India's ASK Investment files for IPO
Indian asset and wealth management firm ASK Investment Managers, which operates private equity fund ASK Pravi as a joint venture with Pravi Capital, has filed for a domestic IPO.
According to a draft prospectus, ASK Investment aims to raise up to INR6 billion ($87.2 million) through the sale of new shares, while existing backers sell about 18 million shares at a price still to be determined. The firm is also considering a private placement of 4.4 million new shares for up to INR3 billion.
Proceeds will be used in part to grow the firm's non-banking finance company (NBFC) subsidiary known as ASK Financial Holdings. The NBFC's operations will focus on providing corporate debt securities while supporting parallel asset management, wealth advisory and distribution business.
Founded in 1983 as a division of ASK Group, ASK Investment claims to be one of the first investors in India to obtain a portfolio management services license. ASK Group received a $140 million investment from Advent International in 2016.
ASK Investment controls a 50% stake in ASK Pravi, which makes sector-agnostic private equity investments in small businesses that leverage domestic consumption growth. Focus sectors include healthcare, education, consumer, financial services, and B2B services.
Revenue for ASK Investment increased 31% during the twelve months to March to INR3.5 billion, with the firm attributing the performance in part to the addition of new senior staff in its wealth advisory and distribution business. Profit during the same period grew 102% to INR909 million.
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