Hero Motors Limited
Bookbuilding IPO · NSE, BSE
- Price band
- ₹79 - ₹84
- Lot size
- 178 shares
- Issue amount
- ₹1,000 cr
- Total subscription
- 1.08×
- Opens
- 16 Sept 2026
- Closes
- 18 Sept 2026
- Allotment
- 21 Sept 2026
- Listing
- 23 Sept 2026
Offer at a glance
Issue overview
- Issue size
- 11,90,47,618 shares
- Face value
- ₹10 per share
- Minimum investment
- ₹14,062
- Fresh issue
- ₹600 cr
- Offer for sale
- ₹400 cr
- Registrar
- Kfin Technologies Limited
- Listing exchange
- NSE, BSE
- Maximum investment
- ₹14,952
- Issue type
- Bookbuilding IPO
- Shares before issue
- 35,83,36,019
- Shares after issue
- 45,16,88,059
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 1 | 178 | ₹14,952 |
| sHNI | 14 | 2,492 | ₹2,09,328 |
| bHNI | 67 | 11,926 | ₹10,01,784 |
Share reservation
Subscription & GMP
Subscription by category
Reported 18 Sept 2026
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| RETAIL | 2,34,082 | 34,40,989 |
| HNIs(10L +) | 4,777 | 11,419 |
| HNIs (2-10L) | 2,389 | 53,253 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 200 | 317.14 |
| RETAIL | 350 | 3,064.6 |
| NIB | 150 | 1,571.96 |
| HNIs 2+ | 50 | 710.11 |
| HNIs 10+ | 100 | 861.86 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| EPS | 1.15 | 0.67 | 0.36 |
| ROE | 0 | 0 | 0 |
| ROCE | 0 | 0 | 0 |
| RONW | 8.53 | 7.74 | 4.42 |
| PRE IPO(PE) | 73.04 | 0 | 0 |
| POST IPO(PE) | 92.31 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| Hero Motors Limited | 73.04 | 84 | 10 | 12.72 | 8.53 | 1.15 |
| CIE Automotive India Limited | 17.68 | 383.55 | 10 | 164.65 | 13.18 | 21.69 |
| Endurance Technologies Limited | 40.84 | 2,763.20 | 10 | 442.54 | 15.29 | 67.66 |
| Sona BLW Precision Forgings Limited | 76.5 | 788 | 10 | 93.93 | 10.77 | 10.3 |
| UNO Minda Limited | 59.84 | 1,241.70 | 2 | 113.77 | 19.59 | 20.78 |
| Varroc Engineering Limited | 56.15 | 827.05 | 1 | 80.45 | 18.70 | 14.73 |
Company information
Company profile
Hero Motors, which began operations in 2001 in the Alloys and Metallics segment, has grown into one of India’s leading automotive technology companies. The company specializes in designing, developing, manufacturing, and supplying advanced powertrain solutions for automotive OEMs worldwide. Its products cater to a wide range of vehicles, including two-wheelers, performance vehicles, e-bikes, off-road vehicles, electric and hybrid cars, heavy-duty vehicles, and electric vertical take-off and landing (eVTOL) systems. Hero Motors has a diverse portfolio for both electric vehicles (EVs) and internal combustion engine vehicles (ICEs), and it is the only Indian manufacturer exporting CVT hubs to global e-bike OEMs, as well as producing integrated electric powertrain products for e-bikes. The company has expanded through acquisitions and joint ventures, developing strong in-house design, engineering, manufacturing, and validation capabilities, supported by R&D resources, specialized equipment, assembly lines, and end-of-line testing machines.
Strengths
- Growing Presence in Electric Bikes & Premium Two-Wheelers: The company has expanded into electric bikes and premium two-wheelers, partnering with leading OEMs such as BMW and Ducati. It also provides complete powertrain and end-to-end e-bike system solutions.
- Strong Global OEM Relationships & Expertise: The company serves a diverse range of global automotive and non-automotive customers, including BMW, Ducati, Hero MotoCorp, B&S, Escorts and enviolo, along with motorsport and supercar applications.
- Advanced & Geographically Diverse Infrastructure: The company has manufacturing and assembly facilities across India, the UK and Thailand. This global presence helps it stay close to customers and offer cost-effective solutions across different markets.
Risk factors
- Dependence on Limited Suppliers: The company relies on a limited number of suppliers for key raw materials and does not have firm supply agreements with all of them. Any supply disruption or price increase could delay production, raise costs and affect financial performance.
- Strict Customer Quality & Delivery Requirements: Customers expect products to meet strict quality, measurement, tolerance and delivery standards. Failure to meet these requirements could lead to recalls, warranty claims, replacement costs, reduced orders or order cancellations.
- Rapid Technological & Market Changes: The automotive industry is changing quickly, especially with the growth of EV and evolving ICE technologies. Failure to adapt to new technologies and changing customer demand could negatively affect business and financial performance.
Promoters
Pankaj Munjal
Charu Munjal
Abhishek Munjal
O P Munjal Holdings
Registrar & documents
Lead manager
Dam Capital Advisors Limited, ICICI Securities Limited, Jm Financial Limited
Registrar & contacts
Kfin Technologies Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
Hero Nagar, GT Road, Ludhiana, Punjab, 141003
+91 120441200
[email protected]Company website ↗Understanding HEROMOTORS IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.