Hero FinCorp board approves ₹4,000 Crore IPO

The company caters to a broad customer base with diverse financial needs.

Hero MotoCorp’s subsidiary, Hero Fincorp has announced that the board has given the approval to ₹4,000 Crore initial public offering (IPO) which will include the issue of equity shares with a face value of ₹10 each.

The company verified this after a board meeting held on May 29, 2024.

"The Board of Directors of the Company at its meeting held on May 29, 2024 has considered and approved the initial public offering (IPO) of for equity shares of ₹10 each," Hero FinCorp said in an official statement in exchange filing.

According to the exchange filing, the IPO will consists of an offer for sale (OFS) of equity shares by certain current and qualifying shareholders of the firm, along with fresh issue of equity shares worth ₹4000 Crore.

Hero Fincorp Limited is a non-bank finance company (NBFC) engaged in various financial sectors. Its portfolio includes products such as binary financing, term loans, working capital loans, loans against assets, bill impairment and leasing. The company caters to both commercial and corporate customers, establishing a broad customer base across financial needs.

On May 29, Hero MotoCorp shares ended at ₹5,136.10 on the BSE, down ₹50.75 or 0.98%.