Ask Automotive IPO itemizing.
ASK Automotive makes its debut at Rs 304.90, registering a acquire of 8.12 per cent from the problem worth on the BSE; it additional rallied 10.54 per cent to Rs 311.75
ASK Automotive IPO Listing: Shares of ASK Automotive Ltd on Wednesday listed with a premium of greater than 8 per cent towards the problem worth of Rs 282. The inventory made its debut at Rs 304.90, registering a acquire of 8.12 per cent from the problem worth on the BSE. It additional rallied 10.54 per cent to Rs 311.75.
On the NSE, it listed at Rs 303.30, a leap of seven.55 per cent. The firm’s market valuation stood at Rs 6,022.71 crore.
Prashanth Tapse, analysis analyst and senior vice-president (analysis) of Mehta Equities, mentioned, “ASK automotive listing was in line with street expectations. We believe after the listing, there would be decent demand for the shares as its IPO had received overwhelming response from all kinds of investors, especially from QIB’s 142 times. We also believe ASK can act as a proxy play for the growth in the Indian automobile sector.”
He added that ASK Automotive provides allotted buyers a protracted-time period alternative to carry and raid the expansion within the car sector, therefore recommending all allotted buyers “hold for the long term”. Those who didn’t get allotments can accumulate on the itemizing day for holding it for wholesome lengthy-time period returns as markets all the time reward a participant who has excessive visibility and progress potential, Tapse mentioned.
Shivani Nyati, head of wealth at Swastika Investmart Ltd, mentioned, “ASK Automotive Ltd has debuted at Rs 303.30, i.e., 7.40 per cent above its issue price. It is a leading player with more than 50 per cent market share as a break shoe and advanced braking systems manufacturer. The company shares strong relations with all the top two-wheeler manufacturers in the country. It has a robust production model and a technology- and innovation-based manufacturing process. Financially, the company has shown strong growth in its top-line numbers, while its profitability has also been decent.”
Nyati mentioned the IPO is coming at a PE valuation of 45.63x, which in all fairness priced. So, allottees who utilized for the general public providing for itemizing premium are suggested to “maintain their stop loss at 290 and wait for further upside, whereas those who have a medium- to long-term perspective can also hold the stock with the given stop loss”.
ASK Automotive IPO
The preliminary public providing (IPO) of ASK Automotive was subscribed 51.14 instances on the final day of subscription on Thursday, with heavy participation coming in from institutional patrons. The Rs 833.91 crore preliminary share sale had a worth band of Rs 268-282 per fairness share.
Gurugram-based ASK Automotive is without doubt one of the largest producers of brake-shoe and superior braking techniques for 2-wheelers in India with a market share of about 50 per cent within the 2022 fiscal. The agency provides security techniques and significant engineering options with in-home designing, growing, and manufacturing capabilities.
The firm has purchasers, together with TVS Motor Company Ltd, Hero MotoCorp, Greaves Electric Mobility and Bajaj Auto. Equity markets have been closed on Tuesday on account of Diwali Balipratipada.
