The Buzz Around Ask Automotive IPO

Hey guys, guess what? The Ask Automotive IPO has just kicked off and it’s already making waves! On the first day, the subscription status shows that it’s been subscribed 38%, and the retail portion has been booked 56%. That’s pretty cool, right? The IPO is open for subscription until Thursday, November 9, and the price band is set at ₹ 268 to ₹ 282 per equity share. Now, here’s the breakdown: 50% of the shares are reserved for Qualified Institutional Buyers (QIB), 15% for Non-Institutional Investors (NII), and 35% for Retail Investors. On day 1, the retail investors’ portion was subscribed 56%, NII portion was subscribed 41%, and QIB portion was booked 3%. Looks like there’s a lot of interest in this IPO, with bids pouring in for a total of 78,54,388 shares against 2,06,99,974 shares on offer. Retail investors’ portion received bids for 58,26,926 shares, NII portion received bids for 18,30,461 shares, and QIB portion received bids for 1,97,001 shares. That’s a lot of action, isn’t it? The IPO details reveal that a total of 29,571,390 equity shares are on offer, with Kuldip Singh Rathee and Vijay Rathee (promoter selling stockholders) offering up to 20,699,973 and 8,871,417 equity shares respectively. The book running lead managers are JM Financial Limited, Axis Capital Limited, ICICI Securities Limited, and IIFL Securities Limited, and the registrar for the issue is Link Intime India Private Ltd. According to the red herring prospectus (RHP), the company’s comparable listed peers are Endurance Technologies Ltd, Uno Minda Ltd, Suprajit Engineering Ltd, and Bharat Forge Ltd. The IPO’s grey market premium (GMP) is +45, indicating that ASK Automotive share price is trading at a premium of ₹45 in the grey market. This means that the estimated listing price of ASK Automotive share price is indicated at ₹327 apiece, which is 15.96% higher than the IPO price of ₹282. It’s all looking pretty exciting, right? But hey, remember, the views and recommendations in this article are those of individual analysts, so it’s always good to check with certified experts before making any investment decisions. And that’s the scoop on the Ask Automotive IPO!