Hero Motors Drops IPO, Suraksha Diagnostic Cleared for Public Offering

7 Oct 2024 , 06:49 PM

SEBI has announced that Hero Motors withdrew its draft red herring prospectus on October 5, 2024, while Suraksha Diagnostic received approval to launch its IPO.

Hero Motors, part of the Hero Motors Company (HMC) Group, had planned a ₹900 crore IPO. This included a fresh equity issuance of ₹500 crore and an offer-for-sale (OFS) of ₹400 crore.

The IPO prospectus was filed with SEBI on August 23. Promoters OP Munjal Holdings, Bhagyoday Investments, and Hero Cycles were set to sell shares worth ₹250 crore, ₹75 crore, and ₹75 crore, respectively.

Hero Motors provides powertrain solutions to automotive OEMs in the US, Europe, and India. Major clients include BMW AG, Ducati, Enviolo, and Formula Motorsport. OP Munjal Holdings holds a 71.55% stake in the company.

ICICI Securities, DAM Capital Advisors, and JM Financial were the lead managers for the proposed Hero Motors IPO.

Suraksha Diagnostic, backed by OrbiMed, has received SEBI’s approval and can launch its IPO within a year. The IPO will consist entirely of an OFS of 1.9 crore shares.

Promoters Somnath Chatterjee, Ritu Mittal, Satish Kumar Verma, and OrbiMed are key sellers, with OrbiMed selling 1.06 crore shares.

Suraksha Diagnostic, headquartered in Kolkata, provides pathology, radiology, and medical consultation services. SEBI has delayed its observations on JSW Cement’s ₹4,000 crore IPO filed in August.