On Wednesday, the share price of ASK Automotive was listed at a premium on the bourses. Today, the NSE listed ASK Automotive shares at 303.30 per share, 7.55% higher than the issue price of 282, and the BSE listed ASK Automotive shares at 304.90.
The ASK Automotive IPO price band was set at $268 to $282 per equity share with a face value of $2. The lot size for the ASK Automotive IPO was 53 equity shares, and subsequent lots were in multiples of 53 equity shares. The ASK IPO went on sale on Tuesday, November 7, and ended on Thursday, November 9.
On the third day, ASK IPO subscription status was asked 51.14 times, with a substantial response from both qualified institutional buyers (QIBs) and non-institutional buyers (NIIs). The retail investors component of the Ask Automotive IPO was subscribed to 5.70 times, the NII portion was subscribed to 35.47 times, and the QIB portion was booked 142.41 times.
Kuldip Singh Rathee is offering up to 20,699,973 equity shares and Vijay Rathee (promoter selling stockholders) up to 8,871,417 equity shares in a total offer size of up to 29,571,390 equity shares having a face value of 2 apiece.
JM Financial Limited, Axis Capital Limited, ICICI Securities Limited, and IIFL Securities Limited are the offer's book running lead managers. The issue's registrar is Link Intime India Private Ltd.
The company's similar listed peers, according to the red herring prospectus (RHP), are Endurance Technologies Ltd (P/E of 46.36), Uno Minda Ltd (P/E of 52.59), Suprajit Engineering Ltd (P/E of 35.49), and Bharat Forge Ltd (P/E of 98.86).
ASK IPO GMP NOW or pay the gray market premium of +28. According to investorgain.com, this means ASK Automotive's share price was selling at a premium of 28 in the gray market on Wednesday. It resembled the prior two trading sessions.
Taking into account the upper end of the IPO price band and the existing premium on the gray market, the expected listing price of ASK Automotive shares was determined to be 310 per share, 9.93% higher than the IPO price of 282. The term "gray market premium" refers to investors' willingness to pay more than the issue price.
