Hero Motors, led by Pankaj Munjal, has withdrawn its ₹900 crore IPO, originally filed with SEBI in August 2024. The company cited unfavorable market conditions as the key reason for pulling the public offering.
The IPO was structured with a fresh issue of ₹500 crore and a ₹400 crore offer for sale by promoters like OP Munjal Holdings and Hero Cycles. The funds were planned for debt repayment, expanding the Noida facility, and other corporate needs.