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IPO ·
NSE, BSE
Hero Motors Ltd
Listed
Designs and makes powertrain systems, including CVTs, EV transmissions, motors and e-bike drives, for global OEMs.
Issue details
Price band
₹79 – ₹84
Face value
₹10
Lot size
178 shares
Minimum investment
₹14,952
Issue size
₹1,000 Cr
Fresh issue
₹600 Cr
Offer for sale
₹400 Cr
Issue type
Book Built
Exchange
NSE, BSE
Key dates
Opens
16 Sep 2026
Closes
18 Sep 2026
UPI mandate cut-off
5:00 PM on 18 Sep 2026
Allotment
21 Sep 2026
Refunds
22 Sep 2026
Shares in demat
22 Sep 2026
Listing
23 Sep 2026
Subscription and listing
Subscription
5.12x
Listing price
₹82
Registrar
KFin Technologies Ltd
Lead manager
ICICI Securities, DAM Capital Advisors, JM Financial
Subscription by category
Total
5.12x
Total applications
15,70,415
Anchor investors
Amount raised
₹300.00 Cr
Bid date
15 Sep 2026
50% lock-in ends
20 Oct 2026
Rest lock-in ends
19 Dec 2026
Listing day
Issue price
₹84
Open
₹82.00
High
₹98.40
Low
₹80.50
Day close
₹98.40
Listing gain at open
-2.38%
Issue structure
Shares reserved per category and share of the total issue
QIB
5,95,23,808
50.00%
Anchor Investor
3,57,14,284
30.00%
QIB (Ex. Anchor)
2,38,09,524
20.00%
NII
1,78,57,143
15.00%
bNII > ₹10L
1,19,04,762
10.00%
sNII < ₹10L
59,52,381
5.00%
Retail
4,16,66,667
35.00%
Total
11,90,47,618
100.00%
Finaccle’s quick read
Avoid
Income up 9% and PAT up 26% in FY26, but ROE of 8.56% and PAT margin of 3.46% do not support a post-issue P/E of 92.31, and 40% of the ₹1,000 Cr issue is OFS.
A rules-based screen of growth, margins, debt and valuation, built from the offer document and data on Chittorgarh.com. It is for information only and is not investment advice or a recommendation to buy or sell. Read the RHP and speak to a SEBI-registered adviser before you apply.
About the company
Hero Motors designs and builds powertrain systems, including gears, transmissions and e-bike drive units, plus alloy and metal parts for vehicle makers. It sells to OEMs in the US, Europe, India and ASEAN, with customers such as BMW and Ducati. It has about 1,388 permanent employees and reported total income of ₹1,216.74 Cr in FY26.
Founded
Promoters
Products and segments
Promoter holding
Financial performance
Period
PAT
ROE
8.56%
ROCE
19.77%
Debt / equity
0.83
PAT margin
3.46%
P/E post issue
92.31
Market cap
₹3,815.41 Cr
Use of IPO money
Repayment/prepayment of borrowings
₹190.00 Cr
Capex for Gautam Buddha Nagar, UP facility
₹200.00 Cr
Inorganic growth and general corporate purposes
₹171.99 Cr
Issue expenses
₹60.25 Cr
Strengths
✓
Long relationships with global OEMs such as BMW and Ducati
✓
Strong engineering and R&D in powertrains
✓
Exposure to e-bikes and premium two-wheelers
✓
Improving EBITDA, up from ₹86.28 Cr to ₹147.78 Cr in two years
Risks to watch
!
Post-issue P/E of 92.31 and P/B of 6.60 are very rich
!
Low ROE of 8.56% and thin PAT margin of 3.46%
!
OFS of ₹400 Cr is 40% of the issue
!
Revenue growth only 9% in FY26
!
Borrowings of ₹400.79 Cr remain sizeable
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Last updated:
Information is compiled from exchange notices and the company’s offer document. It is for general information only and is not investment advice or a recommendation to apply. Read the prospectus before investing.