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Other marquee investors in the anchor round included ICICI Prudential Life Insurance Company, Edelweiss Life Insurance Company, Societe Generale – ODI and ASAS Global Fund Incorporated VCC Sub Fund. Among equity-oriented schemes, Hero Motors allocated shares to ICICI Prudential Smallcap Fund, Kotak MNC Fund and JM Flexi Cap Fund, among others. Out of the total anchor allocation of 3.57 crore shares, 2.91 crore shares were allocated to seven domestic mutual funds through 16 schemes. The anchor book gives Hero Motors institutional backing before its Rs 1,000 crore IPO opens for subscription. The issue will close on September 18. Hero Motors has fixed the IPO price band at Rs 79-84 per share. Investors can bid for a minimum of 178 shares and in multiples of 178 shares thereafter. At the upper price band, the minimum application size for retail investors works out to Rs 14,952. The IPO is a mix of a fresh issue of up to Rs 600 crore and an offer for sale of up to Rs 400 crore by promoters O P Munjal Holdings and Hero Cycles. The company plans to use Rs 190 crore from the fresh issue for repayment, prepayment or redemption of certain outstanding borrowings. It will also use Rs 200 crore for capital expenditure, including purchase of equipment for expanding capacity at its Gautam Buddha Nagar facility in Uttar Pradesh. The remaining proceeds will be used for inorganic growth through unidentified acquisitions, strategic initiatives and general corporate purposes. Hero Motors is an automotive technology company that designs, develops, manufactures and supplies powertrain solutions to automotive original equipment manufacturers in the US, Europe, India and the ASEAN region. The company offers powertrain systems for both electric and non-electric vehicles. Its products are used in two-wheelers, performance automotive, e-bikes, off-road vehicles, electric and hybrid cars, heavy-duty vehicles and electric vertical take-off and landing categories. Hero Motors caters to global customers including BMW, Ducati, Enviolo, Formula Motorsport, Hummingbird EV and HWA. It also supplies to leading global e-bike makers and other mobility applications such as aerospace. The offer is being made through the book-building route. Not more than 50% of the net offer will be available for qualified institutional buyers, not less than 15% for non-institutional investors and not less than 35% for retail investors. ICICI Securities, DAM Capital Advisors and JM Financial are the book-running lead managers to the issue. KFin Technologies is the registrar. (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
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