Hero Motors shares to list today. Check GMP ahead of debut

Hero Motors shares are set to make their stock market debut today, September 23, 2026, on both the NSE and BSE. Ahead of the listing, grey market trends suggest a cautious start, with the IPO’s current GMP pointing towards a potential discounted listing. At the upper price band of Rs 84 per share, the prevailing GMP indicates an estimated listing price of around Rs 82.

The Rs 1,000 crore Hero Motors IPO was a book-built issue comprising a fresh issue of 7.14 crore shares aggregating to Rs 600 crore and an offer for sale (OFS) of 4.76 crore shares worth Rs 400 crore. The IPO was priced in the range of Rs 79–Rs 84 per share, with a minimum lot size of 178 shares.

Ahead of the IPO, Hero Motors raised Rs 300 crore from anchor investors. The company allotted 3.57 crore equity shares to anchor investors at Rs 84 per share.


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The IPO opened for subscription on September 16, 2026, and closed on September 18, 2026. The issue received an overall subscription of 6.6 times. Retail investors subscribed 8.23 times, while the non-institutional investor (NII) portion was subscribed 9.86 times. Qualified institutional buyers (QIBs) subscribed 1.49 times.

Hero Motors shares are scheduled to list on the NSE and BSE on September 23, 2026. Investors will be closely tracking the stock’s opening price against its IPO price of Rs 84, with the grey market premium offering an indication of prevailing pre-listing sentiment.

ICICI Securities Ltd, DAM Capital Advisors Ltd and JM Financial are the book-running lead managers to the issue. Kfin Technologies Ltd is acting as the registrar for the IPO.

Hero Motors IPO Issue Objectives

The company plans to use a portion of the IPO proceeds to repay, prepay or redeem certain outstanding borrowings, either fully or partially. It will also allocate funds towards capital expenditure, including purchasing equipment to expand the capacity of its facility in Gautam Buddha Nagar, Uttar Pradesh.

The remaining proceeds will be used to support the company’s inorganic growth plans, including potential acquisitions and other strategic initiatives. A portion of the funds will also be utilised for general corporate purposes.

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Financial Performance

Hero Motors reported a 9% increase in total income, rising from Rs 1,111.23 crore in FY25 to Rs 1,216.74 crore in FY26. The company’s profit after tax (PAT) grew 26%, from Rs 32.80 crore in FY25 to Rs 41.17 crore in FY26, reflecting an improvement in profitability during the year.

About Hero Motors

Incorporated in April 1998, Hero Motors Limited is an automotive technology company engaged in designing, developing and manufacturing powertrain solutions for OEMs across the US, Europe, India and ASEAN. Its products cater to electric and non-electric applications across two-wheelers, e-bikes, passenger and commercial vehicles, off-road vehicles and eVTOLs.

The Company specializes in CVTs, EV transmissions, electric motors, integrated drive units and gear sets, and has a strong position in the global e-bike powertrain market. It is the only Indian manufacturer producing and exporting CVT hubs and integrated electric powertrain products for e-bikes. Its operations comprise Powertrain Solutions—including Gears & Transmissions (G&T) and Bike Powertrain (BPT)—and Alloys & Metallics (A&M), which supplies sheet metal and tubular components to automotive OEMs.

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Hero Motors has established relationships with customers including BMW, Ducati, enviolo, Formula Motorsport, Hummingbird EV and HWA, supported by in-house engineering and global technology partnerships. As of March 31, 2026, the Company had 1,388 permanent employees and 707 contract labourers.

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