Hero Motors IPO
Hero Motors Limited (HEROMOTORS) · mainboard IPO on NSE and BSE · Book Building. Listed on 23 September 2026.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain +2.8% (likely range -1% to +7%), day's high +7.9%, chance of a gain 51%. Actual: -2.4% at the open, +17.1% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 2,53,16,456 | 3,77,55,046 | 1.49x | |
| NII (HNI) total | 1,89,87,342 | 18,71,38,520 | 9.86x | |
| Big NII (above ₹10 lakh) | 1,26,58,228 | 10,26,02,048 | 8.11x | |
| Small NII (₹2-10 lakh) | 63,29,114 | 8,45,36,472 | 13.4x | |
| Retail | 4,43,03,798 | 36,48,33,072 | 8.23x | |
| Total | 8,86,07,596 | 58,97,26,638 | 6.66x |
Bids on NSE and BSE together, as published by NSE, as of 18 Sep 2026, 07:00 PM. Shares offered exclude the anchor portion. 55% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to Hero Motors's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| Garuda Construction and EngineeringOct 2024 | 1.24x | 9.03x | 10.8x | 7.55x | ₹275 Cr | +10.5% | +27.4% |
| Shriram PropertiesDec 2021 | 1.85x | 4.82x | 12.7x | 4.60x | ₹627 Cr | -23.7% | -9.8% |
| Gaudium IVF and Women HealthFeb 2026 | 1.62x | 14.1x | 7.60x | 7.27x | ₹165 Cr | +5.1% | +10.3% |
| Apex Frozen FoodsAug 2017 | 1.91x | 7.82x | 8.53x | 6.14x | ₹152 Cr | +15.4% | +21.2% |
| Gujarat Kidney and Super SpecialityDec 2025 | 1.06x | 5.73x | 19.0x | 5.21x | ₹283 Cr | +5.3% | +7.9% |
| Veranda Learning SolutionsMar 2022 | 2.02x | 3.87x | 10.8x | 3.53x | ₹325 Cr | -8.8% | -4.2% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| ICICI Securities | 109 | +21.3% | 69% |
| DAM Capital Advisors | 37 | +13.6% | 59% |
| JM Financial | 109 | +22.8% | 75% |
Offer documents (NSE)
Frequently asked
What is the Hero Motors IPO price band and lot size? ₹79.0–84.0 per share, with a lot of 178 shares, so the smallest retail bid is ₹14,952.
How many times has it been subscribed? 6.66x overall: QIB 1.49x, NII 9.86x, retail 8.23x.
How did it list? It opened at ₹82.0, -2.4% against the issue price of ₹84.0, and closed its first day +17.1%.
