India-based ASK Investment Managers filed a draft prospectus with the Securities and Exchange Board of India for its proposed IPO, Moneycontrol reported Aug. 7.
The offering will be a combination of a new share issuance worth up to 6 billion rupees and a sale of shares from existing shareholders, according to a draft red herring prospectus. AI Global, an investor in the company, will sell up to 13,569,405 equity shares, while promoter Sameer Kotecha will sell about 4,400,000 shares.
ASK Investment Managers, backed by private equity firm Advent International Corp., may also consider a private placement of up to 4,395,865 equity shares, aggregating up to 3 billion rupees.
The company, which has yet to decide the price range for the IPO, could raise about 20 billion rupees through the offering, according to sources.
Proceeds from the issue will be used to invest in ASK Investment Managers unit ASKFH, raise capital base for its nonbanking financial company business, and for general corporate businesses.
JM Financial, Axis Capital, Citigroup Global Markets India and Nomura Financial Advisory and Securities (India) are lead managers to the issue.
As of Aug. 7, US$1 was equivalent to 68.65 Indian rupees.