Hero FinCorp - the financial services arm of India's largest two-wheeler maker Hero MotoCorp - has approved the Rs 4,000 crore IPO, a company statement said on May 29.
The IPO will be a combination of fresh issue of shares and an Offer For Sale by existing shareholders.
Earlier in October 2023, Moneycontrol had reported citing people familiar with the developmment that the targeted size of the proposed IPO could be around Rs 4,000 crore.
About Hero FinCorp
A diversified financial services company, Hero FinCorp offers two-wheeler financing, advances for buying homes in the affordable housing segment, loans for education, and lends to the small and medium enterprise sector. The lender has presence in over 4,000 cities and towns across India and nearly 2,000 retail financing touchpoints within Hero MotoCorp's network.
Moneycontrol had reported on October 17, 2023 that Hero FinCorp has shortlisted a syndicate of as many as eight investment banks to launch a mega initial public offer (IPO) of almost Rs 4,000 crore in 2024.
Hero FinCorp Shareholding
Hero MotoCorp owns around 40 per cent stake in Hero Fincorp, the promoters, the Munjal family hold around 35-39 per cent while the balance is held by private equity investors like Apollo Global, ChrysCapital, Credit Suisse and some dealers of HeroMoto Corp.
This story is being updated
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
