Hero Motors IPO: Price Band, Lot Size, Financials & Review
Hero Motors IPO listed on BSE & NSE on Wed, 23 Sep 2026. The issue was subscribed 7.08x overall.
- Open Date
- 16 Sep 2026
- Close Date
- 18 Sep 2026
Last updated
- Price band
- ₹79 – ₹84
- Lot size
- 178 shares
- Min. investment
- ₹14,952
- Issue size
- ₹1,000 Cr
- Last GMP
- -₹3
- Subscribed
- 🔥 7.08x
Hero Motors IPO details
Hero Motors IPO is a ₹1,000 Cr book-building IPO on the Mainboard segment, listing on BSE & NSE. It combines a fresh issue of ₹600 Cr (60.00%) with an offer for sale of ₹400 Cr (40.00%) by existing shareholders. Only the fresh issue money goes to the company.
The issue was open from Wed, 16 Sep 2026 to Fri, 18 Sep 2026. Allotment was finalised on Mon, 21 Sep 2026, and the shares listed on BSE & NSE on Wed, 23 Sep 2026.
The price band is ₹79 to ₹84 per share and the lot size is 178 shares, so the minimum retail application is ₹14,952. Retail investors can apply for up to 13 lots (2,314 shares, ₹1,94,376).
KFin Technologies Limited is the registrar, and ICICI Securities Limited, JM Financial Limited and DAM Capital Advisors Limited are the book running lead managers.
Grey market premium (GMP)
Day-wise GMP →The last Hero Motors IPO GMP before listing was -₹3 (-3.57% against the upper price band of ₹84), implying an estimated listing price of ₹81. Across 10 days of tracking, GMP ranged from -₹3 (22 Sep) to +₹23 (14 Sep).
| Last GMP | -₹3 |
|---|---|
| GMP vs upper band | -3.57% |
| Estimated listing price | ₹81 |
| Highest (14 Sep) | +₹23 |
| Lowest (22 Sep) | -₹3 |
Grey market trading is unofficial and unregulated. GMP is a sentiment indicator, not a guarantee of the listing price. See the Hero Motors IPO day-wise GMP.
Subscription
Day-wise subscription →Hero Motors IPO was subscribed 7.08x overall: QIB 1.59x, NII 10.48x and retail 8.76x.
| Category | Subscribed |
|---|---|
| QIB | 1.59x |
| NII | 10.48x |
| └ bNII (above ₹10 lakh) | 8.62x |
| └ sNII (₹2–10 lakh) | 14.20x |
| Retail | 8.76x |
| Total | 7.08x |
Final figures at the close of bidding on 18 Sep 2026. Category-wise bids, application-wise breakup and allotment chances are on the Hero Motors IPO day-wise and category-wise subscription page.
Share reservation by category
| Category | Shares offered | Share of issue |
|---|---|---|
| Anchor Investors | 3,57,14,284 | 30.00% |
| Qualified Institutions | 2,38,09,525 | 20.00% |
| Non-Institutional | 1,78,57,143 | 15.00% |
| └ BNII | 1,19,04,762 | 10.00% |
| └ SNII | 59,52,381 | 5.00% |
| Retail Investors | 4,16,66,666 | 35.00% |
| Total | 11,90,47,618 | 100.00% |
Shares offered include the anchor investor portion, which is allotted a day before the issue opens. Subscription figures exclude anchors, so category sizes on the subscription page are smaller.
Hero Motors IPO lot size
| 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 |
Amounts at the upper end of the price band.
Issue structure and valuation
It combines a fresh issue of ₹600 Cr (60.00%) with an offer for sale of ₹400 Cr (40.00%) by existing shareholders. Only the fresh issue money goes to the company.
At the upper price band of ₹84, the issue is priced at 79.25x pre-issue earnings and 93.33x post-issue earnings per share.
The post-issue P/E is higher because the fresh issue adds new shares, which spreads the same profit over more shares.
Listed peers with positive earnings trade at a median P/E of 56.15x (5 companies).
Promoter holding falls from 84.67% before the issue to 61.08% after it.
| EPS (pre-issue) Latest earnings per share before the issue | ₹1.06 |
|---|---|
| P/E (pre-issue) Upper price band ÷ pre-issue EPS | 79.25x |
| EPS (post-issue) EPS on the enlarged share capital | ₹0.9 |
| P/E (post-issue) Upper price band ÷ post-issue EPS | 93.33x |
| Promoter holding (pre-issue) | 84.67% |
| Promoter holding (post-issue) | 61.08% |
Hero Motors Limited financials
Between 31 Mar 2025 and 31 Mar 2026, Income rose from ₹1,111.23 Cr to ₹1,216.74 Cr, and profit after tax rose from ₹32.8 Cr to ₹41.17 Cr. The PAT margin for 31 Mar 2026 was 3.38%.
| 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 |
| Reserve & Surplus | 116.32 | 67.71 | 32.26 |
| Total Borrowings | 400.79 | 407.62 | 304.00 |
₹ in crore, as stated in the prospectus.
Key performance indicators
| KPI | Mar 2026 | Mar 2025 | Mar 2024 |
|---|---|---|---|
| ROE % | 8.56 | 7.70 | 4.54 |
| ROCE % | 19.77 | 18.84 | 23.23 |
| Debt / Equity | 0.83 | 0.96 | 0.81 |
| RoNW % | 8.53 | 11.76 | 62.24 |
| Pat Margin % | 3.46 | 3.01 | 1.60 |
Peer comparison
| Company | Face value | P/E | EPS (basic) | EPS (diluted) | RoNW | NAV |
|---|---|---|---|---|---|---|
| Hero Motors Ltd | 10 | — | 1.15 | 1.14 | 8.53% | 12.72 |
| CIE Automotive India Ltd | 10 | 17.68 | 21.69 | 21.69 | 13.18% | 164.65 |
| Endurance Technologies Ltd | 10 | 40.84 | 67.66 | 67.66 | 15.29% | 442.54 |
| Sona BLW Precision Forgings Ltd | 10 | 76.50 | 10.30 | 10.30 | 10.77% | 93.93 |
| UNO Minda Limited | 2 | 59.84 | 20.78 | 20.75 | 19.59% | 113.77 |
| Varroc Engineering Ltd | 1 | 56.15 | 14.73 | 14.73 | 18.70% | 80.45 |
From the prospectus. P/E is shown as — when earnings are zero or negative, or not reported for the issuer before listing.
Objectives
The company intends to allocate the net proceeds from the offering to the following objectives.
| Sr | Objective |
|---|---|
| 1 | Repayment/prepayment/redemption in full or in part, of certain outstanding borrowings availed by our Company |
| 2 | Capital expenditure of our Company through purchase of equipment required for expansion in capacity of our Gautam Buddha Nagar, Uttar Pradesh facility |
| 3 | Funding inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes |
About Hero Motors Limited
Incorporated in April 1998, Hero Motors Limited is an automotive technology company engaged in the design, development, manufacturing, and supply of engineered powertrain solutions to automotive original equipment manufacturers (OEMs) across the United States, Europe, India, and the ASEAN region. The Company offers integrated solutions for both electric and conventional powertrains, catering to a diverse range of applications, including two-wheelers, performance automobiles, e-bikes, off-road vehicles, electric and hybrid cars, heavy-duty vehicles, and electric vertical take-off and landing (eVTOL) applications.
The Company provides both system-level and component-level solutions, covering the entire product lifecycle from design and prototyping to validation, development, and delivery of powertrain systems. Its technological capabilities include continuously variable transmissions (CVTs), electric vehicle (EV) transmissions, electric motors, integrated drive units, and gear sets. Hero Motors has also established a strong 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.
Hero Motors operates through two principal segments: Powertrain Solutions and Alloys and Metallics (A&M). The Powertrain Solutions segment comprises Gears and Transmissions (G&T), which serves automotive and mobility applications, and Bike Powertrain (BPT), which focuses on micro-mobility applications and global e-bike manufacturers. The A&M segment manufactures sheet metal and tubular assemblies and components, primarily catering to automotive OEMs.
The Company has established business relationships with several global customers, including BMW, Ducati, enviolo, Formula Motorsport, Hummingbird EV, and HWA, as well as leading international e-bike manufacturers. Hero Motors continues to focus on technology development and innovation through its in-house design and engineering capabilities, complemented by strategic partnerships with global technology companies.
As of March 31, 2026, the Company had 1,388 permanent employees and 707 contract workers, reflecting its established operational and engineering capabilities.
Promoters
- Pankaj Munjal
- Charu Munjal
- Abhishek Munjal
- O P Munjal Holdings
Contact details
Hero Motors Ltd.
Hero Nagar,GT Road,
Ludhiana
Ludhiana, Punjab, 141003
Phone: + 91 120441200
Email: investorrelations@heromotors.com
Website: https://www.heromotors.com/
Hero Motors IPO FAQs
- What is the Hero Motors IPO price band?
- The Hero Motors IPO price band is ₹79 to ₹84 per share.
- What is the Hero Motors IPO lot size and minimum investment?
- The Hero Motors IPO lot size is 178 shares. The minimum retail investment is ₹14,952 for one lot at the upper price band. Retail investors can apply for up to 13 lots (2,314 shares), costing ₹1,94,376.
- When was Hero Motors IPO open for subscription?
- Hero Motors IPO was open for subscription from Wed, 16 Sep 2026 to Fri, 18 Sep 2026.
- What is the Hero Motors IPO subscription status?
- Hero Motors IPO was subscribed 7.08x overall: QIB 1.59x, NII 10.48x and retail 8.76x. Day-wise and category-wise figures are on the subscription page.
- What was the Hero Motors IPO GMP before listing?
- The last Hero Motors IPO GMP before listing was -₹3 (-3.57% against the upper price band of ₹84), implying an estimated listing price of ₹81. Across 10 days of tracking, GMP ranged from -₹3 (22 Sep) to +₹23 (14 Sep). GMP is an unofficial grey market indicator and can change quickly.
- What is the Hero Motors IPO allotment date?
- The Hero Motors IPO basis of allotment was finalised on Mon, 21 Sep 2026. You can check your allotment status on the KFin Technologies Limited website.
- What is the Hero Motors IPO listing date?
- Hero Motors IPO listed on BSE & NSE on Wed, 23 Sep 2026.
- Is the Hero Motors IPO a fresh issue or an offer for sale?
- It combines a fresh issue of ₹600 Cr (60.00%) with an offer for sale of ₹400 Cr (40.00%) by existing shareholders. Only the fresh issue money goes to the company.
- Who are the registrar and lead managers of the Hero Motors IPO?
- The registrar for the Hero Motors IPO is KFin Technologies Limited, and the book running lead managers are ICICI Securities Limited, JM Financial Limited and DAM Capital Advisors Limited.
Data is compiled from the prospectus, stock exchanges and market sources and is for information only. It is not investment advice; read the RHP before applying.