Hero Motors Limited IPO — Subscription & GMP
- Price band
- ₹79 – ₹84
- Lot size
- 178
- Issue size
- ₹1,000 Cr
- Bidding
- 16 Sept 2026 → 18 Sept 2026
- Allotment
- —
- Listing
- 23 Sept 2026
Listing outcome
Official exchange pricesGMP was out by 2.4 percentage points against the buyer — it implied 0.00% and the issue listed -2.38%. Counted in our running GMP accuracy record.
Schedule
- 16 Sept 2026IPO open date
- 18 Sept 2026IPO close date
- 21 Sept 2026Allotment date†
- 21 Sept 2026Funds unblock or debit†
- 23 Sept 2026Tentative listing date
† Derived from the close date using the T+3 working-day timeline. The exchanges publish the open and close dates; the rest are indicative until confirmed, and exchange holidays are not accounted for.
Fundamentals
The business, its valuation and returnsHero Motors Limited - Business Model Summary
Hero Motors Limited operates as a business-to-business (B2B) precision-engineering and powertrain solutions provider, focusing on the design, development, manufacturing, and supply of high-end components for both internal combustion engine (ICE) and electric vehicle (EV) mobility markets.
Core Segments & Product Portfolio
1. Powertrain & Transmission Solutions: - Products: Manufactures high-precision gears, transmission assemblies, clutches, drive units, and metal components. - Applications: Serves two-wheelers, performance automotive, off-road vehicles, hybrid and electric cars, heavy-duty vehicles, and emerging sectors like electric vertical take-off and landing (eVTOL) aircraft.
2. E-Mobility & Micro-Mobility Segment: - Products: Produces specialized e-bike hub motors, continuously variable transmission (CVT) hubs, and integrated electric drive units (EDUs). - Target Market: Caters directly to global e-bike manufacturers and micro-mobility brands.
Operational & Global Manufacturing Model
- Global OEM Client Base: Supplies tier-1 components directly to prominent international and domestic original equipment manufacturers (OEMs), including brands like BMW, Ducati, and Formula Motorsport, alongside global mobility leaders.
- International Footprint: Operates an integrated manufacturing and design network with facilities strategically situated across India, the United Kingdom, and Thailand to service global supply chains.
Revenue Streams
- B2B Component & System Sales: Generates revenue through direct, high-volume institutional sales of custom-engineered powertrain systems, transmissions, and specialized EV sub-assemblies to global automotive and micro-mobility OEMs.
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS | ₹1.15 | — |
| P/E ratio | 73.04× | — |
| NAV per share | ₹9.47 | — |
Promoter holding pre/post issue is in the offer document but we do not yet extract it. Left blank rather than estimated.
Read from the company’s offer document filed with SEBI. Figures are the latest reported financial year, as restated in that filing.
Figures are as reported and not independently audited, and are read 45 d ago.
Grey market premium
Unofficial · not from any exchangeSubscription status
Live from NSE · fetched 775 hr ago| Category | Shares offered | Shares bid for | Subscribed |
|---|---|---|---|
| 1Qualified Institutional Buyers(QIBs) | 2.53 Cr | 1.98 Cr | 0.78× |
| 1(a)Foreign Institutional Investors(FIIs) | — | 12.04 L | — |
| 1(b)Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) | — | 5,162 | — |
| 1(c)Mutual funds | — | 1.76 Cr | — |
| 1(d)Others | — | 9.67 L | — |
| 2Non Institutional Investors | 1.90 Cr | 13.76 Cr | 7.25× |
| 2.1Non Institutional Investors(Bid amount of more than Ten Lakh Rupees) | 1.27 Cr | 7.88 Cr | 6.23× |
| 2.1(a)Corporates | — | 27.82 L | — |
| 2.1(b)Individuals(Other than RIIs) | — | 7.31 Cr | — |
| 2.2Non Institutional Investors(Bid amount of more than Two Lakh Rupees upto Ten Lakh Rupees) | 63.29 L | 5.87 Cr | 9.28× |
| 3Retail Individual Investors(RIIs) | 4.43 Cr | 19.78 Cr | 4.46× |
| 3(a)Cut Off | — | 17.41 Cr | — |
| 3(b)Price bids | — | 2.37 Cr | — |
| Total | 8.86 Cr | 35.52 Cr | 4.01× |
Source: NSE issue information · BSE public issue
Demand curve
Shares bid at each price point · BSE₹79 → ₹84 · peak 59.13 Cr shares bid
Anchor investors
From NSE's anchor allocation filingAnchor investors are institutions allotted shares one working day before public bidding opens, in exchange for a lock-in. Up to 60% of the QIB portion can go to them, which reduces the QIB shares left for everyone else — and their participation is widely read as a confidence signal.
Anchor allocation report (NSE)
This issue’s anchor letter was filed as a scanned image with no text layer, so the allocation table cannot be read without OCR. We link the filing rather than publish figures we cannot verify.
Equity split
Fresh equity vs offer for sale- Fresh equity
- ₹600.00 Cr 60.0%
- Offer for sale
- ₹400.00 Cr 40.0%
- Total issue size
- ₹1.00k Cr
Read from the issue size stated in NSE's filing.
Allotment status
You will need your PAN, application number or DP/client ID. These links go to the registrar and exchanges directly — UpcomingIPO never asks for those details.
Issue details
- Price band
- ₹79 – ₹84
- Lot size
- 178 shares
- Min. bid quantity
- 178
- Face value
- ₹10.00
- Tick size
- ₹1.00
- Shares offered
- 8.86 Cr
- Issue size
- ₹1000 Cr
- Max bid · QIB
- 8.86 Cr
- Max bid · NII
- 6.33 Cr
Timeline & process
- Bidding opens
- 16 Sept 2026
- Bidding closes
- 18 Sept 2026
- Bidding hours
- 10.00 a.m. to 5.00 p.m.
- UPI mandate cutoff
- 18-Sep-2026 (upto 5:00 PM) The new cut-off time for UPI mandate acceptance is 05:00 PM on last day of IPO bidding. Further bids with confirmed status of mandate amount blocked (RC100) shall be considered as valid applications and hence, investors are advised to submit their UPI applications in IPO well in advance to avoid any last minute technical/systemic constraints that may hamper their ability to participate in IPOs by successfully accepting the mandate.
- Allotment
- —
- Listing
- 23 Sept 2026
Intermediaries
- Registrar
- KFin Technologies Limited
- Sponsor bank
- AXIS BANK
- Lead managers
- ICICI Securities Limited, DAM Capital Advisors Limited, JM Financial Limited