The country's leading auto company Hero Motors Limited is not going to debut in the stock market. The company has withdrawn its IPO. The company was going to come with an IPO of Rs 900 crore. Information regarding the reasons for withdrawal of IPO could not be obtained. Two wheeler manufacturing company Hero Motors has withdrawn its IPO at a time when many companies in the country are coming out with their IPOs. Which includes the names of Hyundai, Swiggy and other companies. IPO worth Rs 27 thousand crore has been approved for the remaining days of the current financial year. Let us also tell you what kind of things have come to light regarding Hero Motors.
Hero Motors Limited, the auto component manufacturing company of Hero Motors Group of Companies, has withdrawn its application for initial public offering (IPO) of Rs 900 crore. According to the information available on the website of market regulator SEBI, Hero Motors Limited has withdrawn the draft of its documents filed for approval of the IPO. In its draft documents, the company had proposed to raise Rs 500 crore by issuing new equity shares and offer for sale (OFS) of shares worth Rs 400 crore by the promoter firms.
Under the OFS, OP Munjal Holdings was selling shares worth Rs 250 crore, while Bhagyodaya Investments and Hero Cycles were selling shares worth Rs 75 crore each. It had filed documents with SEBI in August to seek regulatory approval to launch the IPO. Without giving any reason for withdrawing its application, the company has said that it withdrew the draft documents on October 5, 2024. Hero Motors is India's leading vehicle technology company. Hero Motors operates in two segments – Engine Solutions and Alloys & Metals. It has six manufacturing units in India, Britain and Thailand.
