Asset and wealth management company ASK Investment Managers has filed draft papers with capital markets regulator Sebi to raise an estimated Rs 2,000 crore through an initial share sale. The IPO comprises fresh issuance of shares worth up to Rs 600 crore besides an offer for sale of up to 1,35,69,405 shares by private equity company AI Global and 44 lakh stocks by promoter Sameer Kotecha, the draft red herring prospectus (DRHP) filed with Sebi showed.
The company plans a private placement of up to 43,95,865 equity shares, aggregating to Rs 300 crore. According to market sources, the company is aiming to raise Rs 2,000 crore through an initial public offer (IPO). Proceeds of the issue will be utilised towards investment in its subsidiary ASKFH, to augment capital base for the non-banking finance company (NBFC) business and for other general corporate purposes.
ASK, backed by private equity firm Advent International, primarily caters to wealthy persons. As of March 2018, it had a network of 53 distributors across the country. ASK Investment Managers also has subsidiaries such as ASK Wealth Advisors, ASK Property Investment Advisors and ASK Property Advisory Services. JM Financial, Axis Capital, Citigroup Global Markets India, and Nomura Financial Advisory and Securities will manage the company’s public issue.