ASK Investment Managers to raise INR 2,000 crore through IPO

ASK Investment Managers to raise INR 2,000 crore through IPO

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PE firm Advent International backed ASK Investment Managers Limited files DRHP with SEBI

The company plans to raise approximately Rs 2,000 crore through IPO (MARKET SOURCES)

Mumbai-based ASK Investment Managers Limited, a leading asset and wealth management company, primarily catering to the HNI and ultra HNI market in India filed its Draft Red Herring Prospectus (DRHP) with the market regulator SEBI, for raising funds through its Initial Public Offering (IPO).

The company’s IPO comprises Fresh Issue of shares worth up to Rs. 600 crore, and an Offer for Sale of up to 13,569,405 equity shares by AI Global (THE “INVESTOR SELLING SHAREHOLDER”) and 4,400,000 equity shares by Sameer Kotecha (THE “PROMOTER SELLING SHAREHOLDER”).

The price band will be decided in consultation with the Book Running Lead Managers (BRLMs). JM Financial Limited, Axis Capital Limited, Citigroup Global Markets India Private Limited, and Nomura Financial Advisory and Securities (India) Private Limited, are the BRLMs to the issue.

The company may, in consultation with the BRLMs, consider a private placement of up to 4,395,865 equity shares, aggregating to Rs. 300 crore, at its discretion, prior to filing of the DRHP.

According to the objects of the issue, the company will utilize the proceeds towards

1. Investment in our Subsidiary, ASKFH, for augmenting our capital base for the NBFC business; and

2. General corporate purposes.

About ASK Investment Managers Limited

ASK a leading asset and wealth management company, primarily catering to the HNI and UHNI market in India. CRISIL Research notes that they were one of the first companies to obtain a portfolio management services license in India. According to CRISIL Research, they were the third largest company in both discretionary listed equity portfolio management services and discretionary equity overall portfolio management services according to assets under management as of May 30, 2018.