The IPO of ASK Investment Managers, which primarily caters to the HNI and ultra HNI market in India, comprises a fresh issue of shares worth Rs 600 crore.
Mumbai-based wealth management company ASK Investment Managers and Shyam Metalics, a leading integrated metal producing company based in Kolkata, have filed their respective draft red herring prospectus (DRHP) with markets regulator Securities and Exchange Board of India (Sebi) for initial public offerings (IPOs).
The IPO of ASK Investment Managers, which primarily caters to the HNI and ultra HNI market in India, comprises a fresh issue of shares worth Rs 600 crore, and an offer for sale of up to 1.35 crore equity shares by AI Global and 44 lakh equity shares by its promoter Sameer Koticha. According to its DRHP, the company caters to the investment requirements of its HNI and UHNI clients through three business segments — asset management (which primarily includes equity investment management and advisory) and property investment management and advisory, wealth advisory and distribution and non-banking financial company business, which commenced commercial operations in 2018.
As on March 31, 2018, ASK Investment Managers had a network of 53 distributors across India. The company plans to utilise the net proceeds of the fresh issue in its subsidiary, ASKFH, for augmenting the capital base for the NBFC business and general corporate purposes. Shyam Metalics IPO comprises a fresh issue of shares worth up to `909 crore.
The company will utilise the proceeds of the fresh issue towards repayment and/or pre-payment of certain debt of the company and one of its subsidiaries, SSPL and other general corporate purposes. Shyam Metalics is an integrated metal producing company with a focus on long steel products and ferroalloys. The company operates three manufacturing plants, one in Odisha and two in West Bengal. In 2018, 20 companies have raised Rs 27,377.04 through IPOs so far.