ASK Automotive IPO shares to list tomorrow; latest GMP, what to expect from listing?

ASK Automotive IPO listing date has been scheduled for tomorrow (Wednesday, November 15). According to Kris Arun Kejriwal, Founder, Kejriwal Research and Investment Services an advisory firm, it is expected that the ASK Automotive shares will list between ₹300 and ₹310 from the issue price of ₹282. The number of IPOs appears to have increased, and investors’ returns appear to be declining. This indicates that there may be a fatigue factor entering the mainboard IPO. So possibly investors need to have some time and breathing space, if the IPO’s momentum has to carry on.

Also Read: ASK Automotive IPO: 10 key risks investors should consider before subscribing to the issue

ASK Automotive IPO price band was fixed in the range of ₹268 to ₹282 per equity share of face value of ₹2. ASK Automotive IPO reserved not more than 50% of the shares in the public issue for Qualified Institutional Buyers (QIB), not less than 15% for Non Institutional Investors (NII), and not less than 35% of the offer is reserved for Retail Investors.

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On day 3, ASK IPO subscription status was 51.14 times with strong response from Qualified Instituitional Buyers (QIBs) and Non-Institutional Buyers (NIIs). Ask Automotive IPO retail investors portion was subscribed 5.70 times, NII portion was subscribed 35.47 times, and Qualified Institutional Buyers (QIB) portion was booked 142.41 times. On day 2, ASK Automotive IPO was subscribed 1.34 times, and on day 1, the issue was subscribed 38%.

Also Read: ASK Automotive IPO allotment to be out soon: Latest GMP, steps to check allotment status

Let’s check what does ASK Automotive IPO GMP today signal ahead of listing.

ASK Automotive IPO GMP today

ASK IPO GMP today or grey market premium is +28. This indicates ASK Automotive share price were trading at a premium of ₹28 in the grey market on Tuesday, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of ASK Automotive share price was indicated at ₹310 apiece, which is 9.93% higher than the IPO price of ₹282.

On last 15 sessions grey market activities, today IPO GMP trending upward and expects a strong listing. The lowest GMP is ₹0, while the highest GMP is ₹55, according to analysts at investorgain.com.

‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.

Also Read: ASK Automotive IPO: GMP, subscription status on day 2, review, other details. Should you apply or not?

ASK Automotive IPO details

The total offer size of up to 29,571,390 equity shares with a face value of ₹2 each is being offered by Kuldip Singh Rathee up to 20,699,973 equity shares and Vijay Rathee (promoter selling stockholders) up to 8,871,417 equity shares.

ASK Automotive IPO price band has been fixed in the range of ₹268 to ₹282 per equity share of face value of ₹2. ASK Automotive IPO lot size is 53 equity shares and in multiples of 53 equity shares thereafter.

Also Read: ASK Automotive IPO opens on November 7, price band set at ₹268-282 per share

The offer’s book running lead managers are JM Financial Limited, Axis Capital Limited, ICICI Securities Limited, and IIFL Securities Limited. Link Intime India Private Ltd is the registrar for the issue.

Also Read: ASK Automotive IPO day 1: Issue subscribed 38%, retail portion booked 56%

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.

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Updated: 14 Nov 2023, 02:41 PM IST