Hero Motors IPO
HEROMOTORS · BSE, NSE · Mainboard · Automobile Two & Three Wheelers
Overview
Updated 12 days agoHero Motors Limited is an automotive technology company specializing in powertrain solutions and alloy/metallics components for electric and non-electric vehicles. The company is launching an IPO of up to ₹10,000 million, consisting of a fresh issue of ₹6,000 million and an offer for sale of ₹4,000 million.
The red bar is the price band. GMP-implied price is an unofficial grey-market number, not a forecast.
How much to apply
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 178 | ₹14,952 |
| Retail (max) | 13 | 2,314 | ₹1,94,376 |
| sNII (min) | 14 | 2,492 | ₹2,09,328 |
| bNII (min) | 67 | 11,926 | ₹10,01,784 |
At the upper band. The amount is blocked in your bank account through UPI, not paid, until allotment.
Final subscription
As of 31 Oct, 16:42 ISTTimes the shares on offer were bid for, by investor category. Above 1x means the category is fully booked.
Listing performance
Latest price updated 5 hr ago.
Issue details
| Status | Listed |
| Exchange | BSE, NSE |
| Segment | Mainboard |
| Sector | Automobile Two & Three Wheelers |
| Price band | ₹79–84 |
| Final issue price | ₹84.00 |
| Face value | ₹10 per share |
| Lot size | 178 shares |
| Minimum investment | ₹14,952 |
| Issue size | ₹1,000 Cr |
| Fresh issue | ₹600 Cr |
| Offer for sale | ₹400 Cr |
| P/E at upper band | 73.0x |
| Registrar | KFin Technologies Limited |
| Lead managers | ICICI Securities Limited, DAM Capital Advisors Limited, JM Financial Limited |
| NSE symbol | HEROMOTORS |
| ISIN | INE012G01022 |
Fresh issue vs offer for sale
Shareholder quota and promoter holding
Company & business
Hero Motors Limited is a technology-driven company engaged in designing, developing, manufacturing, and supplying highly engineered powertrain solutions and components to automotive OEMs globally. Its product portfolio includes gear components, assemblies, gearboxes, e-axle systems, motors, and drive systems for electric and non-electric two-wheelers, three-wheelers, passenger vehicles, and commercial vehicles. The company operates manufacturing facilities in India, the United Kingdom, and Thailand, and maintains technology centers in India and the UK. It serves a diverse global customer base, including major automotive OEMs, and is focused on expanding its presence in the electric mobility segment through innovation and strategic partnerships.
Objects of the issue — how the money will be used
- Repayment/prepayment/redemption, in full or in part, of certain outstanding borrowings (₹190 Cr)
- Funding capital expenditure through purchase of equipment for capacity enhancement of Gautam Buddha Nagar facility (₹200 Cr)
- Funding inorganic growth through unidentified acquisitions and general corporate purposes
Key strengths
- Leading solutions provider to the global e-mobility industry
- Diversified product and service offerings
- Strong presence in electric bikes and premium two-wheeler segments
- Longstanding relationships with premier global OEMs
- Advanced infrastructure with geographically diverse operations
- Strong R&D capabilities and long-term partnerships
- Experienced management team and strong corporate governance
Key risks
- Significant revenue dependence on top 10 customers
- Exposure to international market risks, particularly in Europe
- Dependence on a limited set of suppliers for critical raw materials
- Risks associated with expansion into new geographic regions
- Potential for product recalls or warranty liability claims
- Operating risks at manufacturing facilities and technology centers
- Inability to protect intellectual property
- Risks related to joint ventures and strategic alliances
Promoters
Pankaj Munjal, Charu Munjal, Abhishek Munjal, O P Munjal Holdings
Decoded from the RHP with AI on 01-Nov-2026. Check the offer document before you apply.
Financials (restated, ₹ crore)
| Period | Revenue | Expenses | Profit after tax | Assets | Net worth | Borrowings |
|---|---|---|---|---|---|---|
| FY24 | 1,064.39 | -- | 17.04 | 1,059.86 | 385.84 | 303.99 |
| FY25 | 1,089.59 | -- | 32.80 | 1,164.62 | 425.09 | 407.62 |
| FY26 | 1,188.35 | -- | 41.17 | 1,371.83 | 474.66 | 400.79 |
Key performance indicators · FY26
Peers & valuation
Listed peers as chosen by the issuer in the offer document (Basis for Issue Price).
| Company | Revenue (₹ Cr) | EPS (₹) | P/E | RoNW % | NAV (₹) |
|---|---|---|---|---|---|
| Hero Motors this issue | 1,188.4 | 1.15 | 73.0x | 8.56 | 12.72 |
| CIE Automotive India Limited | 9,406.5 | 21.69 | 17.7 | 13.18 | 164.65 |
| Endurance Technologies Limited | 14,595.9 | 67.66 | 40.8 | 15.29 | 442.54 |
| Sona BLW Precision Forgings Limited | 4,449.5 | 10.30 | 76.5 | 10.77 | 93.93 |
| UNO Minda Limited | 19,657.6 | 20.78 | 59.8 | 19.59 | 113.77 |
| Varroc Engineering Limited | 8,890.5 | 14.73 | 56.2 | 18.70 | 80.45 |
This issue is priced at 73.0x P/E against a peer median of 56.2x: a premium of 30%. A measurement, not a verdict.
Other Automobile Two & Three Wheelers IPOs
Same sector, listed just before and after this one, with their listing-day change.
Dhoot TransmissionDHOOTTRANS · BSE, NSE · Mainboard · Automobile Two & Three Wheelers+36.3%17 Aug
LAPL AutomotiveLAPL · BSE · SME · Automobile Two & Three Wheelers+36.5%13 Aug Documents and resources
Offer documents and the issuer, exchange, registrar and SEBI pages for this issue.