Mon Oct 07 13:12:59 UTC 2024: ## Hero Motors Withdraws Rs 900 Crore IPO Application
**New Delhi, October 7, 2024:** Auto-components manufacturer Hero Motors Ltd has withdrawn its application for a Rs 900 crore initial public offering (IPO), according to a recent filing with the Securities and Exchange Board of India (SEBI). The company had initially planned to raise Rs 500 crore through fresh equity shares and Rs 400 crore through an offer for sale (OFS) of shares by promoters.
Under the OFS, O P Munjal Holdings was set to offload shares worth Rs 250 crore, while Bhagyoday Investments and Hero Cycles were to sell shares worth Rs 75 crore each.
The company filed its draft red herring prospectus (DRHP) with SEBI in August seeking approval for the IPO. However, Hero Motors has withdrawn its DRHP without disclosing the reason for doing so.
The IPO proceeds were intended to be used for debt repayment and acquiring equipment to expand the company’s facility in Gautam Buddha Nagar, Uttar Pradesh.
Hero Motors is a leading automotive technology company in India, specializing in powertrain solutions for a range of vehicles including two-wheelers, e-bikes, off-road vehicles, electric and hybrid cars, and heavy-duty vehicles. The company operates six manufacturing facilities across India, the UK, and Thailand.
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