ASK Automotive IPO Details 2023

About Company - ASK Automotive

Ask automotive limited was established in January 1988. The Company is the largest manufacturer of brake shoes and advanced braking systems (“AB”) for two-wheelers (“2W”) in India with a market share of approximately 50% in FY2023 in terms of production volume for original equipment manufacturers (“OEMs”) and unbranded aftermarket (“IAM”) on a combined basis. The Company has been providing safety systems and critical engineering solutions for more than three decades and has in-house design, development and manufacturing capabilities. The company's offering is powertrain agnostic and targets both electric vehicle “and internal combustion engine vehicle manufacturers. The "ASK" brand “is considered the leading brand in the 2W IAM in terms of production volume in FY2023 in India.

With our in-house design and development capabilities, we are able to deliver complex precision components and solutions with a focus on quality and have been able to diversify our business in both automotive and non-automotive sectors. The Company started manufacturing brake shoes for 2Ws in 1989 and has since diversified its business to include (i) AB systems, (ii) Aluminium Lightweight Precision (“ALP”) solutions where it is a major player for 2W OEMs in India with a 9% market share in FY2023 in terms of production volume, (iii) wheel assembly for 2W OEMs and (iv) Safety Control Cable (“SCC”) products. The Company supplies its portfolio of AB systems, ALP solutions, wheel assembly and SCC products to original equipment manufacturers (i) in the automotive sector for 2Ws, three-wheelers (“3Ws”), passenger vehicles (“PVs”) and commercial vehicles (“CVs”) and (ii) in the non-automotive sector for off-road vehicles (“ATVs”), power tools and outdoor equipment.

Their business is based on technology and expertise in advanced materials engineering and precision engineering. They focus on design and R&D and have more than 30 years of experience

In developing customised products to meet the changing needs of their customers. Their R&D

Capabilities include: (i) their advanced materials engineering with a portfolio of 52 proprietary formulations (seven of which are licenced to us as of June 2023) that they use in the manufacture of AB systems for 2W, 3W, PV and CV that are adapted to the safety, durability and performance specifications of EV and ICE OEMs; and (ii) their precision engineering, in-house tooling design, design simulation, prototyping and manufacturing capabilities that give us a competitive advantage on the quality, cost and delivery (“QCD”) parameters.

ASK Automotive IPO Strengths

• Established manufacturer of safety systems and critical engineering solutions for some of India’s largest original equipment manufacturers (“OEMs”)
• Technology and innovation-driven manufacturing process with a wide range of systems and solutions for the EV and ICE sectors
• Long-standing customer relationships with both Indian and global OEMs
• Financial and return on investment metrics that demonstrate growth and efficient use of capital
• Professional management and board of directors