Mumbai-based ASK Investment Managers, an asset and wealth management company backed by private equity firm Advent International, and prominent real estate developer received SEBI approvals for their proposed initial stake sales.

While Puraniks had filed a Draft Red Herring Prospectus (DRHP) in July, ASK Investment Managers was filed it in August.

ASK Investment Managers is looking to raise about ₹2,000 crore, while Puranik Builders intends to raise about ₹1,000 crore, market sources told BusinessLine . Both the companies are yet to finalise the price band. ASK’s Initial Public Offering (IPO) comprises fresh issue of up to ₹600 crore, and an offer-for-sale of up to 1.36 crore shares by investor AI Global and 44 lakh shares by promoter Sameer Koticha. The company may consider a private placement of up to 44 lakh shares, totalling ₹300 crore, according to the DRHP.

ASK Investment Managers will use the proceeds to invest in its subsidiary ASK Financial Holdings and for general corporate purposes. ASK primarily caters to high networth individuals and ultra high networth individuals in India.

JM Financial, Axis Capital, Citigroup Global Markets India and Nomura Financial Advisory are the Book Running Lead Managers (BRLMs) to the issue.

Puranik Builders’ IPO comprises a fresh issue of up to ₹810 crore and an OFS of up to 18 lakh shares by promoters. The company develops residential projects in the mid-income affordable housing segment in Mumbai Metropolitan Region and Pune Metropolitan Region.

It plans to utilise the proceeds of IPO for repayment of outstanding loans and for general corporate purposes. As of March 31, 2018, the company has developed 45 lakh sq ft of developable area across 29 completed projects.

Edelweiss Financial Services and IIFL Holdings are the BRLMs to the issue.

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