Hero Motors IPO: dates, price band, lot size and GMP
Hero Motors IPO listed on 23 Sep at ₹82 (NSE, BSE). Issue dates 16 – 18 Sep 2026, price band ₹79 – ₹84, lot 178 shares. The shares now trade on the exchange; any pre-IPO price on this site is historical.
Listing: Hero Motors listed on 23 Sep 2026 on NSE, BSE at ₹82, −₹2 (−2.4%) against the ₹84 upper band. Hero Motors IPO listing date, price and gain · Recently listed IPOs
Updated 17 Oct 2026, 22:10 IST. Unofficial grey-market figures, dated.
BuyUnlistedShares tracks 208 IPOs on its calendar; the Hero Motors IPO has a price band of ₹79 – ₹84, a lot of 178 shares and no grey-market premium reported yet as of 17 Oct 2026.
Key details
| Board | Mainboard |
|---|---|
| Issue dates | 16 – 18 Sep 2026 |
| Price band | ₹79 – ₹84 |
| Lot size | 178 shares |
| Issue size | ₹1,000.00 Cr |
| Fresh issue | ₹600 Cr |
| Offer for sale | ₹400 Cr |
| Subscription | 7.01x |
| Registrar | Kfin Technologies Ltd. |
| Lead managers | ICICI Securities Ltd., Dam Capital Advisors Ltd., JM Financial Ltd. |
| Status | Listed |
Timeline
- Issue opens: 16 Sep
- Issue closes: 18 Sep
- Allotment: 21 Sep
- Refunds: 22 Sep
- Demat credit: 22 Sep
- Listing: 23 Sep
Live subscription
| Category | Subscribed |
|---|---|
| QIB | 1.59x |
| NII | 10.47x |
| sNII | 14.17x |
| bNII | 8.62x |
| Retail | 8.62x |
| Total | 7.01x |
Last updated 18 Sep 2026, 4:06 PM IST.
Issue details
| Face value | ₹10 |
|---|---|
| Issue type | Book Build Issue |
| Listing at | NSE, BSE |
| Market cap at the upper band | ₹3,815.41 Cr |
| P/E (pre-issue) | 77.78x |
| P/E (post-issue) | 92.31x |
| Fresh issue (shares) | 7,14,28,571 |
| Offer for sale (shares) | 4,76,19,047 |
| Total shares offered | 11,90,47,618 |
| Promoter holding pre-issue | 84.67% |
| Promoter holding post-issue | 61.63% |
| Promoters | Pankaj Munjal, Charu Munjal, Abhishek Munjal, O P Munjal Holdings |
| Lead managers | ICICI Securities Ltd., Dam Capital Advisors Ltd., JM Financial Ltd. |
| Registrar phone | 040-79615565 |
| Registrar email | heromotors.ipo@kfintech.com |
| Company website | heromotors.com |
| Anchor bid date | 15 Sep 2026 |
| Anchor lock-in ends (50%) | 21 Oct 2026 |
| Anchor lock-in ends (remaining) | 20 Dec 2026 |
Lot sizes by investor category
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (minimum) | 1 | 178 | ₹14,952 |
| Retail (maximum) | 14 | 2,492 | ₹2,09,328 |
| sNII (minimum) | 14 | 2,492 | ₹2,09,328 |
| bNII (minimum) | 67 | 11,926 | ₹10,01,784 |
Reservation
| Category | Share of issue | Shares offered | Basis |
|---|---|---|---|
| Anchor Investor | 30% | 3,57,14,284 | |
| QIB | 20% | 2,38,09,525 | Not more than 50% of the Offer |
| NII (HNI) | 15% | 1,78,57,143 | Not less than 15% of the Offer |
| sNII | 5% | 59,52,381 | |
| bNII | 10% | 1,19,04,762 | |
| Retail | 35% | 4,16,66,666 | Not less than 35% of the Offer |
Subscription by day
| Day | QIB | NII | sHNI | bHNI | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 · 16 Sep | 0.01x | 1.33x | 2.46x | 0.76x | 2.38x | 1.48x |
| Day 2 · 17 Sep | 0.07x | 4.14x | 6.87x | 2.78x | 5.34x | 3.58x |
| Day 3 · 18 Sep | 1.59x | 10.47x | 15.33x | 8.62x | 11.26x | 8.03x |
Key ratios as of 31 Mar 2026
| EPS (pre-issue) | ₹1.08 |
|---|---|
| EPS (post-issue) | ₹0.91 |
| P/E (pre-issue) | 77.78x |
| P/E (post-issue) | 92.31x |
| RoNW | 8.53% |
| RoCE | 19.77% |
| RoE | 8.56% |
| PAT margin | 3.46% |
| EBITDA margin | 12.44% |
| Price / book | 6.6x |
| NAV per share | ₹12.72 |
| Debt / equity | 0.83 |
| Market cap (upper band) | ₹3,815.41 Cr |
Financials (₹ Cr)
| Metric | FY26 | FY25 | FY24 | FY26 vs FY25 |
|---|---|---|---|---|
| Assets | 1,371.83 | 1,164.62 | 1,059.86 | +17.8% |
| Total Income | 1,216.74 | 1,111.23 | 1,083.42 | +9.5% |
| Profit After Tax | 41.17 | 32.8 | 17.04 | +25.5% |
| EBITDA | 147.78 | 114 | 86.28 | +29.6% |
| NET Worth | 482.45 | 423.95 | 385.44 | +13.8% |
| Reserves and Surplus | 116.32 | 67.71 | 32.26 | +71.8% |
| Total Borrowing | 400.79 | 407.62 | 304 | −1.7% |
About Hero Motors
Hero Motors Limited is one of India's automotive technology companies, specializing in the design, development, manufacturing, and supply of highly engineered powertrain solutions for automotive original equipment manufacturers (OEMs) across the United States, Europe, India, and the ASEAN region.
The company's diverse product portfolio serves a wide range of mobility applications, including two-wheelers, performance automotive, e-bikes, off-road vehicles, electric and hybrid cars, heavy-duty vehicles, and electric vertical take-off and landing (eVTOL) aircraft. Hero Motor Limited supplies powertrain solutions to globally recognized brands such as BMW AG, Ducati Motor Holding S.P.A., Enviolo International Inc., Formula Motorsport Ltd., Hummingbird EV, HWA AG, and leading global electric bicycle (e-bike) manufacturers. The company's expertise extends beyond automotive applications into aerospace and other mobility sectors.
Hero Motor Limited operates through two key business segments:
As of March 31, 2024, Hero Motor Limited operated six manufacturing facilities strategically located across India, the United Kingdom, and Thailand to enhance customer proximity and cost efficiency. The company's Samut Prakan, Thailand facility, which began operations in Fiscal 2024, caters specifically to the ASEAN market. Its Maidenhead, United Kingdom facility, equipped with design and prototyping capabilities, has enabled Hero Motor Limited to evolve into a complete systems manufacturer for the global automotive sector.
In India, the company's manufacturing units are located in Gautam Buddha Nagar, Uttar Pradesh, and Ludhiana, Punjab. Additionally, two technology centres operate in Southam, United Kingdom, and Gautam Buddha Nagar, Uttar Pradesh, reinforcing Hero Motor Limited's commitment to innovation and technological excellence in the global automotive industry.
Objects of the issue
- Repayment/prepayment/redemption, in full or in part, of certain outstanding borrowings availed by Company — ₹190 Cr
- Capital expenditure of Company through purchase of equipment for expansion in capacity of Gautam Buddha Nagar, Uttar Pradesh facility — ₹200 Cr
- Funding inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes( — ₹171.99 Cr
- Issue Expenses — ₹60.25 Cr
Net proceeds: ₹622.24 Cr
Peer comparison
| Company | EPS (Basic) | EPS (Diluted) | NAV (₹ per share) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Hero Motors (issuer) | 1.15 | 1.14 | 12.72 | — | 8.53% | — | Restated |
| Cie Automotive India Ltd | 21.69 | 21.69 | 164.65 | 17.68x | 13.18% | 2.34 | Consolidated |
| Endurance Technologies Ltd | 67.66 | 67.66 | 442.54 | 40.84x | 15.29% | 6.25 | Consolidated |
| Sona Blw Precision Forgings Ltd | 10.3 | 10.3 | 93.93 | 76.5x | 10.77% | 8.47 | Consolidated |
| Uno Minda Ltd | 20.78 | 20.78 | 113.77 | 59.84x | 19.59% | 10.98 | Consolidated |
| Varroc Engineering Ltd | 14.73 | 14.73 | 80.45 | 56.15x | 18.7% | 10.34 | Consolidated |
Notes: Basic/diluted earnings per share refers to the basic/diluted earnings per share sourced from the financial statements of the respective peer group companies for the financial year ended. Net asset value per equity share = Net asset value per share represents Net assets divided by total number of shares at the end of the year. Net assets is total assets minus current liability minus non-current liability minus capital reserve minus foreign currency translation reserve minus non-controlling interest.
Strengths (per the offer document)
- Among India's Leading Solutions Provider to Global E-Mobility Industry backed by Diversified Product and Service… — We are one of India’s leading solutions providers to global e-mobility industry (Source: CRISIL Report) with our revenue from sales to e-mobility industry being ₹ 2,732.90 million, ₹ 1,755.92…
- Growing Market Presence in the Electric-Bikes and Premium Two-Wheelers Segments — Over the last five years, we have expanded our market presence across automotive segments and have grown our business with premium two-wheeler OEMs globally.
- Longstanding Relationships with Premier Global Original Equipment Manufacturers and Expertise in Delivering Solutions
- Advanced Infrastructure with Geographically Diverse Operations — Our operational strength extends worldwide as we strategically establish manufacturing and assembly facilities to meet diverse market and customer demands.
- Strong Research and Development Capabilities and Long-Term Partnerships — Over the years, we have expanded our capabilities to include design and engineering.
- Legacy of Diverse Growth, Experienced Management Team and Strong Corporate Governance
Risk factors (as disclosed by the company)
- Our business is dependent on the performance of certain industries particularly e-bikes and two wheelers, both in the Indian and overseas markets — In the powertrain sector, we primarily cater to domestic and global original equipment manufacturers which manufacture two wheelers, e-bikes and motorsport and performance automotive.
- We depend on a certain limited set of suppliers for the supply of critical raw materials — We do not enter into definite-term agreements with all our suppliers who typically supply us through purchase orders as entering into purchase orders allows us to customize specifications of our raw…
- We are subject to strict performance requirements, including, but not limited to, quality and delivery, by our customers — We are engaged in the manufacturing and supply of vast range of electrified as well as non-electrified powertrains and alloys and metallics components.
- Our business largely depends upon our top 10 customers — We derive a significant portion of our revenue from operations from our top 10 customers.
- We may not be able to anticipate and respond swiftly to changing technological and market trends — Over the years, there has been a significant advancement in vehicle technology.
- We may not be able to compete effectively in the global powertrain solutions industry which could have a material adverse effect on our business — We compete globally with many other businesses that operate in powertrain solutions and alloys and metallics industry.
- Our operations involve activities and materials which are hazardous in nature and could result in a suspension of operations and/or the imposition of civil… — Our operations are subject to operating risks associated with manufacturing.
- Our inability to maintain and protect our brand and business reputation could adversely affect our business, prospects and financial performance — Our business reputation and brand are important to the success of our business.
From the RHP (strengths page 265, risk factors pages 26–31). Headings shortened; the wording is the company’s. Not a recommendation.
Offer documents: DRHP (PDF) · RHP (PDF)
Track this issue
- Hero Motors IPO listing day: listed at ₹82 (−2.4% vs the upper band), 23 Sep 2026
- Hero Motors IPO GMP today and trend
- Hero Motors IPO subscription status, day by day
- Hero Motors IPO allotment status and how to check
Frequently asked questions
When does the Hero Motors IPO open and close?
The issue is scheduled for 16 – 18 Sep 2026.
What is the Hero Motors IPO price band?
The price band is ₹79 – ₹84 per share with a lot size of 178 shares.
How big is the Hero Motors IPO?
The total issue size is ₹1,000.00 Cr, of which ₹600 Cr is a fresh issue and ₹400 Cr an offer for sale.
When will Hero Motors list?
The tentative listing date is 23 Sep on the main board.
How do I apply for the Hero Motors IPO?
Apply through your broker or bank using ASBA or UPI within the issue window; the amount stays blocked in your account until allotment. BuyUnlistedShares does not take applications; it tracks the issue and the unlisted price before it.
Sources
- Draft red herring prospectus (DRHP), Hero Motors · as filed with SEBI · sebi.gov.in
- Red herring prospectus (RHP), Hero Motors · as filed · sebi.gov.in
- Registrar allotment page, Kfin Technologies Ltd. · allotment 21 Sep · ipostatus.kfintech.com
- NSE public issues page · listing 23 Sep · nseindia.com
- BSE public issues page · listing 23 Sep · bseindia.com
- Hero Motors company website · heromotors.com
- BuyUnlistedShares IPO record: GMP, subscription and allotment, dated daily · GMP as of 23 Sep, 04:07 · buyunlistedshares.com
How to cite this page: BuyUnlistedShares, “Hero Motors IPO”, https://buyunlistedshares.com/ipo/hero-motors-ipo, as of 17 Oct 2026.
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Indicative reference price, dated. BuyUnlistedShares is India's premium unlisted shares desk, run by Gayatri Financial Synergy LLP. In the market since 2002. Data as of 17 Oct 2026.
Guides for IPO applicants and pre-IPO holders
- The risks of buying unlisted and pre-IPO shares in India
- Unlisted Shares Lock-In Period: What Every Investor Must Know (2026)
- What Happens to Your Unlisted Shares After the IPO? Lock-In Periods Explained
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