ASK Automotive IPO: Allotment Status, GMP, and Listing Date

ASK Automotive is all set to finalize the allotment of its equity shares on Friday, November 10. Those who will receive the shares will start getting alerts, mails, and messages for amount debit or revocation of the mandate by late night or by Monday. The issue was heavily bid by institutional investors on the last day. The IPO was sold in the range of Rs 268-282 apiece with a lot size of 53 shares, and it was open for bidding between November 7 and November 9. ASK Automotive raised a total of Rs 834 crore via IPO route, which was entirely an offer-for-sale (OFS) of up to 29,571,390 equity shares. The issue was overall subscribed a strong 44.52 times during the three-day bidding process. The portion for qualified institutional bidders (QIBs) was 129.01 times, while the portion set aside for non-institutional investors saw robust 34.2 times bidding. The allocation reserved for retail investors was subscribed 5.09 times. The grey market premium (GMP) of ASK Automotive has jumped after a strong buying interest of institutional investors. Last heard, ASK Automotive was commanding a premium of Rs 50-55 apiece in the unofficial market, suggesting a listing pop of around 18-20 per cent for the investors. However, it was around Rs 40 per share, before the bidding began for the issue. Shares of ASK Automotive will be listed on both BSE and NSE on Wednesday, November 15, after the holiday on Tuesday at Dalal Street. ASK Automotive is a manufacturer of advanced braking systems (ABS) for two-wheelers in India as well as global markets. The company has 15 manufacturing units spread across five states in India, where it manufactures AB systems; aluminium lightweight precision, wheel assembly to 2W OEMs; and safety control cables. Brokerage firms tracking the issue were mostly positive on it and suggested to subscribe to it citing a strong market share in the business, robust client base and revival of demand in the two-wheeler market. However, stretched valuations and complete OFS nature of the issue were seen as the key risks. Investors, who bid for the issue of ASK Automotive, can check the allotment status on the BSE website’s IPO application check page. Check-in equity, under the issue type and select ASK Automotive Limited in the dropbox; type-in the application number and add the PAN card number before checking-in at ‘I am not a Robot’ before hitting the submit button. Allotment status can also be checked through the online portal of Link Intime India, the registrar to the issue. Visit the web portal of Link Intime and select the IPO of ASK Automotive in the dropbox. Enter the either PAN Card number, Application Number or DP Client ID as selected tab and hit ‘search’ to get the allotment status for your application.