Hero Motors Limited IPO 2026: Date, Price Band, GMP, Allotment & Listing Details

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Hero Motors Limited IPO
HM
Hero Motors Limited IPO
Automotive Powertrain Solutions · EV Transmissions · E-Bikes & Premium Two-Wheelers · Global OEM Supply
📋 Mainline IPO Fresh + OFS NSE, BSE
₹84
Upper Price
₹1,000.00 Cr
Issue Size
Sep 23, 2026
Listing Date
₹3,215.41 Cr
Market Cap (Pre)
📅 IPO Timetable
All dates tentative
🟢
IPO Opens
Wednesday, 16 September 2026
Bidding starts — apply before close
🔒
IPO Closes
Friday, 18 September 2026
Last day to bid — closes at 5:00 PM IST
📊
Basis of Allotment
Monday, 21 September 2026
Allotment finalised by registrar
🔄
Refund & Share Credit
Tuesday, 22 September 2026
Unallotted funds returned; shares credited to demat
🏷️
Wednesday, 23 September 2026
Trading begins from 10:00 AM IST
📋 IPO Details
IPO Open Date16 September 2026 (Wed)
IPO Close Date18 September 2026 (Fri)
Listing Date23 September 2026 (Wed)
Face Value₹10 per share
Price Band₹79 to ₹84
Issue Price (Upper Band)₹84 per share
Issue TypeBook Build — Fresh + OFS
Lot Size178 shares
Total Issue Size11,90,47,618 shares (₹1,000.00 Cr)
Fresh Issue7,14,28,571 shares (₹600.00 Cr)
Offer for Sale (OFS)4,76,19,047 shares (₹400.00 Cr)
Pre-Issue Shares38,27,87,005
Post-Issue Shares45,42,15,576
Promoter Holding (Pre)84.67%
Market Cap (Pre-IPO)₹3,215.41 Cr
Listing ExchangeNSE, BSE
Lead ManagerICICI Securities, DAM Capital, JM Financial
RegistrarKfin Technologies Ltd.
💰 Lot Size & Minimum Investment
At upper price ₹84
Investor TypeLotsSharesAmount
Retail — Minimum1178₹14,952
Retail — Maximum132,314₹1,94,376
S-HNI (sNII) — Min142,492₹2,09,328
S-HNI (sNII) — Max6611,748₹9,86,832
B-HNI (bNII) — Min6711,926₹10,01,784
⚠️ Note: Investors can bid for a minimum of 178 shares and in multiples thereof. Retail individual investors can apply up to ₹2,00,000.
👥 Investor Reservation
Allocated portion of Net Offer
Not more than 50%
QIB Portion
Not less than 35%
Retail Portion
Not less than 15%
NII Portion
📊 Subscription Status
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📈 Company Financials
Restated Consolidated · ₹ Crore
Metric31 Mar 202631 Mar 202531 Mar 2024
Total Assets1,371.831,164.621,059.86
Total Income1,216.741,111.231,083.42
PAT41.1732.8017.04
EBITDA147.78114.0086.28
Net Worth482.45423.95385.44
Reserves & Surplus116.3267.7132.26
Total Borrowing400.79407.62304.00
Income Growth
FY 2023–24₹1,083.42 Cr
FY 2024–25₹1,111.23 Cr
FY 2025–26₹1,216.74 Cr
🎯 Key Performance Indicators
8.56%
ROE
FY 2025–26
0.83
Debt/Equity
FY 2025–26
19.77%
ROCE
FY 2025–26
3.46%
PAT Margin
FY 2025–26
12.44%
EBITDA Margin
FY 2025–26
8.53%
RoNW
FY 2025–26
6.60x
Price/Book
FY 2025–26
12.72
NAV
FY 2025–26
⚖️ Valuation & EPS
Pre-IPO EPS
₹1.08
FY26 earnings + pre-issue shares
P/E: 77.78x
Post-IPO EPS
₹0.91
FY26 earnings + post-issue shares
P/E: 92.31x
Price to Book Value
6.60x
At upper price band ₹84
Market Cap (Pre-IPO)
₹3,215.41 Cr
At issue price ₹84
ℹ️ Pre-IPO EPS (₹1.08) based on pre-issue shares (38,27,87,005) and FY26 restated PAT (₹41.17 Cr). Post-IPO EPS (₹0.91) accounts for the dilution resulting from the issuance of 7,14,28,571 fresh equity shares extending the total post-issue equity to 45,42,15,576 shares. Post-IPO Market Cap expands to ₹3,815.41 Cr at the upper issue price of ₹84.
🎯 Objects of the Issue
Net proceeds utilisation
1
Repayment/prepayment/redemption, in full or in part, of certain outstanding borrowings availed by Company
₹190.00 Cr
2
Capital expenditure of Company through purchase of equipment for expansion in capacity of Gautam Buddha Nagar, Uttar Pradesh facility
₹200.00 Cr
3
Funding inorganic growth through unidentified acquisitions, strategic initiatives, and general corporate purposes
Balance
Total Fresh Issue Goal ₹600.00 Cr
🏢 About Hero Motors Ltd.
Est. 1998 · Ludhiana, Punjab · Automotive Powertrain & EV Technology

Hero Motors Limited, incorporated in April 1998, is an automotive technology powerhouse specializing in designing, developing, manufacturing, and supplying engineered powertrain solutions to automotive original equipment manufacturers (OEMs) across the United States, Europe, India, and the ASEAN region.

The company supplies integrated solutions for both electric and traditional internal combustion powertrains catering to high-performance two-wheelers, e-bikes, off-road vehicles, hybrid cars, and eVTOL aerospace systems. Hero Motors operates through two distinct segments: Powertrain Solutions (encompassing Gears & Transmissions for high-end automotive applications and Bike Powertrains for micro-mobility) and Alloys & Metallics (A&M). It is India’s only manufacturer exporting Continuously Variable Transmission (CVT) hubs and integrated e-bike drivetrains to global OEMs such as BMW, Ducati, enviolo, Formula Motorsport, and Hummingbird EV, backed by 1,388 permanent employees and 707 contract personnel.

Brand Ecosystem
⚙️
Gears & Transmissions
Precision EV transmissions, integrated drive units, and high-performance gear sets
🚴
E-Bike Micro-Mobility
India’s only producer of continuously variable transmission (CVT) hubs for global e-bikes
🔩
Alloys & Metallics (A&M)
Precision sheet metal and tubular assemblies serving tier-1 automotive manufacturing platforms
🌎
Global Tier-1 Tier
Deep engineering partnerships servicing BMW, Ducati, Formula Motorsport, and enviolo
Competitive Strengths
🏆First-mover advantage in export-oriented CVT hub systems and global e-mobility platforms
🤝Sticky long-term relationships with premier global OEMs including BMW, Ducati, and Hummingbird EV
⚙️Comprehensive full-lifecycle R&D from concept design and prototyping to mass volume delivery
📈Demonstrated top-line momentum with total revenue reaching ₹1,216.74 Cr and a 26% PAT surge in FY26
Company Promoters
PM
Pankaj Munjal & Charu Munjal
Promoters, Hero Motors Ltd.
AM
Abhishek Munjal & O P Munjal Holdings
Promoters / Promoter Entity, Hero Motors Ltd.
📅 Key Dates
IPO Opens16 Sep 2026
IPO Closes18 Sep 2026
Allotment21 Sep 2026
Refund & Share Credit22 Sep 2026
Listing Day23 Sep 2026
💡 Quick Summary
Price Band₹79 – ₹84
Upper Price₹84 / share
Lot Size178 shares
Min. Investment (Retail)₹14,952
Issue Size₹1,000.00 Cr
ListingBSE, NSE
🏦 Registrar & Lead Manager
Registrar
Kfin Technologies Ltd.
📞 040-79615565
[email protected]
Lead Manager
ICICI Securities, DAM Capital, JM Financial
📍 Registered Address
Hero Motors Ltd.
Hero Nagar, GT Road, Ludhiana,
Punjab — 141003
📞 +91 120 441200
[email protected]
🛡️ Regulatory Note: Mainline IPO investments are subject to SEBI regulations. Always read the Prospectus/RHP before applying. Consult a SEBI-registered advisor before investing.
⚠️ Disclaimer: This page presents publicly available information from the Hero Motors Limited IPO RHP for informational purposes only. It does not constitute investment advice. IPO investments are subject to market risk. Please read all offer documents and consult a SEBI-registered advisor before investing.
📊
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