Hero Motors has officially withdrawn its Draft Red Herring Prospectus (DRHP) for a proposed Initial Public Offering (IPO). The company’s draft papers for an estimated ₹900 crore IPO have been withdrawn as of October 5, 2024.
According to the Securities and Exchange Board of India (SEBI), the DRHP was initially submitted on August 28, 2024. However, the company decided not to proceed with the listing. The IPO aimed to include both a fresh issue of shares and an offer for sale (OFS), coordinated by ICICI Securities Limited. The reasons for the withdrawal of the DRHP have not been disclosed.
This move indicates a shift in Hero Motors’ financing or strategic plans, but further details are awaited. The development is a significant update for market observers and stakeholders who were anticipating the company’s public offering.
