Mumbai: ASK Automotive Limited is launching its Initial Public Offer (IPO) of equity shares priced at Rs 268 to Rs 282 per equity share, opening on November 7 and closing on November 9, 2023.
The IPO offer is a total size of upto 29,571,390 shares aggregating Rs 834 crores and are proposed to be listed on BSE and NSE.
ASK Automotive Limited is the largest manufacturer of brake-shoe and advanced braking systems for two-wheelers in India with 50% market share in FY23 for production volume for original equipment manufacturers (OEMs) and the branded independent aftermarkets.
Kuldeep Singh Rathee, CMD, ASK Automotive Limited, said the company is based nationally in India and had Revenue of Rs 25,551.67 million in FY22, besides collaboration with NUCAP Industries Inc. in Canada for disc brake pads.
“Our offerings — including Aluminium Lightweighting Precision Solutions — are powertrain agnostic, catering to electric vehicle as well as combustion engine OEMs,” Rathee said, adding that ASK is recognized as the leading brand in the 2W IAM in terms of production volume for Fiscal 2023 in India.
He said 41.77% of the company’s revenue (Rs 10,672.27 million in FY23) came through its A.B.Systems. With the EV industry evolving and growing, the company has approached all involved players in this segment and its pipeline included 16 necessary products that are under development.
Pointing out that the company has expanded ‘aggressively abroad’ in joint ventures and exports to 44 companies in 12 countries, he said future growth strategies included: Electrification (EV sector), increased focus on IAM sales and spares.
The company witnessed a ‘huge’ growth in its PAT (48.75% y-o-y in RY23) due to a “turnaround” in Joint Ventures, while also holding 50% market share in India for manufacturing of 2W brake shoe.
The company’s current manufacturing capacity is between 70-75%, he said while pointing out that their first foreign customers were: Stanley Black & Decker (U.S.) and Polaris, while the main exports are to the U.S.
