Mumbai-based ASK Investment Managers Ltd has filed initial papers with SEBI, with the asset and wealth management company planning to raise funds through an initial public offering (IPO). While the company did not divulge the amount it plans to raise, industry sources pegged the amount at about Rs 2,000 crore.
The company’s initial stake sale comprises fresh issue of shares of up to Rs 600 crore, and an offer for sale of up to 1.36 crore shares by AI Global and 44 lakh shares by a promoter (Sameer Kotecha), the company said in a statement.
ASK Investment Managers, a firm-backed by private equity firm Advent International, will decide the price in consultation with book running lead managers, the statement added.
JM Financial, Axis Capital, Citigroup Global Markets India and Nomura Financial Advisory and Securities (India) are the BRLMs. The company may consider a private placement of up to 44 lakh shares, totalling Rs 300 crore.
ASK Investment Managers will use the proceeds to invest in its subsidiary ASKFH to augment the capital base for its non-banking financial companies’ businesses and for general corporate purposes. ASK primarily caters to high networth individuals and ultra high networth individuals in India.