Hero Motors
Price band ₹79–84 · Issue ₹1000.00 Cr
Market attention score 30 (how ranked)
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Capital required
Approximate retail outlay for Hero Motors at the issue price band (lot × lots).
Est. capital
₹14,062 – ₹14,952
Lot size 178 · up to ₹84/share
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Opens
16 Sept 2026
Closes
18 Sept 2026
Allotment
21 Sept 2026
Listing
23 Sept 2026
Lot size
178
At a glance
IPO Open Wed, Sep 16, 2026 IPO Close Fri, Sep 18, 2026 Price Band ₹79 to ₹84 Market Cap * ₹3,815.41 Cr * on Upper Price IPO Details IPO Date 16 to 18 Sep, 2026 Listing Date Wed, Sep 23, 2026 T Face Value ₹ 10 per share Price Band ₹79 to ₹84 Lot Size 178 Shares Sale Type Fresh capital cum OFS Issue Type Bookbuilding IPO Listing At BSE, NSE Total Issue Size 11,90,47,618 shares (agg. up to ₹ 1,000 Cr) Fresh Issue 7,14,28,571 shares (agg. up to ₹ 600 Cr) Offer for Sale 4,76,19,047 shares of ₹ 10 (agg. up to ₹ 400 Cr) Share Holding Pre Issue 38,27,87,005 shares Share Holding Post Issue 45,42,15,576 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 IPOs Timetable Issue Reservation Investor Category Shares QIB Not more than 50% of the Offer Retail Not less than 35% of the Offer NII Not less than 15% of the Offer IPO Lot Size Investors can bid for a minimum of 178 shares and in multiples thereof. Application Lots Shares Amount Retail (Min) 1 178 ₹14,952 Retail (Max) 13 2314 ₹1,94,376 S-HNI (Min) 14 2492 ₹2,09,328 S-HNI (Max) 66 11748 ₹9,86,832 B-HNI (Min) 67 11926 ₹10,01,784 IPO Subscription Details About Hero Motors Ltd. Updated on Sep 10, 2026 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.
Overview
Hero Motors IPO is a book build issue of ₹1,000.00 crores. The issue is a combination of fresh issue of 7.14 crore shares aggregating to ₹600.00 crores and offer for sale of 4.76 crore shares aggregating to ₹400.00 crores.
Hero Motors IPO opens for subscription on Sep 16, 2026 and closes on Sep 18, 2026. The allotment for the Hero Motors IPO is expected to be finalized on Sep 21, 2026. Hero Motors IPO will list on NSE and BSE with a tentative listing date fixed as Sep 23, 2026.
Hero Motors IPO is set issue price band at ₹79 to ₹84 per share. The lot size for an application is 178 shares. The minimum amount of investment required by an individual investor (retail) is ₹14,952 (178 shares) (based on upper price).
ICICI Securities Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue.
Refer to Hero Motors IPO RHP for detailed Information.
Issue details
IPO Date
16 to 18 Sep, 2026
Listing Date
Wed, Sep 23, 2026T
Face Value
₹10 per share
Price Band
₹79 to ₹84
Lot Size
178 Shares
Sale Type
Fresh capital cum OFS
Issue Type
Bookbuilding IPO
Listing At
BSE, NSE
Lot size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 178 | ₹14,952 |
| Retail (Max) | 13 | 2314 | ₹1,94,376 |
| S-HNI (Min) | 14 | 2492 | ₹2,09,328 |
| S-HNI (Max) | 66 | 11748 | ₹9,86,832 |
| B-HNI (Min) | 67 | 11926 | ₹10,01,784 |
Issue reservation
| Investor Category | Shares |
|---|---|
| QIB | Not more than 50% of the Offer |
| Retail | Not less than 35% of the Offer |
| NII | Not less than 15% of the Offer |
About the company
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.
- 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.
Financials
| Metric | 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 |
| Reserves and Surplus | 116.32 | 67.71 | 32.26 |
| Total Borrowing | 400.79 | 407.62 | 304.00 |
Amounts in ₹ Crore (restated)
Key performance indicators
| KPI | Mar 31, 2026 |
|---|---|
| ROE | 8.56% |
| ROCE | 19.77% |
| Debt/Equity | 0.83 |
| RoNW | 8.53% |
| PAT Margin | 3.46% |
| EBITDA Margin | 12.44% |
| NAV | 12.72 |
| Price to Book Value | 6.60 |
Valuation
Valuation Metric
Pre IPO
EPS (₹)
1.08
P/E (x)
77.78
Market Cap at Offer Price
₹3,215Cr.
Shareholding
| Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter and Promoter Group | 84.67% | 61.63% |
| Public | 15.33% | 38.37% |
| Total | 100% | 100% |
Objects of the issue
- — Repayment/prepayment/redemption, in full or in part, of certain outstanding borrowings availed by Company
- — Capital expenditure of Company through purchase of equipment for expansion in capacity of Gautam Buddha Nagar, Uttar Pradesh facility
- — Funding inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes(
Intermediaries
Registrar
Kfin Technologies Ltd.
Lead manager(s)
ICICI Securities Ltd., Dam Capital Advisors Ltd., JM Financial Ltd.
FAQs
How to apply in Hero Motors IPO through Zerodha?+
Zerodha customers can apply online in Hero Motors IPO using UPI as a payment gateway. Zerodha customers can apply in Hero Motors IPO by login into Zerodha Console (back office) and submitting an IPO application form. Steps to apply in Hero Motors IPO through Zerodha Visit the Zerodha website and login to Console. Go to Portfolio and click the IPOs link. Go to the ' Hero Motors IPO ' row and click the 'Bid' button. Enter your UPI ID, Quantity, and Price. Submit IPO application form. Visit the UPI App (net banking or BHIM ) to approve the mandate. Visit Zerodha IPO Application Process Review for more detail.
When Hero Motors IPO will open?+
The Hero Motors IPO opens on Wed, Sep 16, 2026 and closes on Fri, Sep 18, 2026.
What is the lot size of Hero Motors IPO?+
Hero Motors IPO lot size is 178 , and the minimum amount required for application is ₹14,952 .
How to apply for Hero Motors IPO?+
You can apply in Hero Motors IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha , Upstox , 5Paisa , Nuvama , HDFC Bank , and SBI Bank .
When is Hero Motors IPO allotment?+
The finalization of Basis of Allotment for Hero Motors IPO will be done on Monday, September 21, 2026 , and the allotted shares will be credited to your demat account by Tue, Sep 22, 2026 . Check the Hero Motors IPO allotment status .
When is Hero Motors IPO listing date ?+
The Hero Motors IPO listing date is not yet announced. The tentative date of listing is Wed, Sep 23, 2026 .
Aggregated from public IPO filings. GMP is unofficial grey-market chatter, not advice.