ASK Automotive IPO | Verify premium on the gray market; listing and allocation dates

 ASK Automotive IPO | Verify premium on the gray market; listing and allocation dates

ASK Automotive IPO | Instead of the original T+6 timetable stated by the firm, the shares of the car auxiliary company may begin trading on the bourses on November 15.

Investors in the ASK Automotive IPO are eager to learn the share allotment status, which is anticipated to be finalized by November 10, according to sources who spoke with Moneycontrol. This is because the IPO saw strong subscription numbers.

By following three simple procedures, investors may check the status of their share allocation on the BSE website or the IPO registrar online.

Through the IPO registrar website,

a) From the selection menu, choose ASK Automotive Limited-IPO.

b) Choose and input the appropriate value, such as "PAN number," "application number," or "DP Client ID" c) Press the "search" button to end the process.

Within the BSE portal,

The steps to follow are as follows: a) Choose the issue type as equity; b) Enter the issue name as Protean eGov Technologies Limited; c) Check the "I am not a robot" box; and lastly click the "search" button.

Due to the positive response from investors, the IPO shares will be dispersed proportionately. 51.14 times between November 7 and November 9, the Rs 834-crore public offering was subscribed for, with offers for 105.85 crore equity shares against the 2.07 crore share offer size.

The overall bid amount was Rs 29,851.7 crore, while the public offer size was Rs 583.74 crore (excluding the anchor book). One day prior to the offer launching on November 6, the business had secured Rs 250 crore from anchor investors.

All types of investors took part in the public offering, but the qualified institutional buyers and high net worth individuals appeared to be more aggressive than the rest, bidding 5.7 times the portion reserved for them and buying 142.41 and 35.47 times the quota, respectively.

By November 13, the equity shares will be moved to the demat accounts of qualified participants, and the refunds will probably be reimbursed to the bank accounts of the investors who were not successful.

Lastly, the car ancillary firm's shares may begin trading on the bourses on November 15th, which would mean a T+3 timetable rather than the T+6 timeframe that the company had previously specified. Its debut was scheduled on November 20 according to the IPO timeline.

According to experts who requested anonymity, the company's IPO shares were available on the grey market for a premium of around 17% above the upper price range due to its fair valuations, substantial market share, solid topline, and respectable profitability.

The IPO shares may be purchased and sold on the grey market, an unauthorized marketplace, up to the listing. In order to estimate the potential listing price of any IPO, investors often get some assistance from the grey market.

The IPO's price range was Rs 268–282 per share.

ASK Automotive has a prominent position in the break shoe and advanced braking systems industry, with a market share of over 50%. Strong ties exist between the corporation and all of the nation's leading two-wheeler manufacturers.

Financially speaking, the company has seen topline growth at a CAGR of 29%; however, there was some volatility in profitability due to shortages in the supply chain brought on by the pandemic. Net profit for the year ended in March of FY23 was Rs 122.95 crore, compared to Rs 82.66 crore in FY22 and Rs 106.2 crore in FY21.

Since the public offering only included the Rathee family's offer to sell, all issue profits will go to them, and the business will not get any funds from the IPO.