Hero Motors, an auto component manufacturer led by Pankaj Munjal, the first cousin of Hero MotoCorp chairman Pawan Munjal, has chosen three investment banks for an initial public offering (IPO) of shares that may aim to raise as much as ₹1,500 crore, as was reported in the news article by the Economic Times (ET). Mint could not independently confirm the news.
According to ET’s report, ICICI Securities will probably lead manage the expected public offering.
Om Prakash Munjal, the father of Pankaj Munjal, led Hero Cycles for many years before separating it into Hero Motors in 2015. Om Prakash Munjal passed away in 2015.Om Prakash Munjal’s brother Brij Mohan Lall Munjal is the father of Pawan Munjal, a rider for Hero MotoCorp.
Global clients of Hero Motors, that manufactures two-wheeler engine and gearbox components, include BMW, Ducati, and Harley Davidson.
Up until the time of release, Hero Motors has not responded to ET’s requests for comment, said the report.
Hero Motors has been making arrangements for its IPO aspirations for the past 18 months.
According to sources aware, the company appointed Deloitte Haskins and Sells as its auditors. Deloitte replaced a local firm, said ET in its report.
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Updated: 26 Jul 2023, 08:37 AM IST