ASK Automotive Ltd IPO
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ASK Automotive Ltd IPO Details
Details
| Total Shares Offered | Offer to Public | Retail Max (Shares) | Pre Issue Promoters Holding | Exchange | Issue size |
|---|---|---|---|---|---|
| ₹ 295.71 L | ₹ 295.71 L | ₹ 103.5 L | ₹ 1,778.23 L | BSE | ₹ 833.91 Cr |
| IPO Open Date | Close Date | Lot Size | Min Investment | Issue Type | Listing Date |
| 07 Nov, 23 | 09 Nov, 23 | 53 | ₹ 14,204 | Book Building | 15 Nov, 23 |
ASK Automotive Ltd IPO Dates
Details
| Sector | Type |
|---|---|
| Sector | Auto Ancillaries |
| Sub Sector | NA |
| Issue Type | Book Building |
Subscription Status
*Values are in Lakhs
| Investor Type | Subscription Times | Shares Offered* | Shares Bid* |
|---|---|---|---|
| QIB | 0x | 14785695 | 0 |
| NII | 0x | 4435709 | 0 |
| Retail | 0x | 10349986 | 0 |
| Employee | 0x | 0 | 0 |
| Total | 0x | 29571390 | 0 |
Subscription Status
Investor Type
QIB
NII
Retail
Employee
Total
*Values are in Lakhs
ASK Automotive Ltd Financial Status
Income Statement
Balance Sheet
| Particulars (in Rs. Crores) | FY23 | FY22 | FY21 |
|---|---|---|---|
| Revenue from operations | 2,994.55 | 2,555.17 | 2,013.08 |
| EBITDA | 349.39 | 302.36 | 230.72 |
| PAT | 175.62 | 135.99 | 88.73 |
| Total Assets | 406.57 | 396.87 | 344.41 |
| Share Capital | 39.43 | 39.43 | 40.18 |
| Total Borrowings | 107.93 | 163.16 | 87.10 |
| Operating Activities (Net Cash) | 232.66 | 195.77 | 144.56 |
| Investing Activities (Net Cash) | 43.25 | 37.34 | 29.83 |
| Financing Activities (Net Cash) | 107.93 | 163.16 | 87.10 |
| Net Cashflow | 12.59 | 1.26 | 1.21 |
Particulars (in Rs. Crores)
Revenue from operations
EBITDA
PAT
Total Assets
Share Capital
Total Borrowings
Operating Activities (Net Cash)
Investing Activities (Net Cash)
Financing Activities (Net Cash)
Net Cashflow
About ASK Automotive Ltd
ASK Automotive Limited was incorporated on January 18, 1988 as a private limited company under the Companies Act, 1956, with the name ASK Automotive Private Limited, pursuant to a certificate of incorporation granted by the Registrar of Companies, Delhi and Haryana(RoC). Upon the conversion of the Company into a public limited company, pursuant to resolutionspassed by its Board of Directors on December 7, 2022 and its Shareholders on December 7, 2022 the name of the Company was changed to ASK Automotive Limited and a fresh certificate of incorporation dated January 6, 2023 was issued by the RoC.
India is the largest motorized two-wheeler market in the world, with domestic sales of 16.25 million units in Fiscal 2023 (Source: CRISIL Report). It constitutes approximately 76% of the total market comprising two-wheelers (2Ws), three-wheelers (3Ws), passenger vehicles (PVs) and commercial vehicles by volume; and approximately 16% in value terms (approximately Rs.1,056 billion). Furthermore, India is also one of the largest exporters of 2Ws in the world. (Source: CRISIL Report) CRISIL MI&A expects 2W exports from India to record a CAGR of 5%-7% between Fiscal 2023 and Fiscal 2028, compared to 5.3% between Fiscal 2018 and Fiscal 2023. Furthermore, electronic vehicles (EVs) are gaining in India and are growing faster than internal combustion engine (ICE) vehicles across the 2W, 3W and fourwheeler sectors. In the non-automotive sector, infrastructural growth, especially in emerging economies such as China and India, is a major driver of the power tools market globally.
ASK Automotive Limited supplies safety systems and critical engineering solutions with in-house designing, developing and manufacturing capabilities. Its offerings are powertrain agnostic, catering to electric vehicle (EV) as well as internal combustion engine (ICE) original equipment manufacturers (OEMs). The Company commenced its operations in 1989 by manufacturing brake shoe products for two-wheelers (2Ws) and have since diversified its operations to include offerings such as: (i) advanced braking (AB) systems; (ii) aluminium lightweighting precision (ALP) solutions; (iii) wheel assembly to 2W OEMs; and (iv) safety control cables (SCC) products, that it supplies in (i) the automotive sector for 2Ws, three wheelers (3Ws), passenger vehicles (PVs) and commercial vehicles (CVs), and (ii) the non-automotive sector for all-terrain vehicles (ATVs), power tools and outdoor equipment.
Peer Comparison:
- Endurance Technologies Ltd
- Uno Minda Ltd
- Suprajit Engineering Ltd
- Bharat Forge Ltd
ASK Automotive Ltd IPO Key Points
Strengths
- Well established manufacturer of safety systems and critical engineering solutions for some of India's largest OEMs in an industry with high entry barriers.
- Robust production model driven by research and development (R&D) and design with an emphasis on: (i) advanced material knowledge to customize systems and products based on customer specifications and (ii) engineering lighter precision products.
- Technology and innovation-driven manufacturing process, with an extensive suite of systems and solutions for EV and ICE sectors.
- Long-standing customer relationships with both Indian and global OEM players.
- Financial and return metrics demonstrating growth and efficient use of capital.
Risk
- A significant portion (more than 80%) of its revenue from operations in each of the last three Fiscals is attributable to the Indian two-wheeler automotive sector. Any adverse changes in the two-wheeler automotive sector could adversely impact its business, results of operations and financial condition.
- The company is dependent on its top three customers who contribute more than 50.00% of its revenue from operations with it single largest customer contributing more than 30.00% of its revenue from operations in each of the last three Fiscals. Loss of any of these customers or a reduction in purchases by any of them could adversely affect its business, results of operations and financial condition.
- The company's business and profitability is substantially dependent on the availability and cost of its raw materials, including Aluminium, and any disruption to the timely and adequate supply of raw materials, or volatility in the prices of raw materials may adversely impact its business, results of operations and financial condition.
Strategy
- Electrification-further strengthen our position in the growing EV sector in India.
- Continue to focus on our design,R&Dand engineering capabilities to develop innovative systems and solutions, as well as improveour manufacturing efficiencies.
- Further diversify our product offeringsin the AB systems and ALP solutions categories and expand our addressable market.
- Leverage export opportunities and enter new markets.
- Increased focus on IAMs alesand spares.
- Well established manufacturer of safety systems and critical engineering solutions for some of India's largest OEMs in an industry with high entry barriers.
- Robust production model driven by research and development (R&D) and design with an emphasis on: (i) advanced material knowledge to customize systems and products based on customer specifications and (ii) engineering lighter precision products.
- Technology and innovation-driven manufacturing process, with an extensive suite of systems and solutions for EV and ICE sectors.
- Long-standing customer relationships with both Indian and global OEM players.
- Financial and return metrics demonstrating growth and efficient use of capital.
How To Apply for ASK Automotive Ltd IPO Online?
Step 1:
Log in to the BlinkX stock market app and click ‘IPO’ in the Xplore section.
Step 2:
From the list of open IPOs, select the IPO you want to invest.
Step 3:
Go through the IPO details like lot size, price band, about the company, etc.
Step 4:
Click ‘Apply IPO’ to apply and enter the number of lots and bidding price along with your UPI ID.
Step 5:
Confirm your bid and accept the payment mandate sent to your UPI App for completing the IPO application.
