10.7 | 3859.7 | 1.5 | 4.1 | 31.9 |
| Bosch Ltd. | 42950 | 126685.7 | 45.7 | 1.2 | 6.3 | 18.7 | 12.8 | 20888.7 | 10.5 | 2773.2 | 37.6 | 940.2 | 37.6 |
| UNO Minda Ltd. | 1285 | 74204.5 | 61.7 | 3.8 | 3.6 | 17.5 | 8.7 | 19692 | 17.2 | 1197.1 | 27 | 20.8 | 16.2 |
| Tube Investments of India Ltd. | 2772 | 53658.2 | 84.3 | -16 | 2.3 | 8.2 | 3 | 23234.6 | 17.1 | 636.8 | -5.5 | 32.9 | -5.3 |
| Sona BLW Precision Forgings Ltd. | 818 | 51009.7 | 73.3 | 3.8 | 10.3 | 10.7 | 8.6 | 4572.1 | 24.2 | 640.2 | 6.5 | 11.2 | 19.2 |
ASK Automotive INFORMATION ON IPO ISSUE
About ASK Automotive
ASK Automotive was incorporated on 18 January 1988. The company is the largest manufacturer of brake shoes and advanced braking systems for two-wheelers in India, with a market share of approximately 50% in Fiscal 2023 in terms of production volume for original equipment manufacturers and the branded independent aftermarket.
Object of the Issue
- To conduct the offer for sale of up to 295,71,390 equity shares by the promoter selling shareholders.
- To attain the benefits of listing the equity shares on the stock exchanges.
ASK Automotive - PROMOTERS
| Name |
|---|
| Kuldip Singh Rathee |
| Vijay Rathee |
ASK Automotive Book Running Lead Manager
JM Financial Limited
askauto.ipo@jmfl.com
Axis Capital Limited
askauto.ipo@axiscap.in
IIFL Securities Limited
askauto.ipo@iiflcap.com
ASK Automotive Book Running Lead Managers
ICICI Securities Limited
askauto.ipo@icicisecurities.com
ASK Automotive Registrar to the Offer
Link Intime India Private Limited
askauto.ipo@linkintime.co.in
ASK Automotive Strengths
Established manufacturer
The company is a well-established manufacturer of safety systems and critical engineering solutions for some of India's largest original equipment manufacturers
Robust production model
The company's robust production model is driven by research and development and design, with an emphasis on advanced material knowledge. This allows for the customization of systems and products based on customer specifications and enables the engineering of lighter, precision products
Financial performance
The company's financial and return metrics demonstrate growth and efficient use of capital
ASK Automotive Risks
Dependent on two-wheeler sector
A significant portion—more than 80%—of the company's revenue from operations in each of the last three fiscal years is attributable to the Indian two-wheeler automotive sector
Negative performance by arms
The company has been extending financial support to its joint venture, ASK Fras-Le Friction, which has incurred losses over the last three fiscal years. Additionally, its other subsidiary has a negative net worth and may not be able to become profitable in the future
Significant indebtedness
The company has incurred significant indebtedness, and failure to comply with the repayment and other covenants in its financing agreements could adversely affect the business
IPO FAQs
This IPO consists of an offer for sale of up to Rs 833.9 crore, of 29,571,390 shares.
The promoters of the company are Kuldip Singh Rathee and Vijay Rathee.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 268.0 - 282.0.
The IPO application opens on Nov 07, 2023 and closes on Nov 09, 2023.
The minimum lot size for the IPO is 53. The maximum lot size for the IPO is 689.
For all category investors, the minimum application amount for this IPO is Rs. 14,946.0, the maximum value for this IPO is Rs 194,298.0.
This IPO will be allotted on Nov 10, 2023.
The refund will be credited to your account on Nov 10, 2023.
The allotted shares will be credited to your demat on Nov 13, 2023.
ASK Automotive Ltd.’s shares listed on the stock exchanges on Nov 15, 2023.