Hero Motors files draft papers for ₹1,200 cr IPO; looks to reduce debt
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Auto parts maker Hero Motors has filed for an initial public offering (IPO) of up to ₹1,200 crore ($140.1 million), draft papers showed on Tuesday.
The company will issue fresh shares worth up to ₹800 crore while its existing shareholders will sell shares worth up to ₹400 crore, the draft prospectus showed.
Hero Motors, which counts BMW and Ducati as its clients, is led by Pankaj Munjal, who belongs to the Munjal family that runs India's largest two-wheeler maker by volumes, Hero MotoCorp.
Proceeds from the IPO will be used to trim debt and fund purchase of equipment to expand its facility in Uttar Pradesh, Hero Motors said.
Its full financial year 2024 net profit fell 67 per cent on-year, as increased expenses overshadowed a near-1 per cent rise in revenue.
ICICI Securities, JM Financial and DAM Capital are the book running lead managers of the offering.
Other Latest News
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US President Donald Trump has called out his estranged ally and billionaire Elon Musk, saying the latter may have to "head back to South Africa" if subsidies for Tesla and SpaceX are withdrawn.
Taking to his social media platform Truth Social on Tuesday (IST), Trump accused Musk of benefiting from an unprecedented volume of government support.
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Thailand's Constitutional Court suspended Prime Minister Paetongtarn Shinawatra from office pending an investigation over a leaked phone call with a former Cambodian leader.
The judges voted unanimously Tuesday to take the petition accusing her of a breach of ethics, and voted 7 to 2 to suspend her from duty.
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RIL in focus: Domestic brokerage Nuvama Institutional Equities (Nuvama) has raised its target price on oil-to-telecom conglomerate Reliance Industries Ltd (RIL) to ₹1,801—the second highest on Dalal Street after Mirae Asset Securities (Buy, ₹1,950, 14/10/2024).
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The US considers India a "strategic ally" in the Indo-Pacific region and a trade deal between both the countries will be finalised soon, White House Press Secretary Karoline Leavitt said on Tuesday (IST).
At a press briefing, Leavitt said that the Trump administration is finalising the agreements for the trade deal. "Yes, the President said that last week (that the US and India are very close to a trade deal), and it remains true.
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