Hero Motors stock dips 10% yet over 55% since listing
Business
Hero Motors's stock took a 10% dip on Monday, landing at ₹127.67 after some profit booking.
But here's the thing: it's still up over 55% from its listing price of ₹82 just last week, so early investors are sitting pretty despite today's drop.
Hero Motors IPO allocates ₹1,000 cr
The ₹1,000 crore issue size of Hero Motors's IPO comprised a ₹600 crore fresh issue and a ₹400 crore offer-for-sale, with most of it set aside for smart moves:
₹190 crore will pay down debt, ₹200 crore goes to upgrading their Gautam Buddha Nagar plant, and the rest is aimed at inorganic growth through unidentified acquisitions and strategic initiatives, besides general corporate purposes.
Basically, they're gearing up for bigger growth ahead.