Shares of ASK Automotive Ltd. debuted at Rs 304.90 apiece on the Bombay Stock Exchange, a premium of 8.12% over their IPO price of Rs 282 apiece.
On the NSE, the stock debuted at Rs 303.30 apiece, a 7.55% premium.
The shares ended at a premium of 10% over the IPO price, at Rs 310.20 apiece, according to Bloomberg data.
The Rs 834-crore-IPO was subscribed 51.14 times on the final day. Bids were led by institutional investors (142.41 times), non-institutional investors (35.47 times) and retail investors (5.70 times).
The Rs 834-crore initial share sale comprises entirely of an offer for sale of up to 2.95 crore (2,95,71,390) equity shares by promoters Kuldip Singh Rathee and Vijay Rathee. There is no fresh issue segment in the IPO. After the issue, the promoters' shareholding will reduce to about 85%.
Since the issue of ASK Automotive is completely an OFS, the entire proceeds will go to the selling shareholders and the company will not receive any funds from the issue.
Business
Gurugram-based ASK Automotive is a manufacturer of brake-shoe and advanced braking systems for two-wheelers in India, with a market share of approximately 50% in FY23, in terms of production volume for original equipment manufacturers and the branded independent aftermarket.
On the financial front, the company reported a consolidated turnover of Rs 2,555 crore for FY23, an increase from Rs 2,013 crore in FY22. Its net profit rose to Rs 123 crore from Rs 83 crore.
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