Automotive Technology & Powertrain Solutions - Listed on 23 September 2026
Hero Motors (Automotive Technology & Powertrain Solutions) closed its IPO window in 2026 and listed on NSE and BSE on 23 September 2026 at an upper band issue price of Rs 84, opening at Rs 82 for a listing gain of -2.4% and closing day one at Rs 98.4 (+17.1% on closing basis). The IPO was subscribed 7.08x overall - QIB 1.59x, HNI/NII 10.48x, Retail 8.76x. The total issue size was Rs 1,000 Cr (Fresh Issue Rs 600 Cr, OFS Rs 400 Cr). IPO GMP data, subscription trends across Day 1 - Day 3 and Nifty performance around the listing window are detailed below.
Automotive Technology & Powertrain Solutions
Hero Motors is an automotive technology and powertrain solutions company serving electric and internal combustion engine vehicles across two-wheelers, performance cars, e-bikes, off-road vehicles, commercial vehicles and emerging mobility applications. Its business is organised into Powertrain Solutions and Alloys & Metallics, with EV-related revenue accounting for 23% of FY2026 revenue.
Issue structure, listing outcome and context
The ₹1,000 crore IPO comprised a ₹600 crore fresh issue and ₹400 crore offer for sale, priced at ₹84 per share at the upper end. Fresh issue proceeds were intended for debt repayment, capacity expansion at the Gautam Buddha Nagar facility, strategic acquisitions and general corporate purposes. The stock listed on NSE at ₹82, a 2.38% discount to the issue price, and closed at ₹98.40, up 17.14% from the issue price.
Number of times each investor category subscribed by close of Day 3.
How overall subscription built up across the three-day issue window.
Grey market premium (GMP) tracked day-by-day across the IPO window. Absolute GMP is the premium in rupees over the upper issue price; GMP % is that premium as a percent of the issue price.
| Day | GMP (Rs) | GMP % |
|---|---|---|
| Day 1 | Rs 23 | +27.40% |
| Day 2 | Rs 22 | +26.20% |
| Day 3 | Rs 13 | +15.50% |
| Day 4 | Rs 5.5 | +6.50% |
| Day 5 | Rs 2 | +2.40% |
Comparison between market-based GMP prediction and IPOGyani's AI-powered listing gain prediction.
Prediction Accuracy: 8.0 pp (Reasonably accurate)
How the broader market moved around the Hero Motors IPO window. Helpful for isolating how much of the listing gain came from company fundamentals vs. market tailwind.
Hero Motors IPO listed at -2.4% versus the upper issue price of Rs 84 on 23 September 2026.
Hero Motors IPO was subscribed 7.08x overall. QIB portion was subscribed 1.59x, HNI / NII 10.48x and Retail 8.76x.
IPO GMP started at Rs 23 on Day 1 and moved to Rs 2 by the close of the issue window. See the day-by-day GMP table above for the full trajectory.