Hero Motors IPO: Overview

Hero Motors Limited, an automotive technology company specialising in powertrain solutions, opens its ₹1,000 crore mainboard IPO on September 16, 2026. The issue closes on September 18, 2026, with listing on both BSE and NSE expected on September 23, 2026.

The issue combines a fresh issue of ~₹600 crore (7,14,28,571 shares) with an offer for sale of ~₹400 crore (4,76,19,047 shares) by promoter-group selling shareholders.

Hero Motors IPO: Key Dates

Hero Motors IPO: Issue Details

Reservation is split 35% for retail, 50% for QIB, and 15% for NII/HNI.

Hero Motors IPO: Lot Size

About Hero Motors

Incorporated in April 1998, Hero Motors 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 the ASEAN region. Its product portfolio spans two-wheelers, performance automotive, and e-bikes, alongside high-end transmission systems, drive units, engine components, and alloys/metallics products.

Objects of the Issue

Part of the fresh issue proceeds — reportedly around ₹190 crore — is earmarked for repayment of outstanding borrowings, with the remainder directed toward general corporate purposes and other stated objects as detailed in the offer document.

What the OFS Means for Promoter Holding

At the upper end of the price band, Hero Motors will carry a market capitalisation of ₹3,815 crore. As a direct result of the offer for sale, promoter holding will decline from 85.57% to 61.63% — a meaningful dilution, though promoters retain clear majority control post-listing.

Key Valuation Metrics

The P/E multiple in the high-60s to low-70s is worth sitting with for a moment — this places Hero Motors at a considerably richer valuation than several listed auto-ancillary peers. For context, peers like Endurance Technologies and CIE Automotive have traded at meaningfully lower multiples (in the 17-41x range, per market commentary), making Hero Motors' asking valuation look aggressive by comparison — a gap prospective investors should weigh carefully against the company's specific growth prospects and margin profile in the full RHP before applying. The 3-year weighted average RoNW of 7.58% is also relatively modest, and worth reconciling against the premium valuation being sought.

Financial Performance

Lead Managers & Registrar

• Book Running Lead Managers: ICICI Securities Ltd., DAM Capital Advisors Ltd., JM Financial Ltd.
• Registrar: KFin Technologies Ltd.

How To Apply for the IPO ?

• Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services website and log in with your credentials. 
• Locate the IPO Section: Navigate to the 'IPO' section on the platform. 
• Select IPO: Find and select the IPO from the list of open IPOs. 
• Enter the Lot Size: Specify the number of lots you want to bid for. 
• Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application. 
• Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN. 

How To Check the Allotment Status of the IPO?

Steps to check IPO allotment status on JM Pro app: 

• Log in to the JM Pro app. 
• Go to the IPO Section and then to IPO Orders. 
• Select the individual IPO that you had applied for and check the allotment status. 

JM Financial Services will notify you of your IPO allotment status via push notification and email