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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
The money raised through the Offer for Sale goes to existing investors, not the company.
(₹ in Crore)
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ASK Automotive Limited is an Indian auto component manufacturer specializing in braking systems for two-wheelers. Its principal product lines include advanced braking systems (drum and disc brake assemblies), aluminium lightweight precision components, wheel assemblies, and safety control cables used across scooters and motorcycles. The company positions itself as the largest domestic supplier of brake-shoe and advanced braking systems for two-wheelers, commanding close to half of that market. The company traces its roots to 1988 and has since built out a manufacturing footprint of around 15 plants spread across five states in India. It counts most of the leading two-wheeler original equipment manufacturers among its customers, including Hero MotoCorp, Honda Motorcycle and Scooter India, TVS Motor, Bajaj Auto, Royal Enfield, Suzuki and Yamaha, alongside component makers such as Denso and Magneti Marelli. Its plants hold IATF 16949, ISO 9001, ISO 14001 and ISO 45001 certifications, reflecting the quality and process standards expected by large OEM customers. ASK Automotive is led by promoters Kuldip Singh Rathee and Vijay Rathee. The company's public listing in November 2023 was structured entirely as an offer for sale by existing shareholders, meaning the company itself did not receive any proceeds from the issue; the raise instead provided an exit route for pre-IPO investors and shareholders while bringing the stock onto the NSE and BSE.
Ahead of the issue opening, ASK Automotive allocated shares to 25 anchor investors at the upper price band of Rs 282 per share, raising a little over Rs 250 crore. Anchor participants included global institutions such as Morgan Stanley, Goldman Sachs and Neuberger Berman, alongside domestic mutual funds and insurers including Nippon India, ICICI Prudential, Tata, Edelweiss, SBI Life and Bajaj Allianz Life.
Source: RHP • Analysis provided for informational purposes
Last Updated: 17 July 2026, 5:30 AM
Strengths are not available
Offer for sale structure
The issue was entirely an offer for sale, so the company received none of the proceeds, and the funds provided liquidity to selling shareholders rather than growth capital for the business.
Dependence on the two-wheeler segment
Revenue is concentrated in braking and related components for two-wheelers, making the business sensitive to swings in two-wheeler demand and production volumes.
Customer concentration
A large share of revenue comes from a small set of major OEM customers, so a slowdown at or loss of any one of them could materially affect results.
Reliance on contract labour
Manufacturing operations depend significantly on contract workers, exposing the company to potential disruption from labour shortages, disputes or regulatory changes governing contract employment.
Credit facilities repayable on demand
A portion of the company's borrowings are repayable on demand by lenders, which could strain liquidity if facilities are recalled or not renewed.
Raw material price volatility
Aluminium is a key input without a guaranteed long-term supply arrangement, so price swings in aluminium and other raw materials can pressure margins.
MUFG Intime India Private Limited
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