Hero Fincorp, the financial services arm of Hero MotoCorp, has received approval from the Securities and Exchange Board of India (SEBI) for its upcoming IPO worth Rs 4,000 crore.
The IPO will feature both a fresh issue and an Offer for Sale (OFS), where existing investors can sell their shares.
Key Details of the IPO
Hero Fincorp announced that its Board of Directors approved the IPO on May 29, 2024.
The shares will have a face value of Rs 10.
The Rs 4,000 crore IPO will consist of a fresh issue of shares and an OFS, allowing existing shareholders to sell their stakes.
Hero Fincorp, a non-banking financial company (NBFC), offers loans for two-wheelers, affordable homes, education, and small to medium-sized businesses, operating in over 4,000 cities and towns.
Ownership Structure and Market Performance
Hero MotoCorp holds approximately 40 percent of Hero Fincorp, while the Munjal family owns about 30 to 35 percent. Other stakeholders include Apollo Global, Chrys Capital, Credit Suisse, and some Hero MotoCorp dealers.
On Thursday, Hero MotoCorp’s stock closed at Rs 5,152, a slight increase of 0.16 percent.
Awfis Space Solutions’ IPO Listing
In other news, Awfis Space Solutions Ltd., a company in the workspace sector, listed its Rs 599 crore IPO on the stock exchanges on Thursday.
The IPO, which was open from May 22 to May 27, had a price band of Rs 364-383 per share.
It was listed at Rs 432 per share, a 13% premium, and saw further gains, climbing 17% to over Rs 448.
