Hero Motors IPO details : Hero Motors Limited, a vehicle component manufacturer of the Hero Motors Company Group, has withdrawn its application for an initial public offering (IPO) of Rs 900 crore. According to information available on the website of market regulator SEBI, Hero Motors Limited has withdrawn its draft documents filed for approval of the IPO.

Plans to raise Rs 500 crore by issuing new equity shares

In its draft documents, the company had proposed to raise Rs 500 crore by issuing new equity shares and an offer for sale (OFS) of shares worth Rs 400 crore by promoter firms. Under the OFS, OP Munjal Holdings was selling shares worth Rs 250 crore, while Bhagyodaya Investments and Hero Cycles were selling shares worth Rs 75 crore each.

Documents were filed with SEBI in August.

It filed documents with SEBI in August to seek regulatory approval to launch an IPO. The company has not given any reason for withdrawing its application, saying that it withdrew the draft documents on October 5, 2024. Hero Motors is India's leading vehicle technology company. This Hero Motors operates in two segments - Engine Solutions and Alloys & Metals. It has six manufacturing units in India, the UK, and Thailand.