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    Hero Motors IPO

    Updated 15 Sept 2026, 8:00 pm.

    Open Demat Account
    GMP disclaimer: GMP is unofficial and unregulated. It is not a recommendation or a reliable estimate of listing price or returns. Consider the RHP and your own risk assessment before applying.

    Minimum investment (Retail)

    ₹14,952

    1 lot · 178 shares at the upper price band

    Price band

    ₹84

    Latest GMP

    ₹24

    +28.6% of the ₹84 upper band

    Est. listing price

    ₹108

    Issue size

    ₹1000 Cr

    As NSE lists it

    The exchange's own issue data, NSE symbol HEROMOTORS · read 15 Sept 2026, 2:36 pm

    Price band
    ₹79–84
    Bidding
    16 Sept 2026 – 18 Sept 2026
    Subscribed (NSE)
    —
    Shares offered
    12,65,82,278

    NSE's subscription counts bids on its own platform and can differ from the combined NSE + BSE figure above.

    GMP history

    Each point is a recorded observation from the scheduled data sync.

    ObservedGMPEst. listing price
    15 Sept 2026, 8:00 pm₹24₹108
    15 Sept 2026, 2:12 pm₹23₹108
    15 Sept 2026, 2:10 pm₹24₹108
    15 Sept 2026, 12:09 am₹24₹108
    15 Sept 2026, 12:08 am₹24₹108
    14 Sept 2026, 2:27 pm₹24₹108
    14 Sept 2026, 2:25 pm₹24₹108
    12 Sept 2026, 9:50 pm₹17₹94
    12 Sept 2026, 9:49 pm₹10₹94
    12 Sept 2026, 5:41 pm₹17₹94
    12 Sept 2026, 5:40 pm₹10₹94
    12 Sept 2026, 1:26 pm₹17₹94
    12 Sept 2026, 1:25 pm₹10₹94
    11 Sept 2026, 10:33 pm₹9₹92
    11 Sept 2026, 10:31 pm₹8₹92
    11 Sept 2026, 6:20 pm₹8₹92
    11 Sept 2026, 6:19 pm₹8₹92
    11 Sept 2026, 1:35 pm₹8₹92
    11 Sept 2026, 1:33 pm₹8₹92
    11 Sept 2026, 12:30 pm₹8₹92
    11 Sept 2026, 12:25 pm₹8₹92
    11 Sept 2026, 12:20 pm₹8₹92
    11 Sept 2026, 11:58 am₹8₹92
    10 Sept 2026, 11:47 pm₹4₹0
    10 Sept 2026, 11:07 pm₹0₹0
    10 Sept 2026, 11:00 pm₹0₹0
    10 Sept 2026, 10:30 pm₹0₹0
    10 Sept 2026, 10:29 pm₹0₹0
    10 Sept 2026, 6:26 pm₹0₹0
    10 Sept 2026, 6:25 pm₹0₹0
    10 Sept 2026, 4:50 pm₹0₹0

    GMP is an unofficial, unregulated grey-market estimate — not a prediction of listing performance.

    Issue details

    Board
    Mainboard
    Price band
    ₹84
    Issue size
    ₹1000 Cr
    Lot size
    178
    Opens
    16 Sept 2026
    Closes
    18 Sept 2026
    Allotment
    21 Sept 2026
    Listing
    23 Sept 2026
    Est. listing price
    ₹108
    Listing price
    Awaited
    Listing gain
    Awaited
    Registrar
    Kfin Technologies Ltd.
    Minimum investment
    ₹14,952 (1 lot · 178 shares)
    Face value
    ₹10 per share
    Issue type
    Bookbuilding IPO
    Sale type
    Fresh capital cum OFS
    Fresh issue
    ₹600 Cr
    Offer for sale
    ₹400 Cr
    Listing at
    BSE, NSE
    Refunds
    22 Sept 2026
    Shares credited
    22 Sept 2026
    Promoter holding
    84.67% before · 61.63% after
    Lead managers
    ICICI Securities Ltd., Dam Capital Advisors Ltd., JM Financial Ltd.

    Offer documents & links

    Red Herring Prospectus (RHP)Check allotment statusCompany website

    Full issue details

    Details as published for this issue, read 15 Sept 2026, 12:21 am. Verify against the RHP before applying.

    IPO Details

    IPO Date16 to 18 Sep, 2026
    Listing DateWed, Sep 23, 2026 T
    Face Value₹ 10 per share
    Price Band₹79 to ₹84
    Lot Size178 Shares
    Sale TypeFresh capital cum OFS
    Issue TypeBookbuilding IPO
    Listing AtBSE, NSE
    Total Issue Size11,90,47,618 shares (agg. up to ₹ 1,000 Cr)
    Fresh Issue7,14,28,571 shares (agg. up to ₹ 600 Cr)
    Offer for Sale4,76,19,047 shares of ₹ 10 (agg. up to ₹ 400 Cr)
    Share Holding Pre Issue38,27,87,005 shares
    Share Holding Post Issue45,42,15,576 shares

    IPO Timetable (Tentative)

    IPO Open
    Wed, Sep 16, 2026
    IPO Close
    Fri, Sep 18, 2026
    Allotment
    Mon, Sep 21, 2026
    Refund
    Tue, Sep 22, 2026
    Credit of Shares
    Tue, Sep 22, 2026
    Listing
    Wed, Sep 23, 2026

    Issue Reservation

    Investor CategoryShares
    QIBNot more than 50% of the Offer
    RetailNot less than 35% of the Offer
    NIINot less than 15% of the Offer

    IPO Lot Size

    Retail (Min)₹14,952
    Retail (Max)₹1,94,376
    S-HNI (Min)₹2,09,328
    S-HNI (Max)₹9,86,832
    B-HNI (Min)₹10,01,784
    IPO Lot Size: What an application costs at the upper price band, by category. Figures as published in the table below.
    ApplicationLotsSharesAmount
    Retail (Min)1178₹14,952
    Retail (Max)132314₹1,94,376
    S-HNI (Min)142492₹2,09,328
    S-HNI (Max)6611748₹9,86,832
    B-HNI (Min)6711926₹10,01,784

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

    IPO Subscription Details

    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.

    Company Financials (Restated)

    Total Income

    31 Mar 20241,083.42
    31 Mar 20251,111.23
    31 Mar 20261,216.74

    Profit After Tax

    31 Mar 202417.04
    31 Mar 202532.80
    31 Mar 202641.17

    EBITDA

    31 Mar 202486.28
    31 Mar 2025114.00
    31 Mar 2026147.78

    NET Worth

    31 Mar 2024385.44
    31 Mar 2025423.95
    31 Mar 2026482.45
    Company Financials (Restated): Each line is scaled to its own largest period, ₹ crore - compare periods within a line, not one line against another. Figures as published in the table below.
    Period Ended31 Mar 202631 Mar 202531 Mar 2024
    Assets1,371.831,164.621,059.86
    Total Income1,216.741,111.231,083.42
    Profit After Tax41.1732.8017.04
    EBITDA147.78114.0086.28
    NET Worth482.45423.95385.44
    Reserves and Surplus116.3267.7132.26
    Total Borrowing400.79407.62304.00
    Amount in ₹ Crore

    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.

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    Key Performance Indicator (KPI)

    KPIMar 31, 2026
    ROE8.56%
    ROCE19.77%
    Debt/Equity0.83
    RoNW8.53%
    PAT Margin3.46%
    EBITDA Margin12.44%
    NAV12.72
    Price to Book Value6.60

    Check IPO Peer Comparison here.

    IPO Valuation

    Valuation MetricPre IPOPost IPO
    EPS (₹)1.080.91
    P/E (x)77.7892.31
    Market Cap at Offer Price₹3,215.41 Cr.₹3,815.41 Cr

    Disclaimer

    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.

    Shareholding Structure

    Pre IPO

    • Promoter and Promoter Group84.67%
    • Public15.33%

    Post IPO

    • Promoter and Promoter Group61.63%
    • Public38.37%
    Shareholding Structure: Who holds the company before and after the issue. Figures as published in the table below.
    CategoryPre IPOPost IPO
    Promoter and Promoter Group84.67%61.63%
    Public15.33%38.37%
    Total100%100%

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

    Offer For Sale - Selling Shareholders

    NameCategoryNo. of Shares OfferedAmount (₹ cr.)
    O.P.Munjal HoldingsPromoter4,70,23,809395.00
    Hero Cycles Ltd.Promoter5,95,2385.00
    Total—4,76,19,047400.00

    Hero Motors IPO Recommendations

    Review BySubscribeMay ApplyNeutralAvoid
    Brokers0000
    Members0000

    IPO Registrar

    Kfin Technologies Ltd.

    040-79615565

    heromotors.ipo@kfintech.com

    IPO Lead Manager(s)

    ICICI Securities Ltd.

    Dam Capital Advisors Ltd.

    JM Financial Ltd.

    Contact Details

    Hero Motors Ltd. Address

    Hero Nagar

    GT Road

    Ludhiana

    Ludhiana, Punjab , 141003

    + 91 120441200

    investorrelations@heromotors.com

    Hero Motors IPO in the news

    Recent coverage in the financial press. Headlines are the publishers' own; verify details with the RHP.

    Hero Motors IPO opens Sept 16, GMP at +24 | Tap to know more | Inshorts

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