Hero Motors may raise Rs 1,500 crore via IPO

26 Jul 2023 , 10:26 AM

According to numerous news reports, Hero Motors, an auto component manufacturer led by Pankaj Munjal, a first cousin of Hero MotoCorp chairman Pawan Munjal, has chosen three investment banks for an initial public offering (IPO) of shares that may aim to raise as much as Rs 1,500 crore.

The proposed public offering will probably be lead managed by ICICI Securities.

Om Prakash Munjal, the father of Pankaj Munjal, led Hero Cycles for many years before separating it into Hero Motors in 2015. Om Prakash Munjal passed away in 2015. The brother of Om Prakash Munjal and the father of Hero MotoCorp’s Pawan Munjal is Brij Mohan Lall Munjal.

Global clients of Hero Motors, which produces two-wheeler engine and gearbox components, include BMW, Ducati, and Harley Davidson.

Hero Motors has been making preparations for its IPO aspirations for the past 18 months.

The corporation selected Deloitte Haskins and Sells to serve as its auditors, according to news reports. A local company was replaced by Deloitte.

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