There was a new tepid kind of listing today on the markets. ASK Automotive got listed on the BSE at Rs.304.90 and on the NSE at Rs.303.30 as against the IPO price of Rs.282, a premium of 8%.
ASK Automotive manufactures powertrain-agnostic auto components for two-wheelers (2W) at its 15 plants across India, with 4% revenue share of electric. 76% of Rs. 2,600 cr annual revenue comes from supplies to auto original equipment manufacturers (OEMs), 10% from aftermarket, 5% from exports.
In our IPO Analysis, we had recommended, “While company fundamentals are good, issue is fully priced. Hence we do not recommend the IPO.”
The issue was overall subscribed 44.52 times, mostly led by qualified institutional bidders (QIBs), at 129.01x, followed by HNIs at 34.2 times and retail investors at 5.09 times.