Auto ancillary firm ASK Automotive gears up to float IPO on November 7

Auto ancillary player ASK Automotive is set to launch its Initial Public Offering (IPO) on November 7, which will be the third maiden public issue to hit the market this month.

This will be the third such issue opening in November after ESAF Small Finance Bank and Protean eGov Technologies.

ASK Automotive's IPO is completely an Offer For Sale (OFS) of 2,95,71,390 equity shares by promoters Kuldip Singh Rathee and Vijay Rathee. The offer will close on November 9 and the anchor book of the offer will open on November 6, according to the Red Herring Prospectus (RHP).

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 systems for two-wheelers in India.

The company has clients including TVS Motor Company Ltd, Hero MotoCorp, Greaves Electric Mobility and Bajaj Auto.

JM Financial Ltd, Axis Capital Ltd, ICICI Securities Ltd, and IIFL Securities Ltd are the book-running lead managers to issue.

The equity shares are proposed to be listed on the BSE and NSE.

The IPO of ESAF Small Finance Bank will open for public subscription on November 3 while that of Protean eGov Technologies will hit the market on November 6.