Hero Motors IPO
Hero Motors IPO is a Mainboard book-built issue of ₹1,000 crore, comprising a Fresh Issue of ₹600 crore and an Offer for Sale of ₹400 crore. The price band is ₹79 to ₹84 per share, with a lot size of 178 shares. The IPO is scheduled to open on September 1
Hero Motors IPO Details
Hero Motors IPO is scheduled to open for subscription on September 16, 2026 and close on September 18, 2026. The basis of allotment is expected to be finalized on September 21, 2026, with refunds and demat credit scheduled for September 22, 2026. The shares are expected to list on BSE and NSE on September 23, 2026.
Hero Motors IPO Timeline (Tentative)
Hero Motors IPO is scheduled to open for subscription on September 16, 2026, and close on September 18, 2026. The basis of allotment is expected on September 21, refunds are scheduled to begin on September 22, and shares are expected to be credited to successful applicants' Demat accounts on September 22. The shares are scheduled to list on BSE and NSE on September 23, 2026.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Wed, Sep 16, 2026 |
| IPO Close Date | Fri, Sep 18, 2026 |
| Basis of Allotment | Mon, Sep 21, 2026 |
| Initiation of Refunds | Tue, Sep 22, 2026 |
| Credit of Shares to Demat | Tue, Sep 22, 2026 |
| Listing Date | Wed, Sep 23, 2026 |
| IPO Opens | September 16, 2026 |
| IPO Closes | September 18, 2026 |
| Basis of Allotment | September 21, 2026 |
| Refund Initiation | September 22, 2026 |
| Credit of Shares to Demat | September 22, 2026 |
| Listing Date | September 23, 2026 |
Hero Motors IPO Lot Size
The Hero Motors IPO lot size is 178 shares. At the upper price band of ₹84 per share, one lot requires a minimum investment of ₹14,952. Retail investors can apply for a minimum of one lot. The application amounts below are calculated using the announced lot size and upper price band.
| 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 |
Hero Motors IPO Reservation
Hero Motors IPO has reserved not more than 50% of the issue for Qualified Institutional Buyers, not less than 15% for Non-Institutional Investors and 35% for Retail Individual Investors. The valuation figures are based on the FY2026 diluted EPS and the announced IPO price band. Post-IPO EPS and P/E are not separately disclosed in the available current source data.
Hero Motors IPO Subscription
Hero Motors IPO has not yet opened for public subscription. Therefore, category-wise subscription figures are currently not available.
| Category | Subscription (times) |
|---|---|
| QIB | N.A. |
| NII | N.A. |
| RII | N.A. |
| Total | N.A. |
About Hero Motors
Hero Motors Limited is an automotive technology and manufacturing company focused on highly engineered powertrain solutions for global original equipment manufacturers. The company provides system-level and component-level solutions across electric and internal combustion engine platforms, serving applications including two-wheelers, performance automobiles, e-bikes, off-road vehicles, heavy-duty vehicles and emerging mobility categories.
The company operates across India, the United Kingdom and Thailand, with manufacturing facilities and technology centres supporting its international customer base. Its business model is primarily B2B, with products and solutions supplied to global automotive OEMs. Hero Motors has developed relationships with customers across multiple international markets and has capabilities spanning design, engineering, manufacturing and product development.
Strengths
- Established presence in automotive technology and powertrain solutions.
- Diversified exposure to electric and internal combustion engine platforms.
- Relationships with global automotive OEM customers.
- International manufacturing and technology footprint across multiple markets.
- Integrated design, engineering and manufacturing capabilities.
- Opportunity to benefit from vehicle electrification and evolving mobility technologies.
Risks to Consider
- The automotive industry is cyclical and sensitive to changes in vehicle demand.
- The company has dependence on a limited number of significant customers.
- International operations expose the business to currency and geopolitical risks.
- Raw-material prices and supply-chain disruptions can affect margins.
- Expansion projects and inorganic growth initiatives involve execution risks.
- The company operates in a competitive automotive components and technology market.
Hero Motors Financials (₹ Cr)
Hero Motors reported revenue of ₹1,064.39 crore in FY2024, ₹1,089.59 crore in FY2025 and ₹1,188.35 crore in FY2026. Profit after tax increased from ₹13.42 crore in FY2024 to ₹25.20 crore in FY2025 and ₹43.57 crore in FY2026, indicating improvement in profitability over the period. Available current IPO data provides FY2024 and FY2025 balance-sheet figures, while comparable FY2026 total-assets and net-worth figures are not separately disclosed in the current source data.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2024 | ₹1,064.39 Cr | ₹13.42 Cr | ₹1,059.85 Cr | ₹385.84 Cr |
| FY2025 | ₹1,089.59 Cr | ₹25.20 Cr | ₹1,164.61 Cr | ₹425.08 Cr |
| FY2026 | ₹1,188.35 Cr | ₹43.57 Cr | N.A. | N.A. |
KPIs & Valuation
At the Hero Motors IPO price band of ₹79–₹84, the company is valued at approximately 69.30x–73.68x FY2026 diluted earnings based on FY2026 EPS of ₹1.14. The company reported an FY2026 RoNW of 8.53%, NAV of ₹12.72 and ROCE of 19.77%. EBITDA margin was 12.44% and debt-to-equity was 0.83x.
Objects of the Issue
The ₹1,000 crore IPO comprises a ₹600 crore Fresh Issue and a ₹400 crore Offer for Sale. The net proceeds from the Fresh Issue are proposed to be used primarily for repayment or prepayment of certain borrowings, capital expenditure for capacity expansion at the Gautam Buddha Nagar facility, and funding inorganic growth, strategic initiatives and general corporate purposes.
- The company proposed to utilise the IPO proceeds for:
- Repayment, prepayment or redemption, in full or in part, of certain outstanding borrowings availed by the company.
- Capital expenditure through the purchase of equipment required for expansion of capacity at the Gautam Buddha Nagar, Uttar Pradesh facility.
- Funding inorganic growth through unidentified acquisitions and other strategic initiatives.
- General corporate purposes.
Promoters, Lead Managers & Registrar
Hero Motors Limited is promoted by Pankaj Munjal, Charu Munjal, Abhishek Munjal and O P Munjal Holdings. The IPO is managed by ICICI Securities Limited, DAM Capital Advisors Limited and JM Financial Limited as the Book Running Lead Managers, while KFin Technologies Limited is the Registrar to the Issue.
Promoters
Lead Managers (BRLM)
Registrar
| Name | KFin Technologies Limited |
|---|---|
| Phone | +91 40 6716 2222 |
| hml.ipo@kfintech.com | |
| Website | https://www.kfintech.com/ |
Hero Motors IPO Review
Hero Motors has an established position in automotive technology and powertrain solutions, with capabilities covering both electric and internal combustion engine applications. Its diversified product portfolio, global customer relationships and presence across multiple markets provide a platform for participation in the changing mobility ecosystem.
The IPO also provides the company with fresh capital for debt reduction and capacity expansion. The proposed investment in additional equipment at the Gautam Buddha Nagar facility can support manufacturing capacity, while the allocation toward acquisitions and strategic initiatives provides flexibility for future growth.
However, investors should consider the company's relatively modest profitability compared with its revenue base and the cyclical nature of the automotive industry. At the IPO price band of ₹79–₹84, the company is valued at approximately 69.30x–73.68x FY2026 diluted earnings, making valuation an important consideration. Investors should also evaluate customer concentration, international exposure, execution risks and the company's ability to improve margins.
How to Apply
Hero Motors IPO applications can be made through ASBA or UPI using a registered stockbroker, bank or IPO application platform. The IPO opens on September 16, 2026 and closes on September 18, 2026. The minimum retail application is 1 lot of 178 shares, requiring ₹14,952 at the upper price band of ₹84.
Through UPI
- Log in to your stockbroker app or website.
- Go to the IPO section.
- Select Hero Motors IPO.
- Enter the number of lots you want to apply for.
- Select the bid price. Retail investors can generally choose Cut-off when available.
- Enter your valid UPI ID.
- Submit the IPO application.
- Open your UPI app when the mandate request arrives.
- Approve the mandate using your UPI PIN.
- The application amount will be blocked in your bank account. If shares are allotted, the required amount will be debited; otherwise, the blocked amount will be released.
Prospectus & Documents
Investors can refer to Hero Motors' DRHP, RHP and other IPO documents for detailed information about the company's business, financial performance, risk factors, offer structure and utilisation of the issue proceeds. The company has also published its IPO-related documents on its official website.
Last updated Sep 10, 2026.