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Hero Motors, the Indian auto parts manufacturer, has determined that its initial public offering (IPO) will have a price band of ₹79 to ₹84 per share. This valuation corresponds to a potential worth of approximately ₹3,815 crore ($401.16 million). The company plans to conduct a three-day share sale totaling $105 million, with the IPO commencing on September 16.

Anchor investors can place bids for this offering on September 15, while the company aims to issue up to 600 million shares in total. The existing shareholders will be selling up to 400 million shares. Controlling the company is Pankaj Munjal, who leads a firm that is India’s largest two-wheeler manufacturer by volume. The Munjal family owns Hero MotoCorp, a leading player in India’s automotive market.

The primary purpose of the IPO proceeds is to reduce debt and invest in expanding Hero Motors’ facilities in Uttar Pradesh, India. The IPO will be managed by ICICI Securities, JM Financial, and DAM Capital, who will serve as the book running lead managers. All comments related to this story must be written in English using full sentences and must adhere to the platform's community guidelines.