Hero Motors shares make lackluster debut, list at 2% discount to IPO price
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Hero Motors shares made a weak debut on the exchanges on Wednesday as they listed below the IPO price, in line with the grey market expectations.
Hero Motors shares listed at a discount on both BSE and NSE. The share opened 2.26 per cent lower at ₹82.10 on BSE and 2.38 per cent lower on NSE at ₹82.
Ahead of the debut, Hero Motors IPO’s grey market premium (GMP) was indicating a discounted listing. With an upper price band of ₹84, the estimated listing price at current market trends is ₹81.
Shivani Nyati, Head of Wealth at Swastika Investmart, said Hero Motors made a subdued debut, slightly below its IPO price. "While the company benefits from a strong position in powertrain solutions and the growth potential of EVs, its valuation at around 69–74 times P/E remains significantly higher than the peer average of 50.2 times," she added.
Nyati assigned a 'Neutral' view to the stock and said investors can wait for better valuation or price consolidation before considering fresh positions.
The initial public offering of Hero Motors received bids for 58.97 crore shares as against 8.86 crore shares on offer. The issue was subscribed 6.66 times.
The qualified institutional buyers' (QIB) portion was subscribed 1.49 times, while the non-institutional investors' (NII) category was subscribed 9.86 times. The retail individual investors' (RII) segment was subscribed 8.23 times.
Hero Motors IPO Details
The IPO opened for subscription on September 16 and closed for bidding on 18 September 2026. The IPO comprised a fresh issue of equity shares worth up to ₹600 crore and an offer aggregating up to ₹400 crore by O P Munjal Holdings and Hero Cycle.
The company has set issue price band at ₹79 to ₹84 per share. The lot size for an application is 178 shares.
Ahead of the IPO, Hero Motors, 15 August 2026, raised ₹2,44.98 crore from anchor investors. The board allotted 2.91 crore shares at ₹84 each to 16 anchor investors.
Hero Motors is an India-based automotive technology company engaged in designing, developing, manufacturing and supplying engineered powertrain solutions to automotive OEMs across India, Europe, the US and ASEAN markets. The company offers powertrain systems for electric and non-electric applications across two-wheelers, e-bikes, performance vehicles, off-road vehicles, electric and hybrid cars and heavy-duty vehicles.
It operates across Powertrain Solutions and Alloys & Metallics segments and had six manufacturing facilities across India, the UK and Thailand as of March 31, 2026. In FY26, powertrain solutions contributed 53.67 per cent of revenue, while Alloys & Metallics contributed 46.33 per cent. The company caters to global customers, including BMW, Ducati, Enviolo, Formula Motorsport, Hummingbird EV and HWA.
ICICI Securities Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue.
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