Hero Motors raises Rs 300 Cr from anchor investors ahead of IPO
The anchor issue saw participation from financial institutions and mutual funds.
Hero Motors has successfully raised Rs 299.99 crore from anchor investors ahead of its IPO, which opened for public subscription today. The company priced its IPO in the range of Rs 79-84 per share, with 57,14,284 equity shares allocated to anchor investors. Amongst the anchor investors were ICICI Prudential Life Insurance Company Limited, 3P India Equity Fund 1M, Edelweiss Life Insurance Company Limited, Societe Generale – ODI, and ASAS Global Fund Incorporated VCC Sub Fund.
The IPO is a combination of a fresh issue of up to Rs 600 crore and an offer-for-sale of equity shares up to Rs 400 crore by promoters O P Munjal Holdings and Hero Cycles Limited. The proceeds from the fresh issue will be utilized for various purposes, including repayment of outstanding borrowings, capital expenditure for capacity expansion, inorganic growth through acquisitions, and general corporate purposes.
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- Hero Motors IPO opens today: All you need to know about the ₹1,000 crore issue thehindubusinessline.com
- Hero Motors Raises Rs 299.99 Crore From Anchors, Rs 1,000-Crore IPO Opens September 16 freepressjournal.in
- Can Hero Motors IPO deliver long-term growth for high-risk investors? economictimes.indiatimes.com
