A naukri.com initiative
Bloomberg Quint
1M
271
Image Credit: Bloomberg Quint
Hero FinCorp IPO: Undertakes Pre-IPO Placement Valuing The Company At Rs 23,174 crore
- Hero FinCorp, the non-banking financial services division of Hero MotoCorp, raised Rs 260 crore in a pre-IPO placement.
- The pre-IPO placement valued the company at Rs 23,174 crore.
- Shares were allotted to 12 investors at Rs 1,400 apiece on June 13.
- The fresh issue size reduced to Rs 1,840 crore from Rs 2,100 crore post the fundraise.
- The total IPO size now stands at Rs 3,408 crore, including a Rs 1,568 crore stake sale by existing investors.
- Yahoo-owner Apollo Management, Apis Partners, Link Investment Trust, and Otter Ltd. are among the sellers in the Offer For Sale (OFS).
- The IPO proceeds will be utilized to enhance the company's capital for future lending activities.
- Hero FinCorp serves retail and MSME customers with a focus on vehicle, personal, and mortgage loans.
- As of March 2024, the company's assets under management were Rs 51,820.8 crore.
- The firm operates under the 'Hero' brand and has a significant customer base.
- Hero FinCorp received SEBI's approval for the IPO in late May.
- The company benefits from the reputation and track record of its parent company, Hero MotoCorp.
- The IPO prospectus will include details of the pre-IPO placement.
- The company's diversified financial products cater to retail and MSME segments.
- The IPO aims to meet the company's future funding needs for lending activities.
Read Full Article
16 Likes
For uninterrupted reading, download the app