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Hero Motors IPO
📅 Founded: 1998
📍 Ludhiana, Punjab
👥 1,388 employees
🌐 heromotors.com
📋 Face Value: ₹10
🏦 Market Cap: ₹4,469 Cr
Price Band
₹79 – ₹84
Issue Size
₹1000 Cr
Lot Size
178 shares
Min. Investment
₹14,952
GMP
+₹12 (+14.3%)
Est. Return
+14.3%
Listing Date
23 Sep 2026
Registrar
KFin Technologies
Hero Motors IPO at a glance
Hero Motors IPO was a mainboard issue of ₹1000 Cr at a price band of ₹79 – ₹84 per share, open from 16 Sep 2026 to 18 Sep 2026. It was subscribed 0.67 times overall (QIB 0x, NII 0.61x, retail 1.13x). The shares listed on BSE, NSE on 23 Sep 2026 at ₹82, a listing loss of 2.4% against the issue price of ₹84.
IPO Signal Analysis
📊 Based on Grey Market Premium (GMP) & Subscription Data — not financial advice
GMP Signal
High Interest
GMP: +14.3% above issue price
⭐ Overall Signal
High Interest
GMP + Subscription combined
Not financial advice
Not financial advice
Subscription Signal
Moderate Interest
0.67x subscribed
Issue Details
Fresh Issue₹600 Cr
Offer for Sale (OFS)₹400 Cr
Total Issue Size₹1000 Cr
Face Value₹10
Market Cap (at issue)₹4,469 Cr
Listing ExchangeBSE, NSE
📅 Open Date16 Sep 2026
🔒 Close Date18 Sep 2026
✂️ Cut-off Price Date18 Sep 2026
🎟️ Allotment Date21 Sep 2026
💸 Refund Initiation22 Sep 2026
📂 Demat Credit22 Sep 2026
📈 Listing Date23 Sep 2026
Objects of the Issue
- 💰 Repayment of borrowings — ₹190 Cr
- 💰 Capex at Gautam Buddha Nagar — ₹200 Cr
- 💰 Acquisitions and general corporate purposes — ₹171.99 Cr
About the Company
Hero Motors, based in Ludhiana, designs and manufactures powertrain systems for vehicles ranging from two-wheelers to heavy-duty vehicles and electric aircraft. It supplies electric and conventional powertrain products to vehicle makers in India, the United States, Europe and Southeast Asia.
Strengths
- ✅ Makes powertrain parts — CVT and EV transmissions, e-motors, gear sets and e-bike systems
- ✅ Global customers include BMW and Ducati
- ✅ Part of the Hero group led by the Munjal family
Risk Factors
- ⚠️ Very high valuation of over 90x FY26 earnings
- ⚠️ Low net margin of about 3%
- ⚠️ Revenue grew slowly, under 10% in FY26
- ⚠️ Export-heavy business is exposed to currency and global auto demand
Subscription Status
0.67x Overall
QIB: —
NII: 0.6x
RII: 1.1x
GMP Trend
Day-wise Subscription
| Day | QIB | NII | RII | Overall |
|---|---|---|---|---|
| Day 1 | — | — | — | 0.00x |
| Day 2 | — | — | — | 0.00x |
| Day 3 | — | — | — | 0.00x |
Share Reservation
QIB
50%
NII
15%
RII
35%
Allocation as per SEBI regulations for Mainboard IPO
Anchor Investors
Anchor allotment details not yet available.
Promoter Holding
84.67%
Pre-IPO
→ -23.0%
61.63%
Post-IPO
Founders & Leadership
PM
Pankaj Munjal
Promoter
Promoter of the company
AM
Abhishek Munjal
Promoter
Promoter of the company
IPO Timeline
✓
Open Date
16 Sep 2026
✓
Close Date
18 Sep 2026
✓
Allotment Date
21 Sep 2026
✓
Listing Date
23 Sep 2026
Key Financials
Revenue₹1,216.74 Cr
PAT₹41.17 Cr
EPS₹0.91
P/E Ratio92.31x
ROE8.53%
Market Cap₹4,469 Cr
Company Financials (Restated Consolidated)
| Period Ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Total Income | 1216.74 | 1111.23 | 1083.42 |
| Profit After Tax | 41.17 | 32.80 | 17.04 |
| EBITDA | 147.78 | 114.00 | 86.28 |
| Net Worth | 482.45 | 423.95 | 385.44 |
| Total Borrowing | 400.79 | 407.62 | 304.00 |
Amount in ₹ Crore
Key Performance Indicators (KPI)
| KPI | FY26 | FY25 |
|---|---|---|
| ROE (%) | 8.53 | 7.74 |
| EBITDA Margin (%) | 12.15 | 10.26 |
| Debt / Equity | 0.83 | 0.96 |
| Net Worth (Rs. Cr) | 482.45 | 423.95 |
| Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS | ₹0.91 | — |
| P/E (x) | 92.31x | — |
| ROE (%) | 8.53% | — |
| Promoter Holding | 84.67% | 61.63% |
| Market Cap | ₹4,469 Cr | |
IPO Registrar
Hero Motors IPO FAQs
Hero Motors IPO is a mainboard IPO with an issue size of ₹1000 Cr at a price band of ₹79 – ₹84. Minimum lot size is 178 shares (minimum investment ~₹14,952). Opened on 16 Sep 2026 and closed on 18 Sep 2026. Listed on BSE, NSE. Registrar: KFin Technologies.