ASK Automotive IPO: Check GMP, Subscription Status
ASK Automotive IPO GMP: Unlisted shares of ASK Automotive at present stand at Rs 337 within the gray market, which is nineteen.5 per cent increased than its higher difficulty value of Rs 282 per share
ASK Automotive IPO: The preliminary public providing (IPO) of auto ancillary participant ASK Automotive, which opened for public subscription on Tuesday, has acquired 47 per cent subscription until 10.09 am on the second day of the share sale on Wednesday. The Rs 833.91-crore has thus far acquired bids for 96,77,111 shares towards 2,06,99,974 shares on provide.
The portion for retail particular person traders (RIIs) was subscribed 68 per cent, whereas the quota for non-institutional traders acquired 55 per cent subscription. The class for certified institutional consumers (QIBs) received 3 per cent subscription.
ASK Automotive IPO GMP Today
According to market observers, unlisted shares of ASK Automotive stay Rs 55 increased within the gray market as in comparison with its difficulty value. The Rs 55 gray market premium or GMP is about 19.5 per cent increased than its higher difficulty value of Rs 282 per share. This means the gray market is anticipating a 19.5 per cent itemizing acquire from the general public difficulty.
‘Grey market premium’ signifies traders’ readiness to pay greater than the problem value.
About ASK Automotive IPO
The IPO is a suggestion on the market (OFS) of two,95,71,390 fairness shares by promoters — Kuldip Singh Rathee and Vijay Rathee. Since the IPO is totally an OFS, your complete proceeds will go to shareholders divesting their shares.
The difficulty has a value band of Rs 268-282 per fairness share. At the higher finish of the worth band, the IPO is predicted to fetch Rs 833.91 crore. Investors can bid for at least 53 shares and in multiples thereof.
ASK Automotive has mobilised slightly over Rs 250 crore from anchor traders, forward of the IPO.
JM Financial Ltd, Axis Capital Ltd, ICICI Securities Ltd and IIFL Securities Ltd are the guide-operating lead managers to the problem. The fairness shares are proposed to be listed on the BSE and the NSE.
ASK Automotive IPO: Should You Buy?
Giving ‘Subscribe’ advice, brokerage Swastika Investmart stated, “The IPO is coming at a PE (price-earnings) valuation of 45.63 times, which is reasonably priced. Looking at these factors and the long-term growth prospects, we will give a Subscribe rating to this IPO for long term.”
Another brokerage BP Equities has additionally given ‘subscribe’ advice for the IPO. “On the valuation front, the issue is valued at a P/E of 39.8 times on the upper price band based on Q1FY24 annualised earnings. We recommend a ‘Subscribe’ for the benefit of listing gains for the issue, as most of the positives seem priced in the offering,” it stated.
The firm has achieved additional weight discount, enhanced efficiency and improved automobile acceleration through excessive-efficiency driveline merchandise and improved efficiencies, positioning it firmly out there.
About ASK Automotive
Gurugram-based ASK Automotive is among the largest producers of brake-shoe and superior braking programs for 2-wheelers in India with a market share of about 50 per cent within the 2022 fiscal.
The agency provides security programs and important engineering options with in-home designing, creating, and manufacturing capabilities. The firm has purchasers, together with TVS Motor Company Ltd, Hero MotoCorp, Greaves Electric Mobility and Bajaj Auto.
ASK shares robust relations with all the highest two-wheeler producers within the nation. It has a strong manufacturing mannequin and a expertise and innovation-primarily based manufacturing course of.
