ASK Group, one of India’s leading asset and wealth management firms, is preparing to hit the public markets through an IPO that could value the company at over $1.2 billion (~₹10,000 Cr). The IPO will include both a strategic stake sale by current shareholders and fresh issue of equity.
Private equity giant Blackstone, which owns a 71% stake in ASK Group, is expected to offload about 6% of its holding in the proposed IPO. The rest of the offering will consist of fresh equity issuance, helping the company raise capital for expansion and regulatory growth. Discussions are currently ongoing with investment bankers to finalize valuation and structure.
Blackstone entered ASK Group in February 2022 by acquiring a majority stake from Advent International and other sellers, including ASK’s senior leadership. Advent itself had acquired a 41% stake back in 2016 for $350 million — reflecting the steady appreciation in the company’s value over time.
ASK Group’s financial performance underscores the confidence in its IPO prospects:
Over the last 3 years, ASK has consistently grown revenue (CAGR ~8%) and profits, while maintaining robust EBITDA and PAT margins above 35%.
The current unlisted price aligns closely with the expected IPO valuation, suggesting there’s no discount in the secondary market. This indicates confidence in the listing price and strong pre-IPO investor interest.
ASK manages over ₹74,000 Cr in AUM for more than 20,000 clients globally. This includes a diverse base of high-net-worth individuals, family offices, and institutional clients. The firm’s consistent growth in AUM is driven by its deep advisory model, disciplined investment strategies, and client-first approach.
In March 2025, ASK received SEBI approval to launch its own mutual fund business, marking its formal entry into the retail investment segment. This not only broadens its asset base but also positions it to compete with larger AMCs like PPFAS, Motilal Oswal, and Edelweiss.
Founded in 1983 by Asit and Sameer Koticha, ASK Group has built a solid legacy in India’s wealth management industry. Its evolution from boutique advisory to full-scale AMC demonstrates resilience, strategic adaptability, and visionary leadership.
ASK Group's IPO is expected to draw strong investor interest, especially given its:
Investors in the unlisted space should note that current secondary market valuations already reflect the proposed IPO pricing, leaving limited upside before listing — but signaling confidence in post-listing strength.
