This IPO will include both a fresh issuance of shares and an offer for sale (OFS) by specific existing and eligible shareholders of Hero Fincorp.
"The company's board of directors met on May 29, 2024. It has approved an IPO with shares having a face value of INR 10 each," Hero Fincorp announced in a statement.
The statement further clarified, "The IPO comprises Equity Shares aggregating up to INR 40,000 million and an offer for Sale of Equity Shares by certain existing and eligible shareholders of the company."
Hero Fincorp, a Non-Banking Financial Company (NBFC), offers loans for two-wheelers, affordable housing, education, and small to medium enterprises. The company operates in over 4,000 cities and towns.
Hero MotoCorp holds approximately 40% of the stake in Hero Fincorp. The Munjal family owns about 30 to 35%, with the remainder held by investors like Apollo Global, ChrysCapital, Credit Suisse, and some Hero MotoCorp dealers.
As of 1:00 p.m., Hero MotoCorp’s shares were priced at INR 5,146 each, marking an increase of 0.04%. The company’s market capitalisation stands at nearly INR 1.03 lakh crore.
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