1 day ago
Hero Motors IPO Subscription Reaches 3.37 Times on Day Two
Hero Motors is selling shares to the public through an IPO.
By the second day, investors had applied for 3.37 times the number of shares available.
Retail investors showed the most interest, subscribing 5.02 times their reserved portion.
Non-institutional investors subscribed 3.9 times their portion.
Large institutional investors had applied for only 0.07 times their allocation.
Some brokerages recommended subscribing to the IPO.
Each share is priced between Rs 79 and Rs 84.
The money raised will help repay loans, expand production and support other company plans.
Hero Motors’ IPO was subscribed 3.37 times overall on Day 2.
The retail investor portion was subscribed 5.02 times, while the NII quota was subscribed 3.9 times.
The QIB segment was subscribed 0.07 times.
Anand Rathi, BP Wealth and Ventura Securities recommended subscribing to the IPO.
The IPO has a Rs 79-84 price band and includes a Rs 600 crore fresh issue and up to Rs 400 crore offer for sale.
- Who
- Hero Motors and investors across retail, non-institutional and qualified institutional categories.
- What
- Hero Motors’ IPO was subscribed 3.37 times overall on its second day.
- Where
- The company operates across the US, Europe, India and ASEAN; planned capacity expansion is at its Gautam Buddha Nagar, Uttar Pradesh facility.
- When
- On Day 2 of the IPO subscription period.
- Why
- The IPO is raising funds for debt repayment, capital expenditure, potential acquisitions, strategic initiatives and general corporate purposes.
Key facts
- Overall subscription
- 3.37 times on Day 2
- Retail subscription
- 5.02 times
- NII subscription
- 3.9 times
- QIB subscription
- 0.07 times
- Price band
- Rs 79-84 per equity share
- Fresh issue
- Up to Rs 600 crore
- Offer for sale
- Up to Rs 400 crore by O P Munjal Holdings and Hero Cycles Limited
- Minimum bid
- 178 equity shares and multiples of 178 thereafter
Quotes
Anand Rathi
Brokerage that recommended Hero Motors’ IPO for long-term investors
“Subscribe - Long Term”
businesstoday.in
Sources
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