Hero Motors IPO
LISTEDMAINBOARDHEROMOTORSListing Performance
▼ 2.38%
Issue Price
₹84
Listing Price
₹82
Listed On
23 Sep 2026
- Price Band
- ₹79 – ₹84
- Lot Size
- 178
- Lot Value
- ₹14,952
- Open Date
- 16 Sep16 Sep 2026
- Close Date
- 18 Sep18 Sep 2026
- Min Investment
- ₹14,952
About Hero Motors
Hero Motors Limited is a solution provider in the powertrain sector engaged in manufacturing and supplying a wide range of electrified and non-electrified powertrains along with alloy and metallic components. The company operates primarily through two distinct business segments, namely Powertrain Solutions and Alloys and Metallics, catering to two-wheelers, e-bikes, motorsport, and performance automotive industries. It generates revenue by selling specialized components, gears, transmissions, hubs, and metal assemblies directly to original equipment manufacturers operating across India, Europe, the United States, and other international markets. Supported by integrated design, research, and engineering capabilities, the company maintains manufacturing facilities and technology centers across India, the United Kingdom, and Thailand. Its operational specialization covers product design, prototyping, and large-scale manufacturing focused on delivering custom-engineered solutions to domestic and global automotive client bases.
Manufactures powertrain components and solutions for two-wheelers, e-bikes, motorsport and automotive applications, selling to OEM customers globally.
Use of IPO Proceeds
Promoters
Pankaj Munjal
Chairman, Non-Executive and Non-Independent Director · age 63
See 'Our Management' on page 315 for complete professional experience details.
Pre-issue: 2.43%
Charu Munjal
Promoter · age 60
Luxury and Lifestyle business
Bachelor of Arts (Honours Course) in Sociology from the University of Delhi
Pre-issue: 0.24%
Abhishek Munjal
Whole time Director · age 35
See 'Our Management' on page 315 for complete professional experience details.
Pre-issue: 0.18%
Investment Analysis
Quick Analysis: 5 strengths · 5 risk factors· Exchange: Equity
Strengths (5)
- •Integrated design and manufacturing for global powertrain solutions.
- •Diverse product offerings in Powertrains and Alloys & Metallics.
- •Established international footprint with global manufacturing hubs.
- •Strong relationships with key global and domestic automotive OEMs.
- •Experienced management team with deep automotive industry expertise.
Risk Factors (5)
- •Revenue is heavily reliant on the top 10 key customers.
- •Business depends on performance in the two-wheeler and e-bike sectors.
- •High revenue exposure to overseas markets and foreign currencies.
- •Lack of long-term supply agreements for critical raw materials.
- •Manufacturing involves hazardous materials and strict regulatory norms.
Demand snapshot
Subscription and grey market data as reported. Not a recommendation.
- Subscribed 4.01x (QIB 0.78x, NII 7.25x, Retail 4.46x) at close
Investor Quota
Approx. shares reserved per category
Estimated from total issue size; actual reserved lots are set in the RHP.
Application Lot Sizes
Retail caps at ₹2,00,000 (13 lots here). S-HNI is ₹2L–₹10L, B-HNI is above ₹10L.
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 178 | ₹14,952 |
| Retail (max) | 13 | 2,314 | ₹1,94,376 |
| S-HNI (min) | 14 | 2,492 | ₹2,09,328 |
| S-HNI (max) | 66 | 11,748 | ₹9,86,832 |
| B-HNI (min) | 67 | 11,926 | ₹10,01,784 |
Subscription Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0.00x | 0.05x | 0.78x |
| sNII (S-HNI) | 1.50x | 4.23x | 9.28x |
| bNII (B-HNI) | 0.58x | 2.07x | 6.23x |
| Retail | 1.25x | 2.73x | 4.46x |
| Total | 0.82x | 1.98x | 4.01x |
Colour: red <1x · amber 1–10x · green ≥10x oversubscribed.
Allotment Statistics
Retail Individual Investors (RII)
Subscription
4.46x
Allotment Ratio
1 lot per 5 applicants
Allotment Probability
~22.4%
Non-Institutional Investors (NII / HNI)
Subscription
7.25x
Allotment Type
Proportionate allotment
Qualified Institutional Buyers (QIB)
Subscription
0.78x
Allotment Type
Discretionary allotment
Total Subscription
4.01x
Allotment probability is estimated based on subscription data and is not guaranteed. Actual allotment depends on the registrar's process.
Basis of Allotment
Category-wise subscription & allotment ratio
Weigh your chances
IPO Timeline
Issue Opens
16 Sep 2026 · Wed
Issue Closes
18 Sep 2026 · Fri
UPI Deadline
18 Sep 2026 · Fri
Allotment
21 Sep 2026 · Mon
Refund
22 Sep 2026 · Tue
Share Credit
22 Sep 2026 · Tue
Listing
23 Sep 2026 · Wed
Issue Opens
16 Sep 2026 · Wed
Issue Closes
18 Sep 2026 · Fri
UPI Deadline
18 Sep 2026 · Fri
Allotment
21 Sep 2026 · Mon
Refund
22 Sep 2026 · Tue
Share Credit
22 Sep 2026 · Tue
Listing
23 Sep 2026 · Wed
IPO Details
| Registrar | KFin Technologies Limited |
| Exchange | Equity |
| ISIN | — |
| Face Value | ₹10 |
| Issue Size | ₹1000.00 Cr |
| Fresh Issue | ₹600.00 Cr |
| OFS Size | ₹400.00 Cr |
| Lead Managers | — |
3-Year Financial Summary
Revenue trend
↑ FY24→FY26
| Fiscal Year | Revenue (₹Cr) | PAT (₹Cr) | EPS | P/E | ROE |
|---|---|---|---|---|---|
| FY26 | 1,188.35 | 41.17 | 1.08 | 78.10 | — |
| FY25 | 1,089.59 | 32.8 | 0.86 | 98.04 | — |
| FY24 | 1,064.39 | 17.04 | 0.45 | 188.75 | — |
Detailed Line Items (₹ Cr)
| Line Item | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total Income | 1,083.42 | 1,111.23 | 1,216.74 |
| Cash Flow — Operating | 131.97 | 48.34 | 144.04 |
| Cash Flow — Investing | -76.93 | -135.23 | -69.39 |
| Cash Flow — Financing | -20.36 | 53.69 | -61.8 |
From the company's offer document (DRHP/RHP); restated figures where available.
Valuation at Issue Price
Issue P/E
78.1x
Price ÷ EPS
EPS (FY26)
₹1
Earnings per share
RoNW
—
Return on net worth
ROCE
—
Not in abridged DRHP
EBITDA margin
—
EBITDA ÷ revenue
Price/NAV
—
NAV not in abridged DRHP
Check the valuation yourself
Company Fundamentals
11 sections extracted from this filingCapital Structure
| Authorised Capital | — |
| Issued Capital | — |
| Paid-up Capital | — |
| Equity Shares (Pre-Issue) | 38,27,87,005 |
| Equity Shares (Post-Issue) | — |
Source: Hero Motors offer document (DRHP/RHP).
Shareholding Pattern
Pre-Issue
Pre-Issue not disclosed in this filing.Not separately disclosed in Hero Motors's filing.
Post-Issue
Post-Issue not disclosed in this filing.Not separately disclosed in Hero Motors's filing.
Source: Hero Motors offer document (DRHP/RHP).
Reservations & OFS
Investor Reservation
- QIB50.00%
- NII / HNI15.00%
- Retail35.00%
OFS Selling Shareholders
- O P Munjal Holdings₹400.00 Cr
- Hero Cycles Limited77,52,750 sh
Source: Hero Motors offer document (DRHP/RHP).
Board & Management
Board of Directors (1)
- Andrew Charles Palmer
Non-Executive and Independent Director
founder and director of Palmer Automotive Limited
Source: Hero Motors offer document (DRHP/RHP).
Industry & Market
one of India's leading automotive technology companies engaged in designing, developing, manufacturing and supplying highly engineered powertrain solutions
Per CRISIL Intelligence Report - Industry assessment Powertrain Solutions and Alloys & Metallics Components, August 2026, a report commissioned by the company (not independent).
Peer Comparison
| Company | P/E | EPS | RoNW % | NAV |
|---|---|---|---|---|
| Hero Motors Limited | — | 1.15 | 8.53 | 12.72 |
| CIE Automotive India Limited | 17.68 | 21.69 | 13.18 | 164.65 |
| Endurance Technologies Limited | 40.84 | 67.66 | 15.29 | 442.54 |
| Sona BLW Precision Forgings Limited | 76.5 | 10.3 | 10.77 | 93.93 |
| UNO Minda Limited | 59.84 | 20.78 | 19.59 | 113.77 |
| Varroc Engineering Limited | 56.15 | 14.73 | 18.7 | 80.45 |
Registrar (RTA)
SEBI-registered Registrar & Transfer Agent — handles allotment and refunds.
Registrar:KFin Technologies Limited→Documents
Frequently Asked Questions
When is the Hero Motors IPO opening?
The Hero Motors IPO opens on 16 Sep 2026 and closes on 18 Sep 2026. Check this page for the latest updates as we refresh every 30 minutes.
What is the price band of the Hero Motors IPO?
The price band for the Hero Motors IPO is ₹79 to ₹84. The final price is announced after the book-building process and is confirmed before listing.
What is the lot size and minimum investment for the Hero Motors IPO?
The minimum lot size is 178 shares with a minimum investment of ₹14,952. Retail investors can apply for up to the retail limit defined by SEBI.
What is the GMP of Hero Motors IPO today?
The latest Grey Market Premium for Hero Motors is ₹1 (+1.19%). GMP is unofficial data and is not a guarantee of listing price.
When will the Hero Motors IPO list on NSE and BSE?
The Hero Motors IPO is expected to list on 23 Sep 2026 on Equity. Actual listing day trading begins at the start of the normal market session.
How can I check the Hero Motors IPO allotment status?
The registrar for this IPO is KFin Technologies Limited. You can check your allotment status on the registrar's portal using your PAN, application number, or DP ID. We link to the registrar directly on our allotment page after the allotment date.
Is the Hero Motors IPO a mainboard or SME issue?
Hero Motors is a mainboard IPO that will list on the main NSE and BSE boards. Mainboard IPOs are open to retail investors with a minimum application of one lot.
How do I apply for the Hero Motors IPO?
You can apply for the Hero Motors IPO through any SEBI-registered broker such as Zerodha, Upstox, or Angel One using UPI or ASBA while the issue is open for bidding.
What is the GMP-implied price of Hero Motors IPO?
The GMP-implied price (unofficial, not a forecast) is ₹85: the upper price band of ₹84 plus the latest grey market premium of ₹1, as of 25 Sep 2026, 05:30 PM IST. GMP is unofficial grey market data, and the actual listing price can differ from it.
What is the allotment ratio for Hero Motors IPO?
Based on the retail subscription of 4.46x, the estimated allotment ratio is 1 lot per 5 applicants (approximately 22.4% chance of allotment). This is an estimate and actual allotment may vary.
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