Cyril Amarchand Mangaldas, S&R Associates, and Hogan Lovells advised on Hero Motors' ₹1,000 crore IPO, comprising fresh issue and offer for sale by promoters.
CAM, S&R, Hogan Lovells Advise on Hero Motors ₹1,000 Crore IPO
Hero Motors Limited has launched an initial public offering (IPO) of equity shares aggregating ₹1,000 crore, comprising a fresh issue of ₹500 crore and an offer for sale (OFS) of ₹500 crore by selling shareholders O P Munjal Holdings Limited and Hero Cycles Limited. The IPO marks the entry of the electric two-wheeler manufacturer into the public capital markets.
Cyril Amarchand Mangaldas (CAM) advised Hero Motors and the selling shareholders. The transaction was led by Vishal Yaduvanshi (Partner) and Amitpal Singh (Partner), supported by Mihir Mathur and others. S&R Associates advised the book-running lead managers, while international law firm Hogan Lovells, in conjunction with Cadwalader, Wickersham & Taft, provided overseas regulatory advice, particularly on foreign investor compliance.
The legal work spanned drafting the Draft Red Herring Prospectus (DRHP), SEBI filings, due diligence, corporate governance structuring, lock-in obligations under SEBI (ICDR) Regulations, 2018, and listing requirements on the BSE/NSE. The transaction highlights the growing trend of legacy automotive firms leveraging IPOs to fund electric vehicle expansion.
For practitioners, this issuance underscores the multi-firm coordination required in large IPOs and the importance of harmonising domestic and international regulatory frameworks for shareholder disclosures and compliance.
