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    Hero Motors IPO

    Updated 26 Oct 2026, 6:50 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

    ₹0

    0.0% of the ₹84 upper band

    Est. listing price

    ₹84

    Issue size

    ₹400 Cr

    Listing price

    ₹82.00

    NSE HEROMOTORS, special pre-open price

    Listing gain

    -2.4%

    Listing price against the issue price

    First-day close

    ₹98.40

    Since issue

    +25.8%

    ₹105.69 close, 26 Oct 2026

    As NSE lists it

    The exchange's own issue data, NSE symbol HEROMOTORS · read 27 Oct 2026, 12:15 am

    Price band
    ₹79–84
    Bidding
    16 Sept 2026 – 18 Sept 2026
    Subscribed (NSE)
    —
    Shares offered
    —
    Listed
    23 Sept 2026
    Issue price
    ₹84

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

    Allotment status

    Check it on the registrar's page or either exchange with your PAN or application number.

    1. Allotment finalised21 Sept 2026(done)
    2. Refunds start22 Sept 2026(done)
    3. Shares credited to demat22 Sept 2026(done)
    4. Listing23 Sept 2026(done)
    Check on Kfin Technologies Ltd.Check on BSECheck on NSE

    GMP history

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

    ObservedGMPEst. listing price
    23 Sept 2026, 1:50 pm₹0₹84
    23 Sept 2026, 1:45 pm₹0₹84
    23 Sept 2026, 8:50 am₹0₹84
    23 Sept 2026, 8:45 am₹0₹84
    22 Sept 2026, 6:50 pm-₹1₹84
    22 Sept 2026, 6:45 pm₹0₹84
    22 Sept 2026, 1:50 pm-₹1₹84
    22 Sept 2026, 1:45 pm₹0₹84
    22 Sept 2026, 8:50 am-₹1₹84
    22 Sept 2026, 8:45 am₹0₹84
    21 Sept 2026, 6:50 pm-₹1₹84
    21 Sept 2026, 6:45 pm₹0₹84
    21 Sept 2026, 1:50 pm-₹1₹84
    21 Sept 2026, 1:46 pm₹0₹84
    21 Sept 2026, 11:23 am-₹1₹84
    21 Sept 2026, 8:45 am₹0₹84
    19 Sept 2026, 6:45 pm₹0₹0
    19 Sept 2026, 1:45 pm₹0₹0
    19 Sept 2026, 8:45 am₹0₹0
    18 Sept 2026, 6:45 pm₹6₹90
    18 Sept 2026, 1:45 pm₹6₹90
    18 Sept 2026, 8:45 am₹6₹90
    17 Sept 2026, 6:45 pm₹7₹91
    17 Sept 2026, 1:45 pm₹13₹97
    17 Sept 2026, 8:45 am₹13₹97
    16 Sept 2026, 6:45 pm₹5₹89
    16 Sept 2026, 1:45 pm₹19₹103
    16 Sept 2026, 8:50 am₹19₹103
    16 Sept 2026, 8:45 am₹19₹103
    15 Sept 2026, 9:28 pm₹22₹108
    15 Sept 2026, 9:20 pm₹24₹108
    15 Sept 2026, 8:37 pm₹24₹108
    15 Sept 2026, 8:30 pm₹24₹108
    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
    ₹400 Cr
    Lot size
    178
    Opens
    16 Sept 2026
    Closes
    18 Sept 2026
    Allotment
    21 Sept 2026
    Listing
    23 Sept 2026
    Est. listing price
    ₹84
    Listing price
    ₹82
    Listing gain
    -2.4%
    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

    Subscription by category

    As of 18 Sept 2026, 4:05 pm.

    Total subscription

    7.01x

    Qualified Institutional1.59×
    Non Institutional10.47×
    Retail Individual8.62×

    Full issue details

    Details as published for this issue, read 22 Sept 2026, 9:05 am. Verify against the RHP before applying.

    IPO Details

    IPO Date16 to 18 Sep, 2026
    Listing DateWed, Sep 23, 2026 (tentative)
    Face Value₹ 10 per share
    Price Band₹79 to ₹84
    Issue Price₹84 per share
    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

    • QIB50.00%
    • NII (HNI)15.00%
    • Retail35.00%
    Issue Reservation: Share of the issue reserved for each investor category. Figures as published in the table below.
    Investor CategoryShares% of Total IssueMax Allottees
    QIB5,95,23,80950.00%NA
    - Anchor Investor3,57,14,28430.00%NA
    - QIB (Ex. Anchor)2,38,09,52520.00%NA
    NII (HNI)1,78,57,14315.00%NA
    - bNII > ₹10L1,19,04,76210.00%4,777
    - sNII < ₹10L59,52,3815.00%2,388
    Retail4,16,66,66635.00%2,34,082
    Total11,90,47,618100.00%—

    Hero Motors IPO comprises a total issue size of 11,90,47,618 shares. Out of which, 5,95,23,809 (50.00%) are allocated to QIB , 1,78,57,143 (15.00%) allocated to NII 4,16,66,666 (35.00%) allocated to RII .

    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)132,314₹1,94,376
    S-HNI (Min)142,492₹2,09,328
    S-HNI (Max)6611,748₹9,86,832
    B-HNI (Min)6711,926₹10,01,784

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

    IPO Anchor Investors

    Bid DateTue, Sep 15, 2026
    Shares Offered3,57,14,284
    Anchor Portion (₹ Cr.)300.00
    Anchor lock-in period end date for 50% shares (30 Days)Wed, Oct 21, 2026
    Anchor lock-in period end date for remaining shares (90 Days)Sun, Dec 20, 2026

    Hero Motors IPO raises ₹ 300.00 crore from anchor investors . Hero Motors IPO Anchor bid date is September 15, 2026 .

    📝 Anchor Investors Letter (PDF)

    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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    IPO Objects of the Issue

    Repayment/prepayment/redemption, in full or in part, of certain outstanding borrowings availed by Company190.00
    Capital expenditure of Company through purchase of equipment for expansion in capacity of Gautam Buddha Nagar, Uttar Pradesh facility200.00
    Funding inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes(171.99
    Issue Expenses60.25
    IPO Objects of the Issue: What the proceeds are earmarked for (₹ Cr.). Figures as published in the table below.
    #Issue ObjectsEst Amt (₹ Cr.)
    1Repayment/prepayment/redemption, in full or in part, of certain outstanding borrowings availed by Company190.00
    2Capital expenditure of Company through purchase of equipment for expansion in capacity of Gautam Buddha Nagar, Uttar Pradesh facility200.00
    3Funding inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes(171.99
    4Issue Expenses60.25
    Total622.24

    The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:

    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
    Brokers0020
    Members0000

    IPO Subscription Status

    CategorySubscription (x)Shares OfferedShares bid for
    QIB (Ex Anchor)1.592,38,09,5253,77,55,046
    NII10.471,78,57,14318,69,46,636
    bNII (> ₹10L)8.621,19,04,76210,26,02,048
    sNII (< ₹10L)14.1759,52,3818,43,44,588
    Retail8.624,16,66,66635,92,01,508
    Total7.018,33,33,33458,39,03,190

    The Hero Motors IPO is subscribed 7.01 times on September 18, 2026 4:05:51 PM (Day 3). The public issue subscribed 8.62 times in the retail category, 1.59 times in the QIB category, and 10.47 times in the NII category. Check Day by Day Subscription Details (Live Status)

    Reload

    Total Applications: 16,26,725

    IPO Expenses

    #Issue ExpensesEst Amt (₹ Cr.)
    1Fees payable to the BRLMs including underwriting commission, brokerage and selling commission, as applicable23.95
    2Selling commission and processing fees for SCSBs (1)(2) and Bidding Charges for Members of the Syndicate, Registered Brokers, RTAs and CDPs1.76
    3Processing fees payable to the Sponsor Banks0.07
    4Listing fees, SEBI and Stock Exchanges filing fees, book building software fees and other regulatory expenses7.05
    5Printing and stationery expenses0.66
    6Advertising and marketing expenses3.31
    7Fees payable to the legal counsels to the Offer6.23
    8Fees payable to Statutory Auditor5.30
    9Fees payable to the industry service provider1.26
    10Miscellaneous expenses10.64
    Total60.25

    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 Allotment Status: Check Allocation Online Today

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    Moneycontrol.com · 21 Sept 2026

    Hero Motors IPO, SS Retail IPO, Jindal Supreme IPOs' allotment status check by PAN card | GMP compared

    Livemint · 21 Sept 2026

    Hero Motors IPO allotment likely today; Check GMP and other key details — Here’s how to check status onlin

    The Economic Times · 21 Sept 2026

    Hero Motors IPO Allotment Status Today: How To Check On BSE, NSE, KFin Technologies

    NDTV Profit · 21 Sept 2026

    Hero Motors IPO Allotment Status: 3.58x Subscribed, Check Online

    Univest · 20 Sept 2026

    IPO GMP compared: SS Retail, Hero Motors, Jindal Supreme - allotment soon, how to check status online, subscription

    Livemint · 19 Sept 2026

    FAQ

    Hero Motors: common questions

    Answered from this issue's own record.

    The Hero Motors Mainboard IPO is priced at ₹84 per share, for an issue size of ₹400 crore.

    The issue opens on 16 Sept 2026 and closes on 18 Sept 2026, with listing expected on 23 Sept 2026.

    One lot is 178 shares, and applications must be in multiples of a lot. At the upper band that is ₹14,952 for one lot.

    Latest recorded subscription: QIB 1.59x, NII 10.47x, retail 8.62x (as of 26 Oct 2026).

    Hero Motors listed at ₹82 on 23 Sept 2026. That was a loss of 2.38% against the issue price.