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Advent-backed ASK Group plans IPO; AION Capital joins race for InterGlobe Tech
Photo Credit: Shah Junaid/VCCircle

ASK Group, an advisory and asset management business house, is planning an initial public offering of around $250 million (Rs 1,700 crore), the Mint newspaper reported.

Citing three people aware of the development, the report said that ASK is seeking a valuation of around $1-1.2 billion (Rs 7,000-8,000 crore).

The company has given the mandate to JM Financial, Citi, Nomura and Axis Capital to manage the sale, according to the report.

Citing a person aware of the development, the report said the IPO will largely be an offer for sale by private equity investor Advent International. The company may also raise some fresh capital for business expansion.

Advent had acquired a significant minority stake in ASK Investment Managers Pvt. Ltd for an undisclosed amount in December 2016.

As on 31 March 2017, Advent held a 49.65% stake in the company, according to VCCEdge, the data research platform of VCCircle.

ASK Group was founded in 1983 by Asit Koticha and Sameer Koticha. It offers portfolio management, wealth advisory, private equity fund management and real estate investment services.

Meanwhile, The Times of India reported that private equity firms AION Capital and Blackstone are among the suitors to acquire InterGlobe Technologies.

InterGlobe Enterprises Pvt. Ltd, the parent of budget airline IndiGo, is looking to sell unit InterGlobe Technologies at a valuation of about $400 million, the report said, citing people aware of the development.

Some BPO firms and European strategic acquirers could also be interested in InterGlobe Technologies, according to the report.

Incorporated in 1998,Gurugram-based InterGlobe Technologies provides information technology, business process outsourcing and consulting services to travel companies.

In a separate report, The Economic Times said that Cars24, a platform which buys used cars, has raised about $50 million (Rs 340 crore) from Sequoia Capital India and existing investors Cayman Islands-based Kingsway FCI Fund and Toronto-based KCK Global.

Citing two people aware of the development, the report said that Cars24 could be valued at about $250 million.

Gurugram-based Cars24 was founded by FabFurnish founders Vikram Chopra and Mehul Agrawal in 2015 after they quit the furniture e-tailer.

Last month, news portal Entrackr reported that Global Car Group Pte Ltd, the parent of Cars24, had raised about $50 million from 16 investors since its inception.

In another report, The Economic Times said that Singapore sovereign wealth fund GIC Pte Ltd is in final stages of talks to buy up to 50% stake in RK Jatia Group’s Provenance Land.

Citing two people aware of the development, the report said that the deal is estimated to value the company at over Rs 2,000 crore.

Provenance Land owns Four Seasons Hotel and is building Four Seasons Private Residences in Mumbai.

GIC and Provenance Land will develop a commercial project on a two-acre land parcel adjacent to the existing hotel and residential project site, the report said.

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