GMP IPO Watch
Hero Motors IPO
Hero Motors IPO details, live grey market premium (GMP), dates, price band, lot size, subscription & review.
Hero Motors IPO Details
Key facts at a glance| IPO Open Date | 15 September 2026 | IPO Close Date | 17 September 2026 |
|---|---|---|---|
| Basis of Allotment | 20 September 2026 | Listing Date | 22 September 2026 |
| Price Band | ₹79 - ₹84 per share | Face Value | ₹10 per share |
| Market Lot Size | 178 Shares | Min Investment (Retail) | ₹14,952 |
| Total Issue Size | ₹1,000 Cr | Issue Type | Book Built Issue IPO |
| Fresh Issue | ₹600 Cr | Offer for Sale (OFS) | ₹400 Cr |
| Listing At | NSE, BSE | Issue Category | Mainboard Issue |
| Registrar | TBA | ||
Hero Motors IPO Timetable (Tentative Dates)
| Event | Tentative Date | Status |
|---|---|---|
| IPO Open Date | 15 September 2026 | Confirmed |
| IPO Close Date | 17 September 2026 | Confirmed |
| Basis of Allotment | 20 September 2026 | Tentative |
| Initiation of Refunds | 22 September 2026 | Tentative |
| Credit of Shares to Demat | 22 September 2026 | Tentative |
| IPO Listing Date | 22 September 2026 | Tentative |
| Cut-off time for UPI Mandate Confirmation | 18 September 2026 (5:00 PM) | Deadline |
* Note: Timelines are tentative and subject to regulatory confirmation. UPI mandate approvals must be completed by 5:00 PM on the IPO closing day.
Hero Motors IPO Lot Size & Investment Details
Application limits for Retail and HNI investors| Application Category | Lots | Shares | Amount (at Cut-off) |
|---|---|---|---|
| Retail (Min) | 1 Lot | 178 Shares | ₹14,952 |
| Retail (Max) | 13 Lots | 2,314 Shares | ₹1,94,376 |
| S-HNI (Min) | 14 Lots | 2,492 Shares | ₹2,09,328 |
| S-HNI (Max) | 66 Lots | 11,748 Shares | ₹9,86,832 |
| B-HNI (Min) | 67 Lots | 11,926 Shares | ₹10,01,784 |
Hero Motors IPO Live GMP & Movement History
Daily unofficial grey market trends₹6 +7.1%
| Date | IPO GMP (₹) | Estimated Listing Price | Estimated Listing Gain (%) |
|---|---|---|---|
| 18 Sept 2026 | ₹3 | ₹87.00 | +3.57% |
| 17 Sept 2026 | ₹13 | ₹97.00 | +15.48% |
| 16 Sept 2026 | ₹19 | ₹103.00 | +22.62% |
| 11 Sept 2026 | ₹8 | ₹92.00 | +9.52% |
Hero Motors IPO Subscription Status
Demand breakdown by investor categoryHero Motors Company Financials
Restated figures (₹ in Crores)| Period | Total Assets | Total Revenue | Total Expenses | Profit After Tax (PAT) |
|---|---|---|---|---|
| 2024 | 1,059.86 Cr. | 1,083.42 Cr. | 1,059.12 Cr. | 17.04 Cr. |
| 2025 | 1,164.62 Cr. | 1,111.23 Cr. | 1,072.16 Cr. | 32.80 Cr. |
| 2026 | 1,371.83 Cr. | 1,216.74 Cr. | 1,153.78 Cr. | 41.17 Cr. |
* Amounts reported in ₹ Crores as sourced from company regulatory filings (RHP/DRHP).
Hero Motors IPO Valuation & KPIs
Key metrics pre-issueHero Motors Peer Group Comparison
Listed industry peers| Company Name | P/E | EPS (₹) | RoNW (%) | NAV (₹) | Total Income |
|---|---|---|---|---|---|
| CIE Automotive India Limited | 17.68 | 21.69 | 13.18% | 164.65 | 9,406.47 Cr. |
| Endurance Technologies Limited | 40.84 | 67.66 | 15.29% | 442.54 | 14,595.88 Cr. |
| Sona BLW Precision Forgings Limited | 76.50 | 10.30 | 10.77% | 93.93 | 4,449.46 Cr. |
| UNO Minda Limited | 59.84 | 20.78 | 19.59% | 113.77 | 19,657.59 Cr. |
| Varroc Engineering Limited | 56.15 | 14.73 | 18.70% | 80.45 | 8,890.49 Cr. |
About Hero Motors
Hero Motors Limited is a solution provider in the powertrain sector engaged in manufacturing and supplying a wide range of electrified and non-electrified powertrains along with alloy and metallic components. The company operates primarily through two distinct business segments, namely Powertrain Solutions and Alloys and Metallics, catering to two-wheelers, e-bikes, motorsport, and performance automotive industries. It generates revenue by selling specialized components, gears, transmissions, hubs, and metal assemblies directly to original equipment manufacturers operating across India, Europe, the United States, and other international markets. Supported by integrated design, research, and engineering capabilities, the company maintains manufacturing facilities and technology centers across India, the United Kingdom, and Thailand. Its operational specialization covers product design, prototyping, and large-scale manufacturing focused on delivering custom-engineered solutions to domestic and global automotive client bases.
Key Strengths
- Strong promoter backing with long-standing experience in the automotive sector.
- Diversified portfolio across EV and ICE powertrain solutions and metal components.
- Established relationships with global OEM customers.
- Integrated capabilities across design, engineering and manufacturing.
- Positioned to benefit from vehicle electrification and mobility trends.
Key Risks
- High revenue dependence on a limited number of key customers.
- Exposure to cyclical demand in the automotive industry.
- Significant reliance on international, especially European, markets.
- Vulnerability to raw material price volatility and supply disruptions.
- Execution risks in capacity expansion and EV transition strategy.
Hero Motors IPO Reservation & Share Quotas
The Hero Motors IPO reservation is structured across qualified institutional buyers, non-institutional investors and retail investors. The issue reserves up to 50% of the offer for QIBs, while not less than 15% is available for NII investors and not less than 35% is reserved for retail investors.
The anchor investor portion is carved out of the QIB portion, with anchor bidding scheduled ahead of the public subscription period. The current reservation structure follows the allocation percentages specified in the IPO documents. :contentReference[oaicite:0]{index=0}
| Investor Category | Share Offered | -% Shares |
|---|---|---|
| Anchor Investor | – Shares | -% |
| QIB (Ex. Anchor) | – Shares | 50% |
| NII Shares Offered | – Shares | 15% |
| Retail Shares Offered | – Shares | 35% |
Note: The share quantities are currently shown as pending. The final category-wise allocation will be updated based on the applicable IPO documents and final issue structure.
Hero Motors IPO Anchor Investors
Hero Motors IPO anchor investor bidding is scheduled for September 15, 2026, one day before the public issue opens. The anchor portion gives eligible institutional investors an opportunity to participate in the IPO ahead of the main subscription period.
The number of shares offered and the total anchor size are currently shown as pending. The final anchor allocation details can be updated once the company's anchor investor list and allocation information are released.
| Particular | Details |
|---|---|
| Anchor Bidding Date | September 15, 2026 |
| Shares Offered | [.] Shares |
| Anchor Size | [.] Cr. |
| Lock-in Period End Date 50% Shares (30 Days) | 2026 |
| Lock-in Period End Date 50% Shares (90 Days) | 2026 |
Note: Anchor investor figures are based on the current Hero Motors IPO information provided above and may be updated after the final anchor allocation is announced.
Hero Motors IPO Important Dates
| Particular | Dates |
|---|---|
| IPO Open Date | 16 Sept 2026 |
| IPO Close Date | 18 Sept 2026 |
| Basis of Allotment | 21 Sept 2026 |
| Refunds | 22 Sept 2026 |
| Credit to Demat Account | 22 Sept 2026 |
| IPO Listing Date | 23 Sept 2026 |
Note: The timeline for Hero Motors IPO is tentative and subject to change.
Hero Motors Promoters and Shareholding Pattern
The promoters of Hero Motors are Pankaj Munjal, Charu Munjal, Abhishek Munjal and O P Munjal Holdings. The promoter and promoter group holding is expected to reduce after the IPO, while the proportion of shares held by other shareholders will increase.
The table below shows the shareholding pattern before and after the IPO, giving investors a clear view of the change in promoter ownership and the overall post-issue shareholding structure.
| Particular | Pre IPO Shares | Pre IPO % Shares | Post IPO Shares | Post IPO % Shares |
|---|---|---|---|---|
| Promoter and Promoter Group | 327,540,186 | 85.57% | 279,921,139 | 61.63% |
| Others* | 55,246,819 | 14.43% | 174,294,437 | 38.37% |
| Total | 382,787,005 | 100% | 454,215,576 | 100% |
Note: The holding pattern represents the pre-IPO and post-IPO shareholding structure provided for Hero Motors.
Hero Motors Objects of the Issue & Utilisation of Proceeds
| Purpose | Crores |
|---|---|
| Repayment/prepayment of borrowings | 190 (31.67%) |
| Purchase of equipment for capacity expansion at Gautam Buddha Nagar facility | 200 (33.33%) |
| Inorganic growth, strategic initiatives & general corporate purposes | 210 (35%) |
Note: Objectives are as specified in the DRHP/RHP documents of Hero Motors.
Hero Motors About the IPO
Hero Motors Limited is one of the leading companies in the case of design, development, and supply of advanced powertrain solutions to OEMs in the US, Europe, India, and ASEAN. The company offers a variety of products used in different types of vehicles, such as two-wheelers, e-bikes, high-performance cars, off-road vehicles, electric and hybrid cars, heavy-duty vehicles, and eVTOL aircraft.
The company is blessed with various products, as its products are deployed in various things such as bikes, e-bikes, cars, off-road and heavy vehicles, electric and hybrid models, and flying vehicles like eVTOLs. Hero Motor Limited has two main business areas: Powertrain Solutions, systems that help vehicles move by turning energy into motion. Alloys and Metallics, which are Special materials used in electric, fuel-based, and hybrid vehicles, are suitable for all types of powertrains.
Hero Motors Company Financial Report
| Period | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2024 | 1,083.42 Cr. | 1,059.12 Cr. | 17.04 Cr. | 1,059.86 Cr. |
| 2025 | 1,111.23 Cr. | 1,072.16 Cr. | 32.80 Cr. | 1,164.62 Cr. |
| 2026 | 1,216.74 Cr. | 1,153.78 Cr. | 41.17 Cr. | 1,371.83 Cr. |
Note: Financial numbers for Hero Motors are in ₹ Crores unless stated otherwise.
Hero Motors Company Valuation & Key Performance Indicators
| KPI | Values |
|---|---|
| ROE | 8.56% |
| ROCE | 19.77% |
| EBITDA Margin | 12.44% |
| PAT Margin | 3.46% |
| Debt to Equity Ratio | – |
| Earning Per Share (EPS) | 1.15 (Basic) |
| Price/Earning P/E Ratio | - |
| Return on Net Worth (RoNW) | 8.53% |
| Net Asset Value (NAV) | 12.72 |
Note: Valuation KPIs for Hero Motors are computed for FY2026.
Hero Motors Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| CIE Automotive India Limited | 21.69 | 17.68 | 13.18% | 164.65 | 9,406.47 Cr. |
| Endurance Technologies Limited | 67.66 | 40.84 | 15.29% | 442.54 | 14,595.88 Cr. |
| Sona BLW Precision Forgings Limited | 10.30 | 76.50 | 10.77% | 93.93 | 4,449.46 Cr. |
| UNO Minda Limited | 20.78 | 59.84 | 19.59% | 113.77 | 19,657.59 Cr. |
| Varroc Engineering Limited | 14.73 | 56.15 | 18.70% | 80.45 | 8,890.49 Cr. |
Note: Peer group comparisons for Hero Motors are sourced from DRHP filings.
Hero Motors Lead Managers & Merchant Bankers
- ICICI Securities Limited
- Dam Capital Advisors Ltd
- Jm Financial Limited
Hero Motors IPO FAQs
Hero Motors IPO opens for subscription on 15 September 2026 and closes on 17 September 2026.
The price band for Hero Motors IPO is set at ₹79.00 to ₹84.00 per share.
The minimum market lot size is 178 shares. A retail investor can apply for a minimum of 1 lot requiring an investment of 178 Shares (₹14,952).
The latest Grey Market Premium (GMP) for Hero Motors IPO is ₹6. GMP represents the unofficial premium at which shares trade prior to listing.
The basis of allotment for Hero Motors IPO is tentatively scheduled for 20 September 2026, and shares are expected to list on the stock exchanges on 22 September 2026.
The registrar details will be confirmed in the official prospectus.