Hero Motors Will Not Bring IPO: Automobile component maker Hero Motors has withdrawn its application to SEBI for its Initial Public Offering (IPO). The market regulator said that the company had withdrawn DRHP on October 5. Hero Motors had planned to raise Rs 900 crore through this public offer.
According to reports, the company’s promoter OP Munjal Holdings planned to sell stakes worth Rs 250 crore through OFS. In comparison, other promoters Bhagyodaya Investments and Hero Cycles also planned to sell stakes worth Rs 75 crore through OFS. ICICI Securities, DAM Capital Advisors and JM Financial were the lead managers on the issue.
The company provides parts to electric and non-electric OEMs
Pankaj Munjal is the owner of the company. Pankaj is the cousin of Hero MotoCorp Limited Chairman Pawan Munjal. The company provides products and end-to-end solutions to premium brands across gears and transmissions, alloy and metallic parts and bike powertrain systems in the motorcycle, automotive, off-road and electric vehicle (EV) segments.
Hero Motors has 6 manufacturing units and two research and development centres
The company’s business extends to India, America and Europe. Hero Motors has 6 manufacturing units and two research and development centres. More than one thousand employees work in the company.
The company will have a profit of Rs 419 crore in the financial year 2024
Hero Motor’s revenue in the financial year 2024 was Rs 1064 crore. The company’s gross profit increased by 22% to Rs 419 crore. Earlier in the financial year 2022, the company had earned Rs 914 crore, when the company had registered a profit of Rs 281 crore. According to reports, its promoters hold a 91.65% stake in the company.
