October 17, 2023
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Hero FinCorp planning for Rs. 4000 Cr IPO
Hero MotoCorp arm Hero FinCorp picks 8 i-banks for mega IPO of around Rs 4,000 crore
Hero MotoCorp owns around 40 per cent stake in Hero Fincorp, the promoters, the Munjal family hold around 35-39 per cent while the balance is held by private equity investors like Apollo Global, ChrysCapital, Credit Suisse and some dealers of HeroMoto Corp.
Hero FinCorp, the financial services arm of India’s largest two-wheeler maker Hero MotoCorp, has shortlisted a syndicate of as many as eight investment banks to launch a mega initial public offer in 2024
This is a big listing in the works. JM Financial, Bofa Securities, Jefferies, ICICI Securities, HSBC Securities, UBS, SBI Capital, and HDFC have been selected as the advisors. UBS completed the global acquisition of Credit Suisse in June 2023.
Two other persons confirmed the list of i-bankers and added that the proposed issue would be a combination of primary and secondary issuance of shares which would mop up growth capital and provide an exit for some of the investors.
The targeted size of the proposed IPO is around Rs 4,000 crs, but that may vary later depending on market conditions and share sale strategies of the investors, one of the two persons added.
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