ASK Automotive files draft papers with Sebi to mop up funds via IPO

ASK Automotive plans to raise funds through an initial public offering (IPO) and has filed preliminary papers with Sebi. The IPO is completely an offer for sale of 2,95,71,390 equity shares by promoters. Therefore, the proceeds from the IPO will go to the selling shareholders and not the company. ASK Automotive is known for manufacturing brake-shoe and advanced braking systems for two-wheelers and holds a 50% share of the market in India. The company’s clients include major vehicle manufacturers such as Hero MotoCorp, TVS Motor Company, Greaves Electric Mobility, and Bajaj Auto.