Hero Motors Limited
Promoters Pankaj Munjal · Abhishek Munjal · Charu Munjal · OP Munjal Holdings
Hero Motors Limited raised ₹1,200 crore through a mainboard initial public offer.
The filing places it in Auto Components and names four promoters: Pankaj Munjal, Abhishek Munjal, Charu Munjal and OP Munjal Holdings.
The book was open from 16 September 2026 to 18 September 2026.
The price band was ₹79 to ₹84 a share, and the minimum lot is 178 shares — ₹14,952 at the top of the band.
As of the exchange's 18-Sep-2026 19:00:00 update the book was subscribed 6.66 times the shares on offer, counting bids on NSE and BSE together.
Against their reserved portions: qualified institutional buyers 1.49 times, non-institutional investors 9.86 times and retail investors 8.23 times. Those portions add up to the whole offer; the sub-categories below each one are already counted inside it.
32.57 crore shares were bid at cut-off — applications that accept whatever price the issue is finally set at rather than naming one.
- How it was priced
- Book-built — the price was discovered inside a band from the bids received
- Listing sought at
- BSE And NSE
- Registered office
- Northern India
- Company website
- https://www.heromotors.com
- Registrar
- KFin Technologies Limited
- Lead managers
- ICICI Securities Limited
- DAM Capital Advisors Limited
- JM Financial Limited
| Category | Lots | Shares | Amount |
|---|---|---|---|
Retail Individuals bidding up to ₹2 lakh | 1 – 13 | 178 – 2,314 | ₹14,952 – ₹1,94,376 |
Small NII Non-institutional bids of ₹2 lakh to ₹10 lakh | 14 – 66 | 2,492 – 11,748 | ₹2,09,328 – ₹9,86,832 |
Big NII Non-institutional bids above ₹10 lakh | 67+ | 11,926+ | ₹10,01,784+ |
Bids move in whole lots of 178 shares. The category boundaries are SEBI’s, set by the value of the application — ₹2 lakh divides retail from non-institutional, and ₹10 lakh divides the two non-institutional pools. The lot counts above are those limits converted at ₹84, not a figure the exchange publishes.
- Bidding opens16 Sept 2026
- Bidding closes18 Sept 2026
- Basis of allotmentnot published
Not published in the exchange feeds we ingest — we do not estimate it.
- Listingnot published
Investors have bid for 6.66 times the shares on offer. Each category below has its own reserved portion, and those portions add up to the whole offer.
Bids placed on NSE alone, excluding BSE. It is smaller than the 6.66x headline above and the two must never be compared or added together.
Every bid names a price, or accepts whatever the final price turns out to be. This shows how many shares have been bid for at each price or above it — so the bar at the top of the band counts only the bids willing to pay it.
The columns are near-identical because they are: demand falls only 0.39% between ₹79 and ₹84, so almost every bid was willing to pay the top of the band. The axis starts at zero — the flatness is the finding, not a missing scale.
These accept whatever price the issue is finally set at, so they have no place on the price axis and are not in the chart.
How much of the demand falls away between the bottom and the top of the band.
Cumulative shares bid at or above each price in the band, from the exchange's own demand schedule. Bids placed at cut-off carry no price and are counted separately.
We have not extracted an anchor allotment list for this issue.
Every offer document must set out the reasoning behind its own price: what the company earned in the years before it came to market, and what multiple of those earnings it is asking for. This is that chapter — the issuer’s argument for its price, not our assessment of it.
| Year | Basic | Diluted | Weight |
|---|---|---|---|
| FY2024 | ₹0.36 | ₹0.35 | 1 |
| FY2025 | ₹0.67 | ₹0.66 | 2 |
| FY2026 | ₹1.15 | ₹1.14 | 3 |
Figures as printed in the offer document's "Basis for Offer Price" chapter. A record of the case the issuer made for its own price, not our valuation of it.
Restated figures the issuer is required to publish in its offer document, covering the years before it came to market.
| Line | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Net cash flow from financing activities(₹ million) | -203.63 | 536.91 | -617.98 |
| Net cash flow used in investing activities(₹ million) | -769.27 | -1,352.31 | -693.86 |
| Equity share capital(₹ million) | 3,535.78 | 3,573.84 | 3,583.36 |
| Net Worth(₹ million) | 3,854.44 | 4,239.51 | 4,824.48 |
| Profit for the year after tax(₹ million) | 170.35 | 327.96 | 411.68 |
| Revenue from operations(₹ million) | 10,643.86 | 10,895.93 | 11,883.51 |
| Return on Net Worth (in %)(%) | 4.42 | 7.74 | 8.53 |
| Total borrowings(₹ million) | 3,039.98 | 4,076.22 | 4,007.89 |
Figures as filed by the issuer in its offer document.
We have not extracted this section from the offer document for this issue yet. It is read from the abridged prospectus, and several offer documents are served as .zip archives or as scanned pages with no text layer.
The offer document must name the listed companies the issuer considers comparable, and print their valuation figures beside its own. This is that list — the issuer’s choice of comparison, not ours.
| Company | P/E | P/B | RoNW | EPS | Income |
|---|---|---|---|---|---|
| CIE Automotive India Limited | 94,064.7 | — | 13.2% | 21.69 | ₹94,065 cr |
| Endurance Technologies Limited | 1,45,958.8 | — | 15.3% | 67.66 | ₹1,45,959 cr |
| Sona BLW Precision Forgings Limited | 44,494.6 | — | 10.8% | 10.30 | ₹44,495 cr |
| UNO Minda Limited | 1,96,575.9 | — | 19.6% | 20.78 | ₹1,96,576 cr |
| Varroc Engineering Limited | 88,904.9 | — | 18.7% | 14.73 | ₹88,905 cr |
The issuer's own figures as printed at the head of the same table — its claim about itself, on the same basis as its claims about the companies below.
Figures as PRINTED by the issuer in its own offer document. The comparison set is the issuer's choice, not ours.
| Firm | Issues | Typical listing move | Below issue @30d | @90d | @180d |
|---|---|---|---|---|---|
DAM Capital Advisors Limited 2021 – 2026 | 31 5 measurable | +24.6% | 0 of 3 | 0 of 2 | 0 of 2 |
ICICI Securities Limited 2021 – 2026 | 87 12 measurable | +16.0% | 5 of 10 | 1 of 4 | 1 of 6 |
JM Financial Limited 2021 – 2026 | 68 16 measurable | +13.3% | 5 of 10 | 0 of 2 | 0 of 3 |
| Firm | Issues | Typical listing move | Below issue @30d | @90d | @180d |
|---|---|---|---|---|---|
Kfin Technologies Limited 2021 – 2026 | 125 30 measurable | +7.9% | 8 of 17 | 2 of 5 | 2 of 5 |
A count of what happened to the other issues each firm was named on, computed from exchange closes. Not a rating, not a ranking, and not a view on the firm.
- Red herring prospectus (RHP)· ZIP · exchange archive
- Draft red herring prospectus (DRHP)· PDF · exchange archive30 Jun 2025
- Draft red herring prospectus (DRHP)· ZIP · exchange archive23 Aug 2024
- Abridged prospectus· PDF · exchange archive10 Sept 2026
- Anchor investor allotment· ZIP · exchange archiveThis document is a scan with no text layer — readable by eye, not by machine.
- Financial ratios advertisement· ZIP · exchange archive
- In-principle approval (XBRL)· XML · exchange archive
Filed with SEBI and the exchanges by the issuer. These are the source for every figure on this page.
Compiled from NSE and SEBI offer documents and exchange feeds. A description of the issue and of the bids received — not investment advice, and not a view on whether to apply. No grey-market premium, no allotment lookup and no listing-gain estimate is published here.