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Hero Motors IPOLISTED
Hero Motors Limited is an automotive technology company providing engineered powertrain solutions to global automotive OEMs across electric and non-electric mobility segments.
Listing price
₹82
Listing gain
-2.38%
Current
₹82
Listed
23 Sept 26
Opens
16 Sept 26Closes
18 Sept 26Allotment
21 Sept 26Refund
22 Sept 26Demat
22 Sept 26Listing
23 Sept 26Overview
Price band
₹79-84
Lot size
178 shares
Min. investment
₹14,952
Issue size
₹1000.00 Cr
11.90 Cr shares
Fresh issue
₹600 Cr
7.14 Cr shares
Offer for sale
₹400 Cr
4.76 Cr shares
Face value
₹10 / share
Issue type
Book Built Issue
Listing at
NSE, BSE
Reservation
| Category | Shares offered | % of issue |
|---|---|---|
| Anchor Investor | 3,57,14,284 | 30% |
| QIB | 2,38,09,525 | 20% |
| NII (HNI) | 1,78,57,143 | 15% |
| B-HNI | 1,19,04,762 | 10% |
| S-HNI | 59,52,381 | 5% |
| Individual | 4,16,66,666 | 35% |
| Total | 11,90,47,618 | 100% |
Lot size & investment
| Application | 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 |
Listing performance
NSE/BSE: HEROMOTORSListing gain
−2.38%
Gain per retail lot
₹-356
Latest vs issue
—
GMP was
₹-3 (−3.57%)
Issue price
GMP estimate
Listing price
Latest price appears here during market hours.
Hero Motors Live GMP
Not enough GMP history yet to draw a trend.
Subscription
18 Sept, 05:54 pmOversubscribed 7.08 times · 16,41,180 applications
Total applications
16,41,180
Total bid amount
₹4,954 Cr
Category breakdown
| Category | Shares offered | Shares bid | Times | Bid amount |
|---|---|---|---|---|
| QIB | 2,38,09,525 | 3,77,55,046 | 1.59x | ₹317 Cr |
| NII (HNI) | 1,78,57,143 | 18,71,38,520 | 10.48x | ₹1,572 Cr |
| B-HNI | 1,19,04,762 | 10,26,02,048 | 8.62x | ₹862 Cr |
| S-HNI | 59,52,381 | 8,45,36,472 | 14.20x | ₹710 Cr |
| Retail | 4,16,66,666 | 36,48,33,072 | 8.76x | ₹3,065 Cr |
| Total | 8,33,33,334 | 58,97,26,638 | 7.08x | ₹4,954 Cr |
Application-wise breakup
| Category | Applications reserved | Applied | Times |
|---|---|---|---|
| B-HNI | 4,777 | 8,093 | 1.69x |
| S-HNI | 2,389 | 31,447 | 13.16x |
| Retail | 2,34,082 | 15,84,779 | 6.77x |
Allotment chance per application is roughly 1 ÷ times for the category (lottery for retail and S-HNI).
Financials
(₹ in crores)
Key performance indicators
As of 31 Mar 2026ROE
8.56%
PAT Margin
3.46%
ROCE
19.77%
EBITDA Margin
12.44%
Debt to Equity Ratio
0.83
Price to Book Value
6.6
RoNW
8.53%
Valuation vs listed peers
EPS Pre IPO
₹1.08
EPS Post IPO
₹0.91
P/E Pre IPO
77.78
P/E Post IPO
92.31
Price-to-earnings
| Company | P/E | P/B | RoNW | Face value |
|---|---|---|---|---|
| CIE Automotive India Ltd | 17.68 | — | — | — |
| Endurance Technologies Ltd | 40.84 | — | — | — |
| Sona BLW Precision Forgings Ltd | 76.5 | — | — | — |
| UNO Minda Ltd | 59.84 | — | — | — |
| Varroc Engineering Ltd | 56.15 | — | — | — |
Peer median P/E 56.1× · Ratios as disclosed in the offer document.
Buzz AI analysis
From this IPO's filings and market data · educational, not investment advice
Revenue growth FY24 → FY26
+12.3%
Profit growth FY24 → FY26
+141.6%
P/E vs peer median
92.3× vs 56.1×
- PAT margin 3.5% and ROCE 19.8%.
- Priced above its listed-peer median P/E.
Strengths & risks
- Integrated Technology Capabilities across design, engineering, prototyping and manufacturing.
- Strong Global Customer Base with relationships across automotive and mobility markets.
- Diversified Mobility Portfolio serving conventional, electric and micro-mobility applications.
- Global Manufacturing Presence across India, the United Kingdom and Thailand.
Buzz score · Neutral
From GMP, subscription and issue size
Objects of the issue
| Purpose | Amount (₹ Cr) |
|---|---|
| Repayment/prepayment/redemption, in full or in part, of certain outstanding borrowings availed by the Company. | 190 |
| Capital expenditure of Company through purchase of equipment for expansion in capacity of Gautam Buddha Nagar, Uttar Pradesh facility. | 200 |
| unding inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes. | - |
Company & documents
Hero Motors Limited is an automotive technology company engaged in the design, development, manufacturing and supply of powertrain solutions and alloys and metallic components.
The Company serves automotive OEMs across the United States, Europe, India and the ASEAN region, catering to applications including two-wheelers, e-bikes, performance vehicles, electric and hybrid cars, off-road and heavy-duty vehicles.
The Company's systems and component portfolio caters to both electrified and non-electrified mobility platforms. Its offerings serve two-wheelers, three-wheelers, passenger vehicles, commercial vehicles and certain non-automotive applications.
The portfolio includes gear components, assemblies, gearboxes, e-axle systems, electric motors and drive systems under Powertrain Solutions, along with various structural components under the Alloys and Metallics business.
The Company operates through two key business segments:
- Powertrain Solutions: The segment offers transmission systems, CVT hubs, electric motors and integrated drive units for automotive and micro-mobility applications.
- Alloys and Metallics (A&M): The segment manufactures powertrain-neutral metallic and structural components for automotive and industrial applications across ICE, electric and hybrid vehicles.
Hero Motors has strengthened its electric mobility and technology capabilities through electric motors, integrated drive systems and its association with Hewland, enhancing its expertise in transmission design, engineering and high-performance automotive applications.
As of March 31, 2026, Hero Motors operated six manufacturing and assembly facilities across India, the United Kingdom and Thailand, supported by technology centres for product development, design and validation across automotive and micro-mobility applications.
Hero Motors serves a diverse global customer base, including BMW, Ducati, enviolo, Hero MotoCorp, TACO Punch Powertrain, Hummingbird EV, Formula Motorsport and HWA Engineering, across conventional, electric, micro-mobility and high-performance vehicle segments.
As of March 31, 2026, Hero Motors had approximately 1,388 permanent employees, including 84 R&D personnel supporting its technology and product development capabilities.
Registrar
Company contact
Hero Motors Ltd.
Hero Nagar, GT Road, Ludhiana, Punjab, 141003
Phone: 91 120441200
Book running lead managers
- JM Financial Limited
- Dam Capital Advisors Ltd.
- ICICI Securities Ltd.
Promoters
- Pankaj Munjal
- Charu Munjal
- Abhishek Munjal
- O P Munjal Holdings