Hero Motors IPO Details

Bookbuilding IPO | ₹1,000 Cr | Listing at BSE, NSE | Wed, Sep 16, 2026 - Fri, Sep 18, 2026

Hero Motors IPO is a book build issue of ₹1,000.00 crores. The issue is a combination of fresh issue of 7.14 crore shares aggregating to ₹600.00 crores and offer for sale of 4.76 crore shares aggregating to ₹400.00 crores.

Hero Motors IPO opens for subscription on Sep 16, 2026 and closes on Sep 18, 2026. The allotment for the Hero Motors IPO is expected to be finalized on Sep 21, 2026. Hero Motors IPO will list on NSE and BSE with a tentative listing date fixed as Sep 23, 2026.

Hero Motors IPO is set issue price band at ₹79 to ₹84 per share. The lot size for an application is 178 shares. The minimum amount of investment required by an individual investor (retail) is ₹14,952 (178 shares) (based on upper price).

ICICI Securities Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue.

Refer to Hero Motors IPO RHP for detailed Information.

IPO Open

Wed, Sep 16, 2026

IPO Close

Fri, Sep 18, 2026

Price Band

₹79 to ₹84

Market Cap

₹3,815.41 Cr * on Upper Price

IPO Details

IPO Date

16 to 18 Sep, 2026
Listing Date

Wed, Sep 23, 2026
Face Value

₹10 per share
Price Band

₹79 to ₹84
Lot Size

178 Shares
Sale Type

Fresh capital cum OFS
Issue Type

Bookbuilding IPO
Listing At

BSE, NSE

Total Issue Size

11,90,47,618 shares (agg. up to ₹1,000 Cr)
Fresh Issue

7,14,28,571 shares (agg. up to ₹600 Cr)
Offer for Sale

4,76,19,047 shares of ₹10 (agg. up to ₹400 Cr)
Share Holding Pre Issue

38,27,87,005 shares
Share Holding Post Issue

45,42,15,576 shares

IPO Timetable (Tentative)

IPO Open

Wed, Sep 16, 2026
Allotment

Mon, Sep 21, 2026
Credit of Shares

Tue, Sep 22, 2026

IPO Close

Fri, Sep 18, 2026
Refund

Tue, Sep 22, 2026
Listing

Wed, Sep 23, 2026

Issue Reservation

Investor Category	Shares
QIB	Not more than 50% of the Offer
Retail	Not less than 35% of the Offer
NII	Not less than 15% of the Offer

IPO Lot Size

Investors can bid for a minimum of 178 shares and in multiples thereof.

Application	Lots	Shares	Amount
Retail (Min)	1	178	₹14,952
Retail (Max)	13	2314	₹1,94,376
S-HNI (Min)	14	2492	₹2,09,328
S-HNI (Max)	66	11748	₹9,86,832
B-HNI (Min)	67	11926	₹10,01,784

About Hero Motors Ltd.

Incorporated in April 1998, Hero Motors Limited is an automotive technology company engaged in designing, developing, manufacturing and supplying engineered powertrain solutions to automotive original equipment manufacturers (OEMs) across the United States, Europe, India and ASEAN region. The Company provides integrated solutions for both electric and non-electric powertrains, serving two-wheelers, performance automotive, e-bikes, off-road vehicles, electric and hybrid cars, heavy-duty vehicles and eVTOL applications.

The Company offers system-level and component-level solutions covering designing, prototyping, validation, development and delivery of powertrain systems. It is recognized for its expertise in continuously variable transmissions (CVT), EV transmissions, electric motors, integrated drive units and gear sets. The Company also has a first-mover position in the global e-bike powertrain market and is the only manufacturer in India producing and exporting CVT hubs and integrated electric powertrain products for e-bikes.

The Company’s operations are divided into Powertrain Solutions and Alloys and Metallics (A&M) segments. Powertrain Solutions comprises Gears and Transmissions (G&T), serving automotive and mobility applications, and Bike Powertrain (BPT), focused on micro-mobility applications and global e-bike manufacturers. The A&M segment provides sheet metal and tubular assemblies and components primarily to automotive OEMs.

The Company has established relationships with global customers including BMW, Ducati, enviolo, Formula Motorsport, Hummingbird EV and HWA, along with leading global e-bike manufacturers. It focuses on technology and innovation through in-house design and engineering capabilities and partnerships with global technology players.

As of March 31, 2026, the Company had 1,388 permanent employees and 707 contract labourers.

Competitive Strengths

Strong R&D and engineering capabilities.
Long-term relationships with global OEMs.
Strong presence in the global e-mobility industry.
Diversified powertrain product and service offerings.
Experienced management and strong corporate governance.
Growing presence in electric bikes and premium two-wheelers.(Updated on Sep 10, 2026)

Company Financials (Restated)

Hero Motors Ltd.’s revenue increased by 9% and profit after tax (PAT) rose by 26% between the financial year ending with March 31, 2026 and March 31, 2025. (Amount in ₹ Crore)

Period Ended	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	1,371.83	1,164.62	1,059.86
Total Income	1,216.74	1,111.23	1,083.42
Profit After Tax	41.17	32.80	17.04
EBITDA	147.78	114.00	86.28
NET Worth	482.45	423.95	385.44
Reserves and Surplus	116.32	67.71	32.26
Total Borrowing	400.79	407.62	304.00

Recently Listed IPOs in Auto Components & Equipments

Company	Issue Type	Issue Size	Issue Price	PE Ratio	Listing Day Close	Listing Gain/Loss %	LTP
Dhoot Transmission Ltd.	Mainboard	₹3,066.89 Cr	₹871	41.36	₹1,187.05	+36.29%	₹1,596.50
SEDEMAC Mechatronics Ltd.	Mainboard	₹1,087.35 Cr	₹1352	126.91	₹1,451.10	+7.33%	₹2,850.40
Tenneco Clean Air India Ltd.	Mainboard	₹3,600.00 Cr	₹397	28.97	₹490.80	+23.63%	₹518.40

IPO Objects of the Issue

The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:

# Issue Objects

Est Amt (₹ Cr.)
1 Repayment/prepayment/redemption, in full or in part, of certain outstanding borrowings availed by Company

190.00
2 Capital expenditure of Company through purchase of equipment for expansion in capacity of Gautam Buddha Nagar, Uttar Pradesh facility

200.00
3 Funding inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes(
Total

390.00

Key Performance Indicator (KPI)

KPI	Mar 31, 2026
ROE	8.56%
ROCE	19.77%
Debt/Equity	0.83
RoNW	8.53%
PAT Margin	3.46%
EBITDA Margin	12.44%
NAV	12.72
Price to Book Value	6.60

IPO Valuation

Valuation Metric	Pre IPO	Post IPO
EPS (₹)	1.08	0.91
P/E (x)	77.78	92.31
Market Cap at Offer Price	₹3,215Cr.	₹3,815.41 Cr

The value will be calculated using Equity Dilution = Share Holding Pre Issue – Share Holding Post Issue
The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2026 available in RHP.
The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of March 31, 2026 available in RHP.

IPO Stock Quote & Charts

Shareholding Structure

Category	Pre IPO	Post IPO
Promoter and Promoter Group	84.67%	61.63%
Public	15.33%	38.37%
Total	100%	100%

Company Promoters: Pankaj Munjal, Charu Munjal, Abhishek Munjal and O P Munjal Holdings.

Offer For Sale – Selling Shareholders

Name	Category	No. of Shares Offered	Amount (₹ cr.)
O.P.Munjal Holdings	Promoter	4,70,23,809	395.00
Hero Cycles Ltd.	Promoter	5,95,238	5.00
Total		4,76,19,047	400.00

Hero Motors IPO Recommendations

Review By	Subscribe	May Apply	Neutral	Avoid
Brokers	0	0	0	0
Members	0	0	0	0

IPO Registrar

Kfin Technologies Ltd.

040-79615565
heromotors.ipo@kfintech.com
Visit Website

IPO Lead Manager(s)

ICICI Securities Ltd.
Dam Capital Advisors Ltd.
JM Financial Ltd.

Lead Manager Reports

Lead Manager Performance Summary
Lead Manager Performance Tracker

Contact Details

Hero Motors Ltd. Address

Hero Nagar

GT Road

Ludhiana

Ludhiana, Punjab, 141003

+ 91 120441200
investorrelations@heromotors.com
Visit Website

IPO FAQs

What is the Hero Motors IPO?

Hero Motors IPO is a main-board IPO of 11,90,47,618 equity shares of the face value of ₹10 aggregating up to ₹1,000 Crores. The issue is priced at ₹79 to ₹84. The minimum order quantity is 178.

The IPO opens on Wed, Sep 16, 2026, and closes on Fri, Sep 18, 2026.

Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

How to apply in Hero Motors IPO through Angel One?

Angel One customers can apply online in Hero Motors IPO using UPI as a payment gateway. Angel One customers can apply in Hero Motors IPO by login into Angel One Console (back office) and submitting an IPO application form.

Steps to apply in Hero Motors IPO through Angel One

Visit the Angel One website and login to Console.
Go to Portfolio and click the IPOs link.
Go to the ‘Hero Motors IPO’ row and click the ‘Bid’ button.
Enter your UPI ID, Quantity, and Price.
Submit IPO application form.
Visit the UPI App (net banking or BHIM) to approve the mandate.
Visit Angel OneIPO Application Process Review for more detail.

When Hero Motors IPO will open?

The Hero Motors IPO opens on Wed, Sep 16, 2026 and closes on Fri, Sep 18, 2026.

What is the lot size of Hero Motors IPO?

Hero Motors IPO lot size is 178, and the minimum amount required for application is ₹14,952.

How to apply for Hero Motors IPO?

You can apply in Hero Motors IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don’t offer banking services. Read more detail about applying IPO online through Angel One, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.

When is Hero Motors IPO allotment?

The finalization of Basis of Allotment for Hero Motors IPO will be done on Monday, September 21, 2026, and the allotted shares will be credited to your demat account by Tue, Sep 22, 2026. Check the Hero Motors IPO allotment status.

When is Hero Motors IPO listing date ?

The Hero Motors IPO listing date is not yet announced. The tentative date of listing is Wed, Sep 23, 2026.