Hero Motors, a powertrain solutions provider for automotive companies, has decided to open its Rs 1,000-crore IPO for public subscription on September 16 and close it on September 18.
The price band for the maiden public issue has been fixed at Rs 79–84 per share, valuing the company at Rs 3,815.4 crore.
The O P Munjal Holdings-promoted company is raising up to Rs 600 crore through the issuance of fresh equity shares, while promoters will sell shares worth up to Rs 400 crore through an offer-for-sale (OFS).
O P Munjal Holdings will sell shares worth Rs 395 crore, while Hero Cycles will sell shares worth Rs 5 crore through the OFS. Following the issue, their respective shareholdings will decline to 49.34 percent from 70.6 percent and to 1.56 percent from 2 percent.
The one-day anchor book will open for institutional investors on September 15. The IPO share allotment is likely to be finalised by September 21, while the company's shares are expected to start trading on the stock exchanges from September 23.