Hero Motors IPO GMP Today: Latest Premium, Price Band and Listing Date
Hero Motors’ initial public offering opened for subscription on Wednesday, September 16, with the latest reported grey market premium standing at ₹19 per share as of 10:06 a.m. IST, according to India Today. The unofficial premium comes against the IPO’s upper price band of ₹84 a share.
The three-day public issue will remain open until September 18. Hero Motors is seeking to raise ₹1,000 crore, comprising a fresh issue of ₹600 crore and an offer for sale (OFS) of ₹400 crore. The shares are scheduled to be listed on the NSE and BSE on September 23, subject to the issue timetable.
At the ₹19 GMP reported on Wednesday morning, the unofficial grey-market indication would place the shares at around ₹103 if the premium were to hold against the ₹84 upper issue price. That calculation is only an indication of grey-market pricing, not a forecast or guaranteed listing price.
Hero Motors IPO GMP has moved in recent days
Grey market premiums for the issue have varied across market trackers and reporting periods.
India Today reported a ₹19 GMP at 10:06 a.m. on September 16. NDTV Profit had reported a ₹20 premium earlier in the morning, equivalent to about 23.8% over the ₹84 upper band.
Before the IPO opened, some market reports had cited higher premiums. Economic Times reported a ₹23 GMP on September 15, while other IPO trackers recorded figures ranging from ₹22 to ₹24 during the preceding days.
The variation is a reminder that GMP figures can change quickly and are not exchange-published data. The grey market is unofficial and does not determine the price at which Hero Motors shares will eventually trade on the NSE or BSE.
Hero Motors IPO price band and minimum investment
The company has fixed the IPO price band at ₹79 to ₹84 per equity share, with a face value of ₹10. The lot size is 178 shares.
At the upper end of the price band, one retail lot requires an application amount of ₹14,952. The public issue is divided among qualified institutional buyers, non-institutional investors and retail investors, with at least 35% of the offer reserved for retail investors under the stated allocation structure.
The issue is being managed by ICICI Securities, DAM Capital Advisors and JM Financial, while KFin Technologies is the registrar.
Where the IPO money will go
The ₹600-crore fresh issue is intended to provide funds for several corporate purposes.
According to information based on the company’s offer documents, around ₹190 crore is earmarked for repayment, prepayment or redemption of certain borrowings, while approximately ₹200 crore is intended for capital expenditure to expand capacity at Hero Motors’ Gautam Buddha Nagar facility in Uttar Pradesh. The remaining proceeds are intended for acquisitions, other strategic initiatives and general corporate purposes.
The ₹400-crore OFS component will go to existing selling shareholders rather than to the company.
Hero Motors financial performance
Hero Motors reported consolidated total income of ₹1,216.74 crore in FY26, compared with ₹1,111.23 crore in FY25. Profit after tax increased to ₹41.17 crore from ₹32.80 crore, while EBITDA rose to ₹147.78 crore from ₹114 crore, according to figures reported in the company’s offer documents.
The company operates in powertrain solutions and alloys and metallics. Its products cover conventional and electric mobility applications, including gears, transmissions and other powertrain components.
The EV-related business has also become a larger part of its revenue mix. Economic Times reported that the share of revenue from the electric-vehicle segment increased to 23% in FY26 from 12% in FY24. Around 41% of revenue came from international markets.
Customer concentration remains a disclosed risk
The company’s customer base is relatively concentrated.
Autocar Professional, citing Hero Motors’ Red Herring Prospectus, reported that the largest customer accounted for 35.57% of revenue from operations in FY26, while the top 10 customers contributed 72.89%. The top five accounted for 61.42%.
That concentration is one of the factors investors will need to consider alongside the company’s growth in electric and conventional powertrain products.
The Financial Express has also highlighted customer concentration, supply-chain dependence, pending legal matters and losses reported by some subsidiaries as risks disclosed or discussed around the IPO.
Anchor investors commit ₹300 crore
Ahead of the public issue, Hero Motors raised ₹300 crore from anchor investors through an allocation of shares at ₹84 apiece, the upper end of the price band. Economic Times reported that Prashant Jain’s 3P India Equity Fund was among the anchor investors.
The anchor allocation took place on September 15, one day before the public subscription opened.
What happens next
The Hero Motors IPO remains open from September 16 through September 18.
The tentative basis-of-allotment date is September 21, with refunds and demat credit scheduled for September 22. The proposed listing date is September 23 on the NSE and BSE.
For investors tracking the GMP, the key point is that the figure remains an unofficial market indicator. It can move before listing and should not be treated as a confirmed indication of Hero Motors’ eventual listing price.
Hero Motors’ official offer-document page also specifically advises prospective investors to rely on the company’s RHP and price-band advertisement when making investment decisions, rather than material circulating through social media, influencers or other unofficial channels.
