Ask Investment Managers has sought permission from the market regulator SEBI to present an IPO. The company has filed the Draft Red Herring Prospectus (DRHP) in this regard. This Mumbai-based company offers assets and wealth management services.
Ask Investment has planned to raise Rs 2,000 crore from the primary market. In this IPO, the company will issue fresh shares of 600 million rupees, while the existing shareholders, AI Global and Sameer Koticha will present 1.36 crore shares and 44 lakh shares of their share respectively for the auction.
The company has told SEBI that it can issue 43.96 lakh shares under private placement. Its total cost will be around 300 million rupees. However, this decision will depend on the discretion of the company.
The company says that the revenue generated from the IPO will be used to strengthen the capital base of its subsidiary company ASKFH. The company wants to make it a strong NBFC. The balance will be used for general corporate activities.
Asset investment managers mainly services high networth investors (HNIs) and Ultra High Networth Investors (Ultra-HNI). Investors of this category have the potential to invest at least Rs. 25 lakhs.
According to Crisil Research, it is included in the initial companies obtaining domestic licenses of portfolio management services. The company also has subsidiaries under the name of Ask Wealth Advisors Private, Asset Property Investment Advisors and Ask Property Advisory.
Asset Property Investment is currently in the business of investment advice in real estate. It also includes research services. It also offers research related information on realty stocks.