Automotive technology and powertrain solutions provider said it has garnered ₹299.99 crore from anchor investors ahead of its , which opens for public subscription on Wednesday.
The company informed the bourses that it allocated 3,57,14,284 equity shares at ₹84 per share to anchor investors.
Some of the marquee institutions that participated in the anchor include ICICI Prudential Life Insurance Company Ltd, 3P India Equity Fund 1M, Edelweiss Life Insurance Company Ltd, Societe Generale – ODI, and ASAS Global Fund Incorporated VCC Sub Fund, amongst others, the company said.
Amongst equity-oriented schemes, the company has allocated shares to ICICI Prudential Smallcap Fund, Kotak Mahindra Trustee Co Ltd A/C Kotak MNC Fund and JM Financial Mutual Fund – JM Flexi Cap Fund, amongst others.
Out of the total allocation of 3,57,14,284 equity shares to the anchor investors, 2,91,64,441 were allocated to seven domestic mutual funds through 16 schemes, the company said.
ICICI Securities Ltd, DAM Capital Advisors Ltd and JM Financial Ltd are the book-running lead managers, and KFin Technologies Ltd is the registrar of the offer. The equity shares are proposed to be listed on the NSE and BSE Ltd, it added.
Hero Motors Ltd has fixed the price band of ₹79 to ₹84 per equity share of face value ₹10 each for its maiden IPO.
The IPO of the company opens on September 16, 2026, for subscription and closes on Friday, September 18, 2026.
Investors can bid for a minimum of 178 equity shares and in multiples of 178 equity shares thereafter. The IPO is a combination of a fresh issue of up to ₹600 crore and an offer-for-sale of equity shares up to ₹400 crore by promoters O P Munjal Holdings and Hero Cycles Ltd, the company informed.
The proceeds from its fresh issuance worth ₹190 crore will be used for repayment/prepayment/redemption in full or in part of certain outstanding borrowings availed by the company, ₹200 crore for capital expenditure of the company through purchase of equipment required for expansion in capacity of its Gautam Buddha Nagar, Uttar Pradesh facility, funding inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes, Hero Motors said.
The offer is being made through the book-building process, in compliance with Sebi ICDR Regulations, wherein not more than 50 per cent of the net offer will be available for allocation to qualified institutional buyers (QIBs), not less than 15 per cent to non-institutional bidders (NIIs), and not less than 35 per cent to retail individual bidders (RIIs), it added.