ASK Group targets $1 bn valuation in share sale

MUMBAI:ASK Group is aiming for a valuation of more than $1 billion as it looks to become the first investment and wealth management firm to launch an initial public offering (IPO), said three people aware of the development.

“ASK is targeting a valuation of around ₹7,000-8,000 crore (approximately $1-1.2 billion) for the IPO,” said one of the people cited above, requesting anonymity as he is not authorized to speak to reporters.

“They are looking to soon file their draft prospectus with the market regulator. They could file as early as next month,” the person said.

Investment banking firms JM Financial, Citi, Nomura and Axis Capital are advising the Mumbaibased company, he added.

A second person cited above, who also requested anonymity, pegged the size of the IPO at around $250 million.

“The IPO will largely be an offer for sale by private equity investor Advent. ASK might raise a small amount of fresh capital for business expansion,” the person said.

Mint had reported in April that ASK had started working on an IPO.

ASK, backed by private equity firm Advent International, offers products and services in wealth and investment management to affluent families.

The group was started in 1983 by Asit Koticha and Sameer Koticha. It also operates in real estate investment and private equity.

ASK, Advent and Citi declined to comment. JM Financial, Nomura and Axis Capital did not respond to emails.