Mumbai1 day ago
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Automobile component maker Hero Motors has withdrawn its application to SEBI for its Initial Public Offering (IPO). The market regulator said that the company has withdrawn DRHP on October 5. Hero Motors had planned to raise Rs 900 crore through this public offer.
According to reports, the company's promoter OP Munjal Holdings was planning to sell stake worth Rs 250 crore through OFS, while other promoters Bhagyodaya Investments and Hero Cycles also planned to sell stake worth Rs 75 crore through OFS. ICICI Securities, DAM Capital Advisors and JM Financial were the book running lead managers to the issue.
The company provides parts to electric and non-electric OEMs.
The company is owned by Pankaj Munjal. Pankaj is the cousin of Hero MotoCorp Limited Chairman Pawan Munjal. The company provides products and end-to-end solutions across gears and transmissions, alloy and metallic parts and bike powertrain systems to premium brands in the motorcycle, automotive, off-road and electric vehicle (EV) segments.
Hero MotoCorp Managing Director Pawan Munjal (left) Hero Motors CEO Pankaj Munjal (right) at The Move: Global Mobility Summit organized by NITI Aayog in New Delhi.
The company has 6 manufacturing units and two research and development centers.
The company's business extends not only to India but also to America and Europe. Hero Motors has 6 manufacturing units and two research and development centres. More than one thousand employees work in the company.
The company will have a profit of Rs 419 crore in the financial year 2024.
The company's revenue in financial year 2024 was Rs 1064 crore. During this period, the company's gross profit increased by 22% on annual basis to Rs 419 crore. Earlier in the financial year 2022, the company had earned Rs 914 crore, when the company had registered a profit of Rs 281 crore. According to reports, its promoters hold 91.65% stake in the company.
