ASK Automotive Shares Climb Over 8 Percent In Debut Trade

Shares of ASK Automotive Ltd listed with a premium of more than 8 per cent on Wednesday against the issue price of Rs 282. The stock made its debut at Rs 304.90, registering a gain of 8.12 per cent from the issue price on the BSE. It further rallied 10.54 per cent to Rs 311.75.

On the NSE, it listed at Rs 303.30, a jump of 7.55 per cent. The company's market valuation stood at Rs 6,022.71 crore. The Initial Public Offering (IPO) of ASK Automotive was subscribed 51.14 times on the last day of subscription on Thursday, with heavy participation coming in from institutional buyers. The Rs 833.91 crore initial share sale had a price band of Rs 268-282 per equity share.

Gurugram-based ASK Automotive is one of the largest manufacturers of brake-shoe and advanced braking systems for two-wheelers in India with a market share of about 50 per cent in the 2022 fiscal. The firm supplies safety systems and critical engineering solutions with in-house designing, developing, and manufacturing capabilities.

The company has clients, including TVS Motor Company Ltd, Hero MotoCorp, Greaves Electric Mobility and Bajaj Auto. Equity markets were closed on Tuesday on account of Diwali Balipratipada.

(PTI)