Hero Motors Withdraws Rs 900 Crore IPO Plans October 8, 2024 MSME Sampark IPO News 0 Hero Motors, the automotive components arm of the Hero Motors Company (HMC) Group, has officially withdrawn its plans for an initial public offering (IPO) worth ₹900 crore, as noted in an update from market regulator SEBI on October 5, 2024. The company had initially planned to raise ₹500 crore through a fresh issuance of equity shares, with an additional ₹400 crore via an Offer for Sale (OFS) by existing shareholders. The OFS component involved the sale of shares by O P Munjal Holdings (₹250 crore), Bhagyoday Investments (₹75 crore), and Hero Cycles (₹75 crore). Hero Motors had filed its Draft Red Herring Prospectus (DRHP) with SEBI in August to seek approval for the IPO. Although no specific reason was disclosed for withdrawing the DRHP, it was originally planned that proceeds from the fresh issue would be used for debt repayment and to fund the purchase of new equipment to expand the company’s facility in Gautam Buddha Nagar, Uttar Pradesh. Hero Motors is a prominent player in India’s automotive technology sector, providing advanced powertrain solutions for various automotive original equipment manufacturers (OEMs) in regions like the United States, Europe, India, and the ASEAN markets. Their products include both electric and non-electric powertrains for a wide array of vehicles, including two-wheelers, e-bikes, off-road vehicles, electric and hybrid cars, and heavy-duty vehicles. Disclaimer: This article is for informational purposes only and does not constitute financial advice. Please consult a professional for any investment-related decisions. Popular Articles Msme News CHAMPIONS 2.0 Portal: Smart Support for MSMEs Across India Msme News Veteran Politician Nur Azam Mondal Appointed Assam Coordinator for MSME Promotion Council Msme News Dr Vivek Bindra’s Bada Business Sees Rising Pan-India Participation in MSME Leadership Program Msme News Uttar Pradesh Launches MICE Incentive Scheme to Promote MSMEs Globally Msme News 11 Years of Jan Dhan Yojana : Revolution in Financial Inclusion Msme News How to Succeed in Business – Insights from Corporate Gifting Expert Shubhanshu Agarwal Msme News Nirman Agri Genetics Sets Board Meeting to Consider Bonus Shares, Dividend, and Expansion Plan Msme News CM Hemant Soren Places Key Development Demands at Eastern Zonal Council Meeting Msme News Piyush Goyal at Startup Mahakumbh: A Reality Check for Startups Msme News Government Implements Various Schemes to Boost MSME Sector, Says FM Sitharaman
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