IPO Alert! Hero MotoCorp unit Hero Fincorp eyes Rs 4,000 crore fundraise in 2024 | Know more
IPO Alert! Hero MotoCorp unit Hero Fincorp eyes Rs 4,000 crore fundraise in 2024 | Know more
New Delhi: Hero Fincorp, the finance arm of two-wheeler company Hero MotoCorp is eyeing an initial public offering (IPO) worth Rs 4,000 crore next year and has shortlisted 8 investment banks to that end. The IPO size is approximate and may change closer to the date of filing of the draft papers with SEBI. HeroFincorp has shortlisted the following investment banks for the potential IPO, the Moneycontrol reported, citing industry officials: JM Financial BofA Securities Jefferies ICICI Securities HSBC Securities UBS SBI Capital HDFC Also read: WomanCart IPO opens on October 16 — GMP, price, allotment date Hero Fincorp IPO details The IPO which is being valued at nearly Rs 4,000 crore is expected to comprise a primary s well as secondary share issuance, the Moneycontrol reported, citing two persons familiar with the matter, This is expected tp provide an exit to some of the company’s investors, they said. HeroMotoCorp owns a 40 per cent stake in HeroFinCorp. Queries sent to HeroMotoCorp remained unanswered at the time of publishing, the Moneycontrol reported. Also read: Tata Technologies IPO — Tata Motors to offload 10% stake in unit ahead of fundraise Hero Fincorp ownership HeroMoto Corp owns a 40 per cent stake Munjal family owns 35-39 per cent stake Private investors hold the remaining stake Private investors include: Apollo Global ChrysCapital Credit Suisse HeroMoto Corp dealers The company is an NBFC which was founded in 1991. It is led by Abhimanyu Munjal, joint MD and CEO. Hero Fincorp business and financials Hero Fincorp is engaged in: 2-wheeler financing Term loans Loans for working capital Loans against property Wholly owned unit Hero Housing Finance Hero Fincorp’s FY23 net profit stood at Rs 457.33 crore, compared to 195 crore a year ago. The company reported Fy23 revenues worth Rs 6,003.77 crore, up 35 per cent year-on-year from Rs 4,440.58 crore a year ago. The Hero MotoCorp finance arm’s non performing assets contracted to 5.38 per cent from 7.94 per cent year-on-year. The company’s loan book was worth Rs 36,213 crore as of March 31, 2023.
Publish Date : 2023-10-17 16:06:00
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