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₹79 - 84Day cells show that day's addition; Now is the running total. Amounts at the upper price band.
Hero Motors Ltd
Auto AncillariesIPO
₹79 - 84
Hero Motors designs, validates, and manufactures engineered powertrain systems (the mechanical assemblies that generate and transmit power to vehicle wheels) and metallic assemblies for global automotive and e-mobility original equipment manufacturers (OEMs, the brands that build the final vehicles) through an international network of precision machining plants and British design centers. The business operates by pairing low-cost Indian manufacturing and fabrication lines with specialized European engineering acquisitions to secure sole-supplier positions on multi-year vehicle programs.
Lot178Min Invest₹14,952Face Value₹10Issue Size₹1,000 CrFresh Issue₹600 CrOffer for Sale₹400 Cr
Timeline
16 Sept
Bidding opens
18 Sept
Bidding closes
21 Sept
Allotment
22 Sept
Refund & demat credit
23 Sept
Listing
Subscription · As of 8:00 PM, 18 Sept
Demand by day
CategoryDay 1Day 2Day 3Now+0.01x+0.06x+1.43x1.49x+1.25x+2.65x+5.96x9.86x+2.23x+2.79x+3.21x8.23xOverall+1.39x+1.98x+3.29x6.66x
Shares & amount
CategorySubscriptionShares OfferedShares BidAmt ₹ CrQIB1.49x5.60 Cr8.35 Cr701.27NII9.86x1.68 Cr16.55 Cr1,390.40Retail8.23x3.92 Cr32.27 Cr2,710.62Total6.66x11.90 Cr79.29 Cr6,660.00
Reports
Offer Details
Terms
Issue Size₹1,000 Cr11.90 Cr shares
Fresh Issue₹600 Cr
Offer for Sale₹400 Cr
Face Value₹10
Lot Size178 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹14,9521-13 lots
sNII₹2,09,328from 14 lots
bNII₹10,01,784from 67 lots
Managers & Registrar
Lead ManagerICICI Securities Ltd
Co-ManagerDAM Capital Advisors Ltd, JM Financial Ltd
RegistrarKFin Technologies Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrO P Munjal HoldingsPRMTR4,70,23,809395.00Hero Cycles LimitedPRMTR5,95,2385.00Total4,76,19,047400.00
Shareholding
CategoryPre IPOPost IPOPromoter Group84.65%61.65%Public15.35%38.35%
Objects of the Issue
- Repayment/prepayment/redemption in full or in part of certain outstanding borrowings availed by the company
- Capital exp of the company through purchase of equipment required for expansion in capacity of its Gautam Budh Nagar
- Funding inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes
Anchor Book
Bid Date15-Sep-2026Bid Price₹84Shares3,57,14,284Amount₹300 CrMutual Funds81.66% of the book30-day lock-in20-Oct-202690-day lock-in19-Dec-2026
Financials
Profit & Loss
| Financial Year | FY24 | FY25 | FY26 |
|---|---|---|---|
| RevenueCr | 1,064 | 1,090 | 1,188 |
| Operating ProfitCr | 67 | 92 | 121 |
| OPM% | 6.3 | 8.5 | 10.2 |
| PBTCr | 24 | 39 | 61 |
| PATCr | 17 | 33 | 41 |
| EPS | 0 | 1 | 1 |
Balance Sheet
| Financial Year | FY24 | FY25 | FY26 |
|---|---|---|---|
| Equity CapitalCr | 354 | 357 | 358 |
| ReservesCr | 32 | 68 | 116 |
| BorrowingsCr | 334 | 432 | 471 |
| Total AssetsCr | 1,060 | 1,165 | 1,372 |
Cash Flow
| Financial Year | FY24 | FY25 | FY26 |
|---|---|---|---|
| Operating Cash FlowCr | 132 | 48 | 144 |
| Investing Cash FlowCr | -77 | -135 | -69 |
| Financing Cash FlowCr | -20 | 54 | -62 |
| Net Cash FlowCr | 35 | -33 | 13 |
Strengths & Risks
Strengths · as stated in the DRHP
- Among India's Leading Solutions Provider to Global E-Mobility Industry backed by Diversified Product and Service Offerings.
- Growing Market Presence in the Electric Bikes and Premium Two-Wheelers Segments.
- Longstanding Relationships with Premier Global Original Equipment Manufacturers and Expertise in Delivering Solutions.
- Advanced Infrastructure with Geographically Diverse Operations.
- Strong Research and Development Capabilities and Long-Term Partnerships.
Strategies · as stated in the DRHP
- Focus on Providing Complete Systems and Powertrain Solutions for E-Mobility Segment.
- Expand into Other Market Segments and Geographies.
- Leverage Hewland's Expertise for Design-to-Cost Product and Service Solutions.
- Focus on Strengthening Partnerships with Global Players for Technology.
- Pursue Inorganic Growth Opportunities.
Risks · as stated in the DRHP
- The company generates a portion of its revenue from operations from jurisdictions outside India, in particular, from Europe which contributed 26.27%, 29.33%, 32.47% and 29.34% of the company's revenue from operations, in the nine months ended December 31, 2024 and Fiscal 2024, 2023 and 2022, respectively. Any adverse events affecting these jurisdictions could have an adverse impact on its revenue from operations.
- The company's business is dependent on the performance of certain industries particularly e-bikes and two wheelers, both in the Indian and overseas markets. Any adverse changes in the conditions affecting these industries can adversely impact its business, results of operations, cash flows and financial condition.
- The company depends on a certain limited set of suppliers for the supply of critical raw materials. Further, the company does not have definitive supply agreements with all the company's suppliers for the supply of raw materials. Interruptions in the supply of raw materials could adversely affect its business, financial condition, results of operations and cash flows.
- The company is subject to strict performance requirements, including, but not limited to, quality and delivery, by its customers, and any failures by the company to comply with these performance requirements may lead to recalls or warranty liability claims, reduction of share of business or the cancellation of existing or future orders, which could have a material adverse effect on its business, financial condition, results of operations and cash flows.
- The company's business largely depends upon its top 10 customers. In the nine months ended December 31, 2024 and Fiscal 2024, 2023 and 2022 the company's revenue from operations from top 10 customers was Rs. 6,010.73 million, Rs. 8,191.86 million, Rs. 9,369.23 million, and Rs. 7,859.23 million, representing 74.46%, 76.96%, 88.84%, and 85.97% of its revenue from operations, respectively. The loss of any of these customers could have a material adverse effect on the company's business, financial condition, results of operations and cash flows.
- The company may not be able to anticipate and respond swiftly to changing technological and market trends, as well as to develop new products aligned with customer demands in the automotive sector, which could have an adverse impact on its financial condition.