Ask Automotive is into Automobile-Auto-Component and is looking raise funds through Offer For Sale
Ask Automotive IPO is a public offering of shares by Kuldip Singh Rathee and Vijay Rathee. The IPO will open on November 07 and will close on November 09. The price band is ₹268 to ₹282 per share and the lot size is 53 shares. The issue size is ₹833.91 crore. The shares are expected to be listed on NSE, BSE on November 20 (^). Some additional information that you may find useful are: Share of Revenue from Advanced Braking (AB) / Aluminium Lightweighting Precision (ALP) / Wheel assembly / Safety Control Cables (“SCC”) / Others for FY23 at 41.7% / 38.9% / 13.8% / 3.5% / 2.1% (v/s 46.1% / 37.5% / 12% / 2.5% / 1.8% in FY22).: (**) - based on higher price band (^) indicative date
Promoters of the company are Kuldip Singh Rathee and Vijay Rathee Currently promoters hold 100% stake in the company.
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Quick Pointers
- Company aims to raise between Rs 793 to 834 crs through this IPO.
- The net proceeds of the issue will be utilized to As this issue is Offer for Sale hence company will not receive any proceeds from the Offer. Objects being Listing benefits.
- Anchor bidding is expected to commence one day prior to the IPO dates. Tentative anchor bidding date would be 06-Nov-23.
- Price band for the IPO has been fixed at Rs 268 to 282 per share and bid lot are in multiple of 53 shares. The implied market cap post-issue at Rs 5,283 to 5,559 crs.
- As per the tentative schedule, allotment date of this IPO is most likely on November 15 and share are expected to be listed on NSE, BSE on November 20.
- Company has direct peer competition in India'a Auto-component sector, In Listed space peers includes Endurance Technologies, Uno Minda, Suprajit Engineering and Bharat Forge amongst others.
- JM Financial, Axis Capital, ICICI Securities, IIFL Securities has been appointed as Merchant Banker to the issue. Link Intime (India) Pvt. Ltd. has been appointed as official registrar of the issue.
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IPO Quick Snapshot
About Company
Established in 1988, Ask Automotive is primarily into auto-component and operate 15 manufacturing facilities across five states in India. It supply safety systems and critical engineering solutions with in-house designing, developing and manufacturing capabilities. Company is powertrain agnostic, catering to electric vehicle (“EV”) as well as internal combustion engine (“ICE”) original equipment manufacturers (“OEMs”). Current product offerings are (i) advanced braking (“AB”) systems; (ii) aluminium lightweighting precision (“ALP”) solutions; (iii) wheel assembly to 2W OEMs; and (iv) safety control cables (“SCC”) products.
Key industries that company supply its products are (i) the automotive sector for 2Ws, three wheelers (“3Ws”), passenger vehicles (“PVs”) and commercial vehicles (“CVs”), and (ii) the non-automotive sector for all-terrain vehicles (“ATVs”), power tools and outdoor equipment.
Company's cients includes Hero MotoCorp, Honda Motorcycle, Bajaj, India Yamaha, TVS, Suzuki Motorcycles etc. EV Clients include TVS Motor Company Limited (“TVS”), Ather Energy Private Limited (“Ather”), Hero MotoCorp Limited (“Hero MotoCorp”), Greaves Electric Mobility Private Limited (“Greaves”), Bajaj Auto Limited (“Bajaj”) and Revolt Intellicorp Private Limited (“Revolt”)
Share of Revenue from Advanced Braking (AB) / Aluminium Lightweighting Precision (ALP) / Wheel assembly / Safety Control Cables (“SCC”) / Others for FY23 at 41.7% / 38.9% / 13.8% / 3.5% / 2.1% (v/s 46.1% / 37.5% / 12% / 2.5% / 1.8% in FY22).
Also READ: Protean eGov Technologies IPO: ITES company IPO to begin from November 06; Key Details here
About Industry
India is the largest motorized 2W market in the world, with domestic sales of 13.73 million units in Fiscal 2022. (Source: CRISIL Report)The 2W segment constitutes ~77% of the total market comprising 2Ws, 3Ws, PVs,and CVs by volume; and ~13% in value terms (~₹642 billion). (Source: CRISIL Report)Furthermore, India is also one of the largest exporters of 2Ws in the world. (Source: CRISIL Report) CRISIL MI&A expects 2W exports from India to record a CAGR of 10%-12% between Fiscal 2022 and Fiscal 2027, compared with 13.7% between Fiscal 2017 and Fiscal 2022. (Source: CRISIL Report) Furthermore, EVs are gaining in India and are growing faster than ICE vehicles across the 2W, 3W and PV sectors. (Source: CRISIL Report) In the non-automotive sector, infrastructural growth, especially in emerging economies such as China and India, is a major driver of the power tools market globally. (Source: CRISIL Report)
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| Please check below or visit Link Intime (India) Pvt. Ltd. link at here to check allotment status of IPO |
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