ASK Asset & Wealth gets Sebi approval to launch mutual fund business

ASK enters mutual funds with Sebi nod as IPO momentum builds, led by GIFT City's first listing, CleanMax's ₹3,100 crore issue, and Gaudium IVF's market debut

ASK Asset & Wealth Management Group on Tuesday announced that it has received approval from the Securities and Exchange Board of India (Sebi) to launch its mutual fund (MF) business. The financial services firm, which already has a presence in asset management space through PMS and AIFs, said it will use the MF platform to offer “investment solutions across active equity, passive strategies, hybrid, and fixed-income products”. “For over four decades, ASK has navigated multiple market cycles with a strong, research-driven approach focused on capital protection and growth. The launch of ASK Mutual Fund now enables us to extend this legacy to a wider investor base,” said the company’s founder and chairman Sameer Koticha. The group is backed by Blackstone, which acquired a majority stake in 2022.

 

First IPO in Gift City to open next month 

The first initial public offering (IPO) in Gift-IFSC by XED Executive Development is set to open for subscription in early March. The executive education firm has filed its red herring prospectus for a $12-million IPO after receiving approval from the stock exchanges in GIFT City. The issue will be open for subscription for seven to 10 days and will be offered to overseas investors, including institutional investors, foreign portfolio investors, and non-resident Indians. The offering could serve as a litmus test for the effectiveness of the listing framework and the broader ecosystem at the financial hub. 

CleanMax to float ₹3,100 cr IPO on Feb 23 

Clean Max Enviro Energy Solutions, a commercial and industrial (C&I) renewable energy provider, on Tuesday said its ₹3,100 crore initial public offering will open for subscription on February 23. The company has fixed a price band of ₹1,000-1,053 per share, valuing it at ₹12,325 crore at the upper end. The company’s IPO will conclude on February 25, while the bidding for anchor investors will take place on February 20. The proposed IPO comprises a fresh issue of shares worth up to ₹1,200 crore and an offer for sale (OFS) of shares valued ₹1,900 crore by promoters and an investor shareholder, Clean Max said. 

Women Health and Gaudium IVF plan IPO 

Fertility services provider Gaudium IVF and Women Health on Tuesday fixed a price band of ₹75-79 per share for its ₹165 crore initial public offering (IPO). At the upper end, the company’s valuation is pegged at ₹575 crore. The company’s maiden public offering will open for subscription on February 20 and conclude on February 24. The bidding for anchor investors will take place on February 18, according to its public announcement. With this, it will become the first company in the fertility care sector to tap the public markets. The proposed offering comprises a fresh issue of 11.4 million shares and an offer for sale of nearly 9.5 million equity shares. [PTI]