ASK Automotive files for IPO

ASK Automotive files for IPO ASK Automotive has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO). The IPO is entirely an offer for sale (OFS) of 2,95,71,390 equity shares by promoters -- Kuldip Singh Rathee and Vijay Rathee -- according to the draft red herring prospectus (DRHP). At present, Kuldip holds a 41.33 per cent stake in ASK Automotive and Vijay owns a 32.3 per cent stake in the firm. Since the IPO is completely an OFS, the entire proceeds will go to the selling shareholders and the company will not receive any funds from the issue. Gurugram-based ASK Automotive is one of the largest manufacturers of brake-shoe and advanced braking (AB) systems for two-wheelers in India with a market share of approximately 50 per cent in fiscal 2022. The firm supplies safety systems and critical engineering solutions with in-house designing, developing, and manufacturing capabilities.