The draft papers were withdrawn by the company on October 5, Saturday, according to the processing status available on the SEBI website. The Pankaj Munjal-led company had filed the DRHP on August 2024.
Pankaj Munjal is a first cousin of Hero MotoCorp's chairman Pawan Munjal.
The IPO was intended to consist of a fresh issue of up to INR 500 crore, while the remaining INR 400 crore was an offer for sale (OFS) by promoters OP Munjal Holdings, Bhagyoday Investments, and Hero Cycles.
As of now, the promoters own 91.65% of the company.
Hero Motors makes engine and transmission components for two- wheelers and has a global clientele that includes the likes of BMW, Ducati and Harley Davidson.
In FY24, the company's 49% of revenues came from powertrain solutions while the remaining 51% came from the alloys and metallics (A&M) business segment.
In geographical terms, about 59% of the FY24 revenue came from India, 29% from Europe and about 8% from the US.
The company's revenue from operations increased from INR 914.2 crore in FY22 to INR 1,064.4 crore in FY24. Further, the gross profit increased from INR 281.4 crore in FY22 to INR 419.4 crore in FY24 at a CAGR of 22% while the gross margin increased from 30.78% in FY22 to 39.40% in FY24.
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