Summary
Hero Motors IPO is a ₹1,000 crore mainboard book-built issue, opening on 16 September 2026.
Investors can bid for the IPO shares at ₹79.00/share to ₹84.00/share, with 1 lot comprising 178 shares.
The company has improving profitability, growing e-mobility operations and established OEM relationships, while overseas market and supplier dependence remain key risks.
Hero Motors IPO is a book-built issue worth ₹1,000 crore. The issue includes a fresh issue of 7.14 crore shares worth ₹600 crore and an offer for sale (OFS) of 4.76 crore shares amounting to ₹400 crore.
Hero Motors IPO opens for bidding from 16 September 2026 to 18 September 2026. The allotment of the shares is finalised on 21 September 2026. The shares will be listed on the NSE and BSE, with the listing date tentatively fixed on 23 September 2026.
The Hero Motors IPO is set to be issued at ₹79.00/share to ₹84.00/share. The lot size is 178 shares, making ₹14,952.00 the minimum investment for retail investors applying at the upper end of the price band.
Hero Motors IPO–Key Details
The important details of the Hero Motors IPO are presented in the table below:
| IPO Open | 16 September 2026 |
| IPO Close | 18 September 2026 |
| Face value | ₹10.00/share |
| Price Band | ₹79.00/share–₹84.00/share |
| Issue price | – |
| IPO Lot Size | 178 shares |
| Offer-for-sale | 4,76,19,047 shares (₹400.00 crore) |
| Fresh issue | 7,14,28,571 shares (₹600.00 crore) |
| Issue Type | Mainboard/Bookbuilt IPO |
| Listing | NSE, BSE |
| Total Issue Size (₹ Crore) | ₹1,000.00 crore (11,90,47,618 shares) |
| Minimum Investment (Retail) | ₹14,952.00 |
Hero Motors IPO–Timeline
The table below outlines the Hero Motors IPO timeline:
| Bid Open Date | 16 September 2026 |
| Bid Close Date | 18 September 2026 |
| Allotment | 21 September 2026 |
| Refunds Initiated | 22 September 2026 |
| Share Credit Date | 22 September 2026 |
| Listing | 23 September 2026 |
| UPI mandate Cut-off time | 18 September 2026 (5 PM) |
Hero Motors Limited–Key Performance Indicators (KPIs)
The following KPIs provide an overview of Hero Motors Limited’s financial performance and efficiency:
| KPIs | 2026 | 2025 | 2024 |
| ROE (%) | 8.56 | 7.70 | 4.54 |
| ROCE (%) | 19.77 | 18.84 | 23.23 |
| Net Debt-Equity Ratio (%) | 89.03 | 90.11 | 65.56 |
| RoNW (%) | 8.53 | 7.74 | 4.42 |
| PAT Margin (%) | 3.46 | 3.01 | 1.60 |
| EBITDA Margin (%) | 12.44 | 10.46 | 8.11 |
| Price-Book Value | 6.60 | – | – |
Hero Motors Limited–Financial Information
| 2026 | 2025 | 2024 | |
| Revenue | 1,188.35 | 1,089.59 | 1,064.39 |
| Assets | 1,371.83 | 1,164.62 | 1,059.86 |
| Profit/Loss After Tax | 41.17 | 32.80 | 17.04 |
Hero Motors IPO–Subscription Status
| Date | QIB (Ex Anchor) | NII | Retail | Total |
|---|---|---|---|---|
| Sep 16 (Day 1) | 0.01 | 1.33 | 2.38 | 1.48 |
Hero Motors IPO–Grey Premium Market (GMP)
The Hero Motors IPO GMP is ₹23.00 as of 15 September 2026 (last updated 9:35 AM). The estimated listing price, based on the upper band of ₹84.00/share, is ₹107.00/share. This indicates a gain of 27.38% over the issue price.
| GMP Date | GMP | Est. Listing Price (cap price + GMP) | Est. Profit* | Last Updated |
|---|---|---|---|---|
| 16-09-2026 Open | ₹13 ▼ | ₹97 (15.48%) | ₹2,314 | 16-Sep-2026 21:02 |
| 15-09-2026 | ₹19 ▼ | ₹103 (22.62%) | ₹3,382 | 15-Sep-2026 23:36 |
| 14-09-2026 | ₹23 ▼ | ₹107 (27.38%) | ₹4,094 | 14-Sep-2026 23:30 |
| 13-09-2026 | ₹24 ─ | ₹108 (28.57%) | ₹4,272 | 13-Sep-2026 23:33 |
| 12-09-2026 | ₹24 ▲ | ₹108 (28.57%) | ₹4,272 | 12-Sep-2026 23:31 |
| 11-09-2026 | ₹10 ▲ | ₹94 (11.90%) | ₹1,780 | 11-Sep-2026 23:31 |
| 10-09-2026 | ₹8 ─ | ₹92 (9.52%) | ₹1,424 | 10-Sep-2026 23:33 |
Note: GMP is an unofficial indicator and can change based on market conditions, investor sentiment and demand.
Hero Motors IPO–Reservation
The following investor categories have been allocated shares in the Hero Motors IPO:
| Investor Classification | % Allocation |
| QIBs | Maximum 50.00% |
| NIIs | Minimum 15.00% |
| Retail Investors | Minimum 35.00% |
Hero Motors IPO–Lot Size
The Hero Motors IPO application and investment details are as follows:
| Application | Lot Size | Shares | Amount |
| Retail Minimum Application | 1 | 178 | ₹14,952.00 |
| Retail Maximum Application | 13 | 2,314 | ₹1,94,376.00 |
| S-HNI Minimum Application | 14 | 2,492 | ₹2,09,328.00 |
| S-HNI Maximum Application | 66 | 11,748 | ₹9,86,832.00 |
| B-HNI Minimum Application | 67 | 11,926 | ₹10,01,784.00 |
Hero Motors IPO–Anchor Investors Details
The table below covers the anchor investor details of the Hero Motors IPO:
| Bidding opens on | 15 September 2026 |
Hero Motors IPO–Prospectus
For further information, check the official offer documents:
About Hero Motors Limited
Incorporation: 30 April 1998
Managing Director and CEO: Amit Gupta
The company operates in the automotive technology sector and designs, develops, manufactures and supplies highly engineered powertrain solutions for automotive OEMs across global markets. Its products support both electric and non-electric vehicles, including two-wheelers, e-bikes, off-road vehicles, cars, heavy-duty vehicles, and aerospace applications.
Its business is officially divided into two primary segments:
- Powertrain Solutions: Consists of Gears and Transmissions (powertrain components for automotive and mobility applications) and Bike Powertrain (electric powertrain solutions and CVT hubs for global e-bikes and micro-mobility applications).
- Alloys and Metallics: Manufactures sheet metal, tubular assemblies, and structural components for automotive OEMs.
The company features full in-house engineering and prototyping capabilities, operating manufacturing facilities and technology centres across India, the UK, and Thailand to serve customers across the US, Europe, India, and ASEAN markets.
| Name | |
| Book Running Lead Manager (BRLM) | ICICI Securities Limited |
| DAM Capital Advisors Limited | |
| JM Financial Limited | |
| Registrar | KFin Technologies Limited |
Objectives of Hero Motors Limited
The IPO proceeds will be used for the following purposes:
| Particulars | Amount (in ₹ crore) |
| Repayment of borrowings | 190.00 |
| Capital expenditure for purchase of equipment | 200.00 |
| Funding acquisitions, strategic initiatives and corporate purposes | – |
Hero Motors Limited–Strengths
- Leading E-Mobility Portfolio: The company serves the global e-mobility industry with advanced powertrain solutions, generating ₹273.29 crore in revenue from e-mobility sales in FY2026.
- Presence in E-Bikes: It entered the bike powertrain segment in 2019 and has equipped over 4 lakh e-bikes globally with its CVT systems.
- Global OEM Partnerships: The company works with leading OEMs including BMW, Ducati and Hero MotoCorp, supporting customers from design and development to high-volume manufacturing.
- Global Manufacturing Network: Its facilities across India, the UK and Thailand support precision manufacturing, gearbox production, product development and customer requirements across major international markets.
Hero Motors Limited–Risks
- European Market Dependence: While the company operates in India and overseas markets, Europe contributed 33.59% of revenue from operations in FY2026. This makes regional disruptions a potential revenue risk.
- E-Bike and Two-Wheeler Dependence: The company’s sales depend on production levels and inventory of e-bike and two-wheeler OEMs across Indian and overseas markets.
- Supplier Concentration: Hero Motors relies on a limited set of suppliers for critical raw materials and does not have definitive supply agreements with all suppliers.
- Manufacturing Disruption: Hero Motors operates six manufacturing facilities and two technology centres, where accidents, equipment failures, supply issues or regulatory action could disrupt production and sales.
Hero Motors IPO–Review
Hero Motors brings an established automotive business with growing exposure to e-mobility and a diversified global customer base. The company’s improving profitability and operating performance are positive factors for the IPO.
However, the company remains dependent on overseas markets, key automotive segments and a limited supplier base.
While the current GMP points to positive investor sentiment, investors should also consider these business risks before applying.
Other Recent IPO List
Listed below are the open and upcoming IPOs in India in 2026:
| National Stock Exchange IPO | Steamhouse India IPO |
| Manika Plastech IPO | OM Galaxy IPO |
| Rentomojo IPO | LCC Projects IPO |
| Manipal Payment & Identity Solutions IPO | Karamtara Engineering IPO |
Hero Motors IPO FAQs
Hero Motors IPO is a ₹1,000 crore mainboard book-built issue comprising a fresh issue of ₹600 crore and an offer for sale of ₹400 crore.
You can apply for the Hero Motors IPO through a broker using a supported demat account and UPI. The minimum retail application is 178 shares at the upper price band.
The Hero Motors IPO has positive factors such as improving profitability, global OEM relationships and e-mobility exposure. However, you should also consider its dependence on key markets, industries and suppliers before applying.
The latest GMP of ₹23 indicates an estimated listing price of ₹107 against the upper price band of ₹84, implying a potential gain of 27.38%. However, GMP is unofficial and can change.
The Hero Motors IPO will open its bidding period from 16 September 2026 to 18 September 2026.
The Hero Motors IPO lot size is 178 shares. At the upper price band of ₹84 per share, retail investors need ₹14,952 for one lot.
The Hero Motors IPO allotment is expected to be finalised on 21 September 2026. The refunds and credit of shares are scheduled for 22 September 2026.
Hero Motors IPO shares are scheduled to list on NSE and BSE on 23 September 2026, subject to the completion of the IPO process and applicable approvals.
