Pankaj Munjal, the CEO of Hero Motors, a maker of auto parts, has selected three investment banks for an IPO that might raise up to 1,500Cr. The principal manager of the offering is anticipated to be ICICI Securities. The firm produces parts for Harley Davidson, BMW, and Ducati.
The Economic Times (ET) reported that Hero Motors, a manufacturer of auto components led by Pankaj Munjal, the first cousin of Hero MotoCorp chairman Pawan Munjal, has chosen three investment banks for an initial public offering (IPO) of shares. It may aim to raise as much as 1,500 Cr.
ICICI Securities will likely handle the anticipated public offering, according to a report by ET.
Om Prakash Munjal, Pankaj Munjal’s father, oversaw Hero Cycles for many years before dividing the company into Hero Motors in 2015. In 2015, Om Prakash Munjal died. Pawan Munjal, a rider with Hero MotoCorp, is the son of Om Prakash Munjal’s brother Brij Mohan Lall Munjal.
BMW, Ducati, and Harley Davidson are some of Hero Motors’ international customers for its two-wheeler engine and gearbox component production.
According to the article, Hero Motors has yet to react to ET’s requests for comment.
For the past 18 months, Hero Motors has been setting up its IPO ambitions.
The corporation selected Deloitte Haskins and Sells to serve as its auditors, according to informed sources. According to ET’s investigation, Deloitte took the position of a local business.
