Hero Motors Ltd has raised ₹300 crore from anchor investors ahead of its initial public offering (IPO), which opens for public subscription on September 16.
The company informed the stock exchanges that it allocated 3,57,14,284 equity shares at ₹84 per share to anchor investors.
Domestic institutions participate
The anchor book saw participation from institutions including ICICI Prudential Life Insurance Company, 3P India Equity Fund 1M, Edelweiss Life Insurance Company, Societe Generale – ODI and ASAS Global Fund Incorporated VCC Sub Fund, among others.
Among equity-oriented schemes, shares were allocated to ICICI Prudential Smallcap Fund, Kotak Mahindra Trustee Co Ltd A/C Kotak MNC Fund and JM Financial Mutual Fund – JM Flexi Cap Fund, among others.
Mutual funds get major allocation
Of the total 3,57,14,284 equity shares allocated to anchor investors, 2,91,64,441 shares were allotted to seven domestic mutual funds through 16 schemes.
ICICI Securities, DAM Capital Advisors and JM Financial are the book-running lead managers to the issue, while KFin Technologies is the registrar.
IPO opens on September 16
Hero Motors has fixed the price band for its maiden IPO at ₹79-84 per equity share, with each share having a face value of ₹10.
The issue will open for public subscription on September 16 and close on September 18. The equity shares are proposed to be listed on the NSE and BSE.