Monolithisch India IPO Targets ₹82 Crore...
07 Jun, 2025
Blackstone-backed ASK Group, one of India’s most prominent asset and wealth management firms, is gearing up for a high-profile initial public offering (IPO) that could value the company at over $1.2 billion, according to sources familiar with the matter. The move marks a significant milestone for the 42-year-old financial powerhouse as it seeks to expand its footprint and tap into India’s booming capital markets.
The proposed IPO will comprise a combination of a secondary sale and fresh equity issuance. Blackstone, which currently holds a 71% stake in ASK Group, is expected to offload around 6% of its holding as part of the offering. The remainder of the IPO will involve the issuance of new shares, providing the company with additional capital for growth initiatives. Investment bankers are currently working on the valuation and structuring of the deal.
Founded in 1983 by the Koticha brothers, Asit and Sameer, ASK Group has established itself as a pioneer in portfolio management services (PMS) in India. Today, the group manages assets worth ₹74,000 crore for over 20,000 clients worldwide, including high-net-worth individuals, institutional investors, sovereign wealth funds, and family offices. ASK’s diverse offerings span hedge funds, non-banking financial company (NBFC) services, real estate private equity, property investment advisory, and international client services.
ASK Group has been on an expansion spree in recent years. In March 2025, its portfolio services arm, ASK Asset and Wealth Management, received approval from the Securities and Exchange Board of India (SEBI) to launch mutual fund operations—a significant development in the group’s growth strategy. This was followed by the launch of the ASK Absolute Return Fund, which recently surpassed ₹1,500 crore in assets under management.
The group has also expanded its presence internationally, operating 20 offices across India, Dubai, and Singapore. In January 2025, ASK Property Fund partnered with Sotheby’s International Realty to launch the ASK Curated Luxury Assets Fund, targeting the luxury real estate segment.
Blackstone’s involvement with ASK Group dates back to February 2022, when the global investment giant acquired a majority stake from Advent International and other stakeholders in a deal facilitated by Nomura. Blackstone’s investment in ASK is part of its broader strategy in India, where it has committed over $50 billion across sectors such as real estate, information technology, healthcare, and data centers.
The upcoming IPO is expected to further cement Blackstone’s position in India’s fast-growing financial services sector, while providing ASK Group with the resources to accelerate its expansion and innovation.
The planned IPO comes at a time when India’s capital markets are witnessing robust activity, with investors showing keen interest in financial services and asset management firms. ASK Group’s established track record, diversified offerings, and strong client base are likely to attract significant attention from both domestic and international investors.
While ASK Group declined to comment on the IPO plans, industry experts believe that the listing could set new benchmarks for valuations in the asset and wealth management space.
ASK Group’s anticipated IPO is set to be one of the most closely watched listings in India’s financial landscape this year. With Blackstone’s backing, a diversified business model, and recent regulatory milestones, ASK Group is well-positioned to capitalize on the growing demand for asset and wealth management services in India and beyond.
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