India: Shyam Metallics, ASK Investment file draft IPO papers with Sebi

Photo: Mint

ASK Investment Managers Ltd on Tuesday filed its draft papers with the markets regulator for an initial public offering (IPO).

Mint had reported in April that the financial services company had started work on its IPO.

According to a person aware of the company’s plans, the IPO will be around Rs2,000 crore in size.

It will be a mix of primary and secondary share sales, according to the draft red herring prospectus (DRHP) available on the website of merchant bankers advising the company on the share sale.

The primary component will see the company raise Rs600 crore to be invested in the group’s non-banking financial company (NBFC) business and for general corporate purposes.

ASK’s private equity investor, Advent International, will be selling 13.56 million shares through the initial public offering, while promoter Sameer Koticha will sell 4.4 million shares, according to the document.

Investment banks JM Financial, Axis Capital, Citigroup and Nomura are advising ASK Investment Managers on its IPO.

The assets under management (AUM) of ASK’s wealth advisory and distribution segment increased from ₹4,407.9 crore as of 31 March 2014 to Rs20,745.6 crore as of 31 March 2018, at a compounded annual growth rate of 47%.

Also on Tuesday, Kolkata-based integrated steel maker Shyam Metalics and Energy Ltd filed the draft red herring prospectus for its proposed share sale that will see the company raise ₹909 crore.

The company plans to utilize the proceeds from the share sale for debt repayment of certain debt facilities availed by the company and one of its subsidiaries.

ICICI Securities Ltd, Edelweiss Financial Services Ltd, IIFL Holdings Ltd, and JM Financial Ltd are managing the issue.

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