What happened
Hero Motors IPO closes its three-day bidding window on 18 September 2026 with GMP at Rs 5.5-6 and mixed subscription data.
Hero Motors opened its Rs 1,000 crore IPO on 16 September 2026 at Rs 79-84 per share, with a minimum lot of 178 shares. The issue combines a Rs 600 crore fresh issue and a Rs 400 crore offer-for-sale, and the upper-band valuation is about Rs 3,815 crore.
On final bidding day, the unofficial grey-market premium was Rs 5.5-6, or about 6.55-7% over the upper band, implying an estimated listing price near Rs 89.5. This is far below the Day-1 peak of Rs 24. Retail investors subscribed 5.02x, NII 3.90x, while QIBs subscribed only 0.07x by Day-2 close.
Bidding closes on 18 September. Allotment is expected on 21 September, refunds and demat credit on 22 September, and listing on BSE and NSE on 23 September. The company raised Rs 300 crore from anchor investors before the IPO.
The muted GMP and weak QIB response make the IPO less attractive for a short-term listing gain. Long-term investors should focus on Hero Motors' CVT and powertrain business, use of proceeds, valuation, and execution rather than relying on the unofficial grey market.
Timeline
15 Sep — anchor bidding; 16-18 Sep — subscription; 21 Sep — allotment; 22 Sep — refunds and demat credit; 23 Sep — BSE and NSE listing.
- Bidding closes 18 Sep
- Allotment 21 Sep
- Listing 23 Sep
Why it matters for me
A muted final-day GMP and weak QIB demand reduce the appeal of a short-term listing gain, while long-term investors must assess valuation and execution.
Money
Retail Investors · Ipo Subscribers
A Rs 5.5-6 GMP implies an estimated listing near Rs 89.5, but it is unofficial and far below the Day-1 peak.
Daily Life
Retail Investors
Allotment, refunds and listing fall on 21, 22 and 23 September, so applicants need to plan for a tight three-day window.
What to remember
Do not treat the unofficial GMP as guaranteed; compare valuation, use of proceeds and institutional demand before applying.
Hero Motors IPO Day 3: GMP Rs 5.5-6, retail 5.02x, QIB 0.07x. Apply or skip?
Verified sources (2)
Hero Motors IPO GMP rises 7% on Day 3; check key dates, review, subscription. Should you apply or not?
↗Hero Motors IPO Day 3: GMP at 7%; Check subscription status and key details. Should you subscribe?
↗Claims and linked sources
4 claimsHero Motors priced its Rs 1,000 crore IPO at Rs 79-84 per share; one lot of 178 shares costs about Rs 14,952 at the upper band.
Day-3 GMP was Rs 5.5-6, about 6.55-7% over the Rs 84 upper band, implying an estimated listing near Rs 89.5.
By Day-2 close, retail subscribed 5.02x, NII 3.90x and QIBs 0.07x; a Day-3 tracker showed overall subscription of 4.60x.
Bidding closes 18 September; allotment is expected 21 September, refunds and demat credit 22 September, and listing on BSE and NSE 23 September 2026.