Hero Motors secures nearly ₹300cr from anchor investors before IPO
Business
Hero Motors just pulled in nearly ₹300 crore from big-name anchor investors, right before its IPO opens on September 16.
The company sold 3.57 crore shares at ₹84 each, hitting the top end of its price range.
Hero Motors aims to raise ₹1,000cr
ICICI Prudential Life and Edelweiss Life are among the key backers.
The IPO aims to raise a total of ₹1,000 crore, with shares priced between ₹79 and ₹84. Out of this, ₹600 crore is fresh funding for things like paying off loans and expanding capacity in Uttar Pradesh, while the rest comes from promoters selling their stake.
If you're watching the markets, Hero Motors plans to debut on September 23.