ASK Investment Managers Ltd
Blackstone-controlled asset and wealth manager with one of India's largest equity PMS franchises and a listing widely expected to follow.
Market cap
₹5,681 Cr
6.50 Cr shares
P/E ratio
21.85
Sector average 35
Book value
₹184.62
P/B 4.73
1-year return
-6.49%
52w ₹699 – ₹1,092
Currently 45% of the way through its 52-week range.
Indicative price history
1Y change
-6.17% ₹932 → ₹874
52-week band in this window: ₹805.87 – ₹941.54. Weekly indicative marks, not exchange-traded prices.
Key highlights
- One of India's largest equity PMS managers with about ₹1 lakh Cr of assets under management and advice.
- Blackstone bought control in 2022 at a ~$1 billion valuation; founders and management retain stakes.
- Diversified into wealth advisory, real-estate funds and offshore platforms.
About ASK
ASK Investment Managers Ltd (ASK Group) is a Mumbai-based asset and wealth manager founded in 1983 by Asit Koticha and Sameer Koticha. It runs ASK Asset & Wealth Management (equity portfolio management services and AIFs), ASK Wealth Advisors (family-office and wealth advisory for ultra-HNIs), ASK Property Fund (real-estate private equity), ASK Private Wealth in Dubai and an offshore platform serving foreign investors. Group assets under management and advice are in the region of ₹1 lakh crore, with the flagship long-only equity PMS strategies (ASK Indian Entrepreneur, ASK Growth) among the largest in the country.
Advent International bought a majority stake from the founders in 2016; in 2022 Blackstone acquired that stake and became the controlling shareholder, valuing the group at roughly $1 billion. The founders and management retain meaningful holdings, and Sunil Rohokale has been managing director and chief executive since 2018.
Profitability is driven by recurring fee income on discretionary assets, supplemented by performance fees from AIFs and real-estate funds. Blackstone has been reported to be preparing the business for a public listing, though no DRHP has been filed. The unlisted quote of ₹874 values the company at roughly ₹5,700 Cr on an estimated 6.5 Cr shares.
All figures here are indicative: share count, revenue, profit and balance-sheet items are reconstructed from remembered reported totals and dealer commentary and could not be re-verified at the time of writing; treat every line item as approximate.
Where the revenue comes from
- Asset management (PMS & AIF)65%
Discretionary equity portfolios and alternative funds
- Wealth advisory20%
Family-office and advisory fees for ultra-HNI clients
- Real-estate funds10%
ASK Property Fund management and carried interest
- Offshore & other5%
Dubai and international platforms, treasury income
Products & services
ASK equity PMS strategies
Indian Entrepreneur Portfolio, Growth and other long-only quality-growth strategies.
Alternative Investment Funds
Category III equity AIFs and thematic funds.
ASK Property Fund
Residential real-estate private-equity funds.
ASK Wealth Advisors
Family-office and multi-asset advisory for ultra-HNI clients.
What works
- • Top-tier equity PMS franchise with a two-decade track record and sticky discretionary assets that generate recurring fees.
- • Blackstone as controlling shareholder brings governance, capital and a clear intent to list, giving unlisted investors a potential exit path.
- • Diversified into wealth advisory, real-estate funds and offshore channels, reducing dependence on one product.
What to watch
- • Fee income and AUM are directly exposed to equity-market drawdowns and to PMS outflows when flagship strategies underperform.
- • SEBI fee caps and rising competition from mutual funds and new-age PMS platforms pressure margins.
- • Valuation already prices in a listing premium; any delay in the IPO or a market downturn would hit the unlisted quote.
Compare with peers
| Company | Price | Market cap | P/E | P/B | Rev CAGR |
|---|---|---|---|---|---|
| ASKThis page | ₹874.00 | ₹5,681 Cr | 21.85 | 4.73 | +22.47% |
| Abans IM | ₹1,548.00 | ₹248.3 Cr | 165.21 | 17.65 | +123.61% |
Latest reported year: FY25 ending 31 Mar 2025.