Hero Motors IPO allotment today; check status on BSE, NSE and registrar

As per the latest business developments, The allotment of shares for the Hero Motors IPO is scheduled to be finalised today, September 21, after the Rs 1,000-crore initial public offering (IPO) received 6.66 times subscription during its three-day bidding period.

The offering received bids for 58,97,24,146 shares against 8,86,07,596 shares on offer, according to NSE data. The retail portion was subscribed 8.23 times, while the non-institutional investor (NII) category received 9.86 times subscription. The qualified institutional buyers (QIB) portion was subscribed 1.49 times.

Market participants who applied for the offering can check the Hero Motors IPO allotment status through KFin Technologies, the registrar to the offering, or through the BSE and NSE websites. The shares are scheduled to be listed on September 23, while refunds and credit of shares to demat accounts are anticipated on September 22.

Read Additionally: NSE IPO subscribed nearly 1.5x so far on Day 3; GMP declines to 3% — should you apply?

Hero Motors IPO allotment status: How to check

Step 1. Visit KFin Technologies IPO status page at at https://ipostatus.kfintech.com/

Step 2. Select Hero Motors Ltd from the offering list.

Step 3. Choose the relevant option, such as PAN, Application Number or DP ID/Client ID.

Step 4. Enter the required details and captcha.

Step 5. Click Submit to view the allotment status.

1. Go to BSE IPO application status page at https://www.bseindia.com/market participants/appli_check

2. Select Equity as the offering type.

3. Choose Hero Motors Ltd from the offering list.

4. Enter your application number or PAN.

5. Complete the verification and click Search/Submit.

6. Your allotment status will be displayed if the information has been updated.

Step 1. Visit NSE IPO bid verification page at https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids

Step 2. Select Hero Motors Ltd.

Step 3. Enter your PAN and application details as required.

Step 4. Complete the verification process.

Step 5. Submit the details to check the application and allotment information.

Hero Motors' grey market premium has softened sharply from the marks noted before the IPO opened. According to InvestorGain, the GMP stood at minus Rs 2 on September 21, implying a grey-market price of around Rs 82 against the upper IPO price of Rs 84.

GMP is an unofficial indicator and is based on activity in the grey market. It can change before stock-exchange debut and does not guarantee the actual stock-exchange debut price.

Hero Motors had set the IPO price range at Rs 79-84 per share. The Rs 1,000-crore offering comprised a fresh offering of Rs 600 crore and an offer-for-sale (OFS) component of Rs 400 crore. The shares are proposed to be listed on both the NSE and BSE.

Ahead of the public offering, Hero Motors boosted around Rs 300 crore from anchor market participants by allotting 3.57 crore shares at Rs 84 apiece.

The anchor book included market participants such as Societe Generale, ICICI Prudential AMC and 3P India Equity Fund, associated with investor Prashant Jain. Domestic mutual funds received 2.91 crore shares through 16 schemes.

ICICI Prudential Life Insurance and Edelweiss Life Insurance were additionally among the market participants in the anchor allocation.

Hero Motors plans to use Rs 190 crore from the fresh offering towards repayment or prepayment of certain borrowings.

Another Rs 200 crore has been earmarked for purchasing equipment for capacity expansion at its facility in Gautam Buddha Nagar, Uttar Pradesh.

The remaining proceeds will be used for funding inorganic expansion through unidentified acquisitions and strategic initiatives, besides general corporate purposes.

Hero Motors designs and manufactures engineered powertrain solutions for automotive original equipment manufacturers (OEMs). The firm has operations across India, the US, Europe and the ASEAN region.

Its customers include BMW AG, Ducati Motor Holding, Enviolo International, Formula Motorsport and HWA AG.

The IPO was managed by ICICI Securities, DAM Capital Advisors and JM Financial, while KFin Technologies is the registrar to the offering. The shares are scheduled to list on the NSE and BSE on September 23.