Ask Group readies IPO plans, could be valued at $1.2 bn

BLACKSTONE-OWNED ASK GROUP, one of India's largest asset and wealth management companies, is in discussion with investment bankers to file for an initial public offering (IPO), said multiple sources. The IPO could value ASK Group at more than $1.2 billion.

- NESIL STANEY

The IPO will see Blackstone selling about 6% of its stake, and the rest will be fresh issuance, said one banker, who is working on the valuation. An email sent to ASK Group was not answered. ASK manages ₹74,000 crore for 20,000 clients globally.

Blackstone acquired 71% in ASK Group in February 2022 from Advent International and other sellers, including senior employees, in a deal facilitated by Japanese firm Nomura. Advent had purchased 41% in ASK in 2016 for $350 million.