Automobile component maker Hero Motors has withdrawn its application to SEBI for its initial public offering (IPO). The market regulator said that the company has withdrawn the DRHP on October 5. Hero Motors had planned to raise Rs 900 crore through this public offer. According to reports, the company’s promoter OP Munjal Holdings was planning to sell stake worth Rs 250 crore through OFS, other promoter Bhagyodaya Investments and Hero Cycles were also planning to sell stake worth Rs 75 crore through OFS. ICICI Securities, DAM Capital Advisors and JM Financial were the book running lead managers for the issue. The company, which provides parts to electric and non-electric OEMs, is owned by Pankaj Munjal. Pankaj is the cousin of Pawan Munjal, chairman of Hero MotoCorp Limited. The company provides products and end-to-end solutions in gears and transmissions, alloy and metallic parts and bike powertrain systems to premium brands in the motorcycle, automotive, off-road and electric vehicle (EV) segments. The company has 6 manufacturing units and two research and development centers. The company’s business is spread across India as well as the US and Europe. Hero Motors has 6 manufacturing units and two research and development centers. More than one thousand employees work in the company. The company has a profit of Rs 419 crore in FY 2024. In the financial year 2024, the company’s revenue was Rs 1064 crore. During this period, the company’s gross profit grew 22% year-on-year to Rs 419 crore. Earlier in FY 2022, the company had earned Rs 914, then the company had registered a profit of Rs 281 crore. According to reports, its promoters hold 91.65% stake in the company.
