Hero Motors IPO
Bidding opens on 16 September 2026, in 1 day, and closes on 18 September 2026.
Subscription and grey market figures refresh on a 30-minute cycle. Last synced 15 September 2026. They are not a live tick-by-tick feed, so a bidding day can move between refreshes. Confirm current numbers on the exchange websites before you apply.
- Issue size
- ₹1,000.00 Cr
- Lot size
- 178 shares
- Minimum investment
- ₹14,952.00
- Face value
- ₹10.00
- Fresh issue
- ₹600.00 Cr
- Offer for sale
- ₹400.00 Cr
- Exchanges
- NSE and BSE
- Bidding dates
- 16 September 2026 to 18 September 2026
The dates that matter
An Indian IPO runs on a fixed calendar. Bidding stays open for three working days, the allotment is finalised the next working day, and the shares begin trading the day after that.
Anchor investor biddingNext
15 September 2026 in today
One day before the public window, for institutional anchors.
Bidding opens
16 September 2026
Bidding closes
18 September 2026
Basis of allotment
21 September 2026
Refunds initiated
22 September 2026
Shares credited to Demat
22 September 2026
Listing on the exchange
23 September 2026
Issue dates
Grey market premium
Grey market premium is the price traders quote among themselves for shares that have not listed yet. Below is the full day-by-day record we hold for this issue, not only the latest figure, because the movement across the bidding window says more than any single day does.
| Date | Premium per share |
|---|---|
| 2026-09-10 | 8 |
| 2026-09-11 | 10 |
| 2026-09-12 | 24 |
| 2026-09-13 | 24 |
| 2026-09-14 | 23 |
| 2026-09-15 | 20 |
Day by day, 6 records
| Date | Premium per share | Implied listing price | Implied gain |
|---|---|---|---|
| 15 September 2026 | ₹20.00 | ₹104.00 | 23.81% |
| 14 September 2026 | ₹23.00 | ₹107.00 | 27.38% |
| 13 September 2026 | ₹24.00 | ₹108.00 | 28.57% |
| 12 September 2026 | ₹24.00 | ₹108.00 | 28.57% |
| 11 September 2026 | ₹10.00 | ₹94.00 | 11.90% |
| 10 September 2026 | ₹8.00 | ₹92.00 | 9.52% |
About Hero Motors
Hero Motors Ltd. designs, develops and makes powertrain systems for vehicle makers. It sells to original equipment manufacturers in the United States, Europe, India and the ASEAN region. The company runs two segments. Powertrain Solutions covers gears and transmissions for cars and two-wheelers, plus bike powertrains for e-bikes and micro-mobility. Alloys and Metallics supplies sheet metal and tubular assemblies to automotive OEMs. Buyers include BMW AG, Ducati Motor Holding, enviolo, Formula Motorsport, Hummingbird EV and HWA AG. The company runs six plants in India, the United Kingdom and Thailand. Its plants sit in Gautam Buddha Nagar, Uttar Pradesh and Ludhiana, Punjab. The Thailand plant opened in Fiscal 2024 and serves ASEAN customers. Two technology centres in Southam, United Kingdom and Gautam Buddha Nagar handle design work. Hero Motors incorporated in 1998 and employs 1,388 permanent staff and 707 contract workers as of March 31, 2026.
Promoters
- Pankaj Munjal
- Charu Munjal
- Abhishek Munjal
- O P Munjal Holdings
Financial highlights
The last three fiscal years as the offer document states them. Reading across a row shows whether the figure has grown, which is why the years run left to right.
| Metric (₹ crore) | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Assets | 1,059.86 | 1,164.62 | 1,371.83 |
| Total Income | 1,083.42 | 1,111.23 | 1,216.74 |
| Profit After Tax | 17.04 | 32.80 | 41.17 |
| EBITDA | 86.28 | 114.00 | 147.78 |
| NET Worth | 385.44 | 423.95 | 482.45 |
| Reserves and Surplus | 32.26 | 67.71 | 116.32 |
| Total Borrowing | 304.00 | 407.62 | 400.79 |
Figures are in ₹ crore and reproduced from the offer document, covering Mar 2024 to Mar 2026. A dash means the document does not state that figure for that period. A fiscal year ending March is labelled by its closing month, and where the document states a figure on a different basis the label here follows the document rather than normalising it.
Key ratios
Valuation and return ratios calculated from the issuer's financials. These are the figures the issue price is usually judged against, and the offer document carries the working behind each one.
| Ratio | Value | What it measures |
|---|---|---|
| Earnings per share | ₹1.08 | Profit after tax divided by the number of shares. |
| P/E at the cap price | 77.78x | Issue price divided by earnings per share. Lower is cheaper, but only against the same industry. |
| P/E after the issue | 92.31x | The same ratio recalculated on the larger post-issue share count. |
| Price to book | 6.60x | Issue price against net assets per share. |
| Net asset value per share | ₹12.72 | What the company owns, less what it owes, per share. |
| Return on equity | 8.56% | Profit earned on shareholders’ money. |
| Return on capital employed | 19.77% | Profit earned on all the capital in the business, including debt. |
| Return on net worth | 8.53% | The offer document’s own name for return on shareholders’ funds. |
| Debt to equity | 0.83x | Borrowings against shareholders’ funds. Higher means more leverage. |
| Profit margin | 3.46% | Profit after tax as a share of income. |
| Operating margin | 12.44% | Operating profit as a share of income, before interest, tax and depreciation. |
| Market capitalisation | ₹3,815.41 Cr | Value of the company at the issue price. |
Ratios are stated as published. A ratio that is absent here was not stated in the document, and is not the same as a ratio of zero.
What the money is for
Every issue states its objects in the offer document. These are reproduced from it, largest first, so you can see where most of the raise is going.
Capital expenditure of Company through purchase of equipment for expansion in capacity of Gautam Buddha Nagar, Uttar Pradesh facility
₹200.00 Cr
Repayment/prepayment/redemption, in full or in part, of certain outstanding borrowings availed by Company
₹190.00 Cr
Funding inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes(
Amount not stated
Peer comparison
The offer document compares the issuer against listed companies in the same business, on earnings, book value and return on net worth. Hero Motors is the first row.
| Company | EPS (₹) | P/E | NAV per share (₹) | RoNW |
|---|---|---|---|---|
| Hero MotorsThis issue | 1.15 | — | ₹12.72 | 8.53% |
| Cie Automotive India Ltd | 21.69 | 17.68 | ₹164.65 | 13.18% |
| Endurance Technologies Ltd | 67.66 | 40.84 | ₹442.54 | 15.29% |
| Sona Blw Precision Forgings Ltd | 10.3 | 76.5 | ₹93.93 | 10.77% |
| Uno Minda Ltd | 20.78 | 59.84 | ₹113.77 | 19.59% |
| Varroc Engineering Ltd | 14.73 | 56.15 | ₹80.45 | 18.70% |
Reproduced from the peer comparison in the offer document. A dash means the document does not state that figure for that company. It is absent, not zero. Ratios are reported on the basis named in the document, which is not always the same period for every company.
Questions people ask
One lot is 178 shares, and the block is calculated at the top of the price band, ₹84.00. That comes to ₹14,952.00 held in your bank account until the allotment is finalised. If you are not allotted, the block is released and the money never leaves your account.
Bidding runs from 16 September 2026 to 18 September 2026. Applications can be revised or withdrawn while bidding is open. Once it closes, the registrar finalises the basis of allotment the next working day and shares are credited the day after.
The most recent recorded premium is ₹20.00 per share, against ₹8.00 when recording began on 10 September 2026. The movement across those days says more than either number on its own.
Retail applications run from 1 lot to 13 lots. The retail category caps an application at ₹2,00,000, so the upper limit is whichever comes first: the lot ceiling or the value ceiling.
Sources
- National Stock Exchange of India. "Upcoming and current public issues, with live bid quantities." The exchange publishes the bidding figures this page is built from, and is the authority on them. Accessed 15 September 2026.
- BSE. "Public issues — current and forthcoming." The second exchange carrying this issue, and the second source for its bidding data. Accessed 15 September 2026.
- Securities and Exchange Board of India. "Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018." The regulation that sets the issue process, the categories and the allotment rules. Accessed 15 September 2026.
- Hero Motors issue particulars are compiled and published by DematOpen, refreshed every 30 minutes, and reviewed by the editorial team. The record was last updated 15 September 2026. The offer document and the registrar above are the primary sources for anything you intend to act on.