Auto part maker Hero Motors has withdrawn its Draft Purple Herring Prospectus (DRHP) for the proposed INR 900 crore Preliminary Public Providing (IPO).
The draft papers have been withdrawn by the corporate on October 5, Saturday, in line with the processing standing out there on the SEBI web site. The Pankaj Munjal-led firm had filed the DRHP on August 2024.
Pankaj Munjal is a primary cousin of Hero MotoCorp’s chairman Pawan Munjal.
The IPO was meant to encompass a recent subject of as much as INR 500 crore, whereas the remaining INR 400 crore was a proposal on the market (OFS) by promoters OP Munjal Holdings, Bhagyoday Investments, and Hero Cycles.
As of now, the promoters personal 91.65% of the corporate.
Hero Motors makes engine and transmission elements for two- wheelers and has a world clientele that features the likes of BMW, Ducati and Harley Davidson.
In FY24, the corporate’s 49% of revenues got here from powertrain options whereas the remaining 51% got here from the alloys and metallics (A&M) enterprise phase.
In geographical phrases, about 59% of the FY24 income got here from India, 29% from Europe and about 8% from the US.
The corporate’s income from operations elevated from INR 914.2 crore in FY22 to INR 1,064.4 crore in FY24. Additional, the gross revenue elevated from INR 281.4 crore in FY22 to INR 419.4 crore in FY24 at a CAGR of twenty-two% whereas the gross margin elevated from 30.78% in FY22 to 39.40% in FY24.
