ASK Investment Managers files draft papers for IPO

The asset and wealth management company ASK Investment Managers has filed Draft Red Herring Prospectus (DRHP) with SEBI to raise funds through an initial public offer (IPO).

ASK Investment Managers is one of the largest Portfolio Management Service providers in the country. The IPO of the company comprises a fresh issue of shares of about Rs. 600 crore, and an offer for sale of up to 1,35,69,405 equity shares by investor AI Global and 44,00,000 shares by promoter Sameer Kotecha.

The company plans to utilise the proceeds to invest in subsidiary ASKFH to augment its capital base for the NBFC business and for general corporate purposes.

JM Financial, Axis Capital, Citigroup Global Markets India and Nomura Financial Advisory and Securities are the lead managers for the issue.