The Hero Motors IPO legal advisors span four law firms across Indian and international counsel mandates. Hero Motors Limited has made an initial public offering of equity shares aggregating to ₹1,000 crore, comprising a fresh issue and an offer for sale by O P Munjal Holdings Limited and Hero Cycles Limited. The transaction drew on a broad legal bench, with Cyril Amarchand Mangaldas, S&R Associates, Hogan Lovells Cadwalader, and Touchstone Partners each advising separate parties.
Introduction
The Hero Motors IPO is a book-built issue worth up to ₹1,000 crore, comprising a fresh issue of ₹600 crore and an offer for sale (OFS) of ₹400 crore, with a face value of ₹10 per share. The book running lead managers (BRLMs) for the issue are ICICI Securities Ltd., DAM Capital Advisors Ltd., and JM Financial Ltd. The IPO was open for subscription from 16 to 18 September 2026, on the BSE and NSE platforms, with a listing date of 23 September 2026.
Incorporated in April 1998, Hero Motors Limited is an automotive technology company engaged in designing, developing, manufacturing, and supplying engineered powertrain solutions to automotive OEMs across the United States, Europe, India, and the ASEAN region. The company provides integrated solutions for both electric and non-electric powertrains, serving two-wheelers, performance automotive, e-bikes, off-road vehicles, electric and hybrid cars, heavy-duty vehicles, and eVTOL applications. It offers system-level and component-level solutions covering designing, prototyping, validation, development, and delivery of powertrain systems.
Deal Value
Hero Motors raised ₹1,000 crore via the IPO, of which ₹600 crore came through a fresh issue, while ₹400 crore was an offer for sale (OFS). The main selling shareholders are promoter O P Munjal Holdings, which sold shares worth up to ₹395 crore, and Hero Cycles Limited, which sold up to ₹5 crore. The anchor bid date was 15 September 2026, with the IPO raising ₹300 crore from anchor investors.
Legal Teams Involved
Cyril Amarchand Mangaldas — Advised Hero Motors Limited and the Selling Shareholders
Cyril Amarchand Mangaldas advised Hero Motors as well as the selling shareholders O P Munjal Holdings and Hero Cycles on this IPO.
The transaction was led by Vishal Yaduvanshi (Partner, Regional Co-head, Capital markets – North) and Amitpal Singh (Partner), with support from Mihir Mathur (Principal Associate), Aditya Singh (Senior Associate), Associates Prakhar Jain, Ritvik Maheshwari, Shvabh Chakarwari, and Abhirup Manna.
S&R Associates — Advised the Book Running Lead Managers
S&R Associates advised the book running lead managers, ICICI Securities Limited, DAM Capital Limited, and JM Financial Limited, on this IPO.
Further details of the S&R Associates team members were not disclosed.
Hogan Lovells Cadwalader — International Legal Counsel for the BRLMs
Hogan Lovells Cadwalader served as the international legal counsel for the BRLMs.
The transaction was led by Biswajit Chatterjee (Head of the India Practice and Dubai Office Managing Partner), with support from Kaustubh George (Counsel) and Jayant Bhardwaj (Senior Associate).
Touchstone Partners — Advised South Asia Growth Invest LLC and South Asia EBT Trust
Touchstone Partners advised South Asia Growth Invest LLC and South Asia EBT Trust in connection with this IPO.
The transaction was led by Uday Walia (Partner) and Mahak Goyal (Associate).
Significance and Impact
The Hero Motors IPO is notable for the breadth and depth of its legal advisory structure, engaging four separate law firms across Indian domestic and international mandates. Hogan Lovells Cadwalader is itself a recently merged entity, formed after Hogan Lovells announced a merger with Cadwalader, Wickersham & Taft in December 2025; the merger was approved by partners in April 2026 and took effect on 1 July 2026. Its involvement as international counsel on this transaction marks one of its early mandates under the combined firm’s identity in Indian capital markets.
Hero Motors claims to be among India’s leading solutions providers to the global e-mobility industry, with e-mobility revenue growing year on year; its portfolio includes CVTs, EV transmissions, electric motors, and integrated drive units. The company has expanded its presence across the electric bike and premium two-wheeler segments, with customers including BMW and Ducati. The IPO provides the company with a public market platform to fund its growth in both electric and non-electric powertrain segments. For a broader view of deal activity in Indian legal markets, see the Deal Meter.
The Hero Motors ₹1,000 crore IPO represents a significant capital markets mandate for the Indian legal community, with Cyril Amarchand Mangaldas leading as Indian counsel to the issuer and selling shareholders, S&R Associates advising the BRLMs on the domestic side, Hogan Lovells Cadwalader providing international counsel, and Touchstone Partners advising investor-side entities. The transaction underscores continued institutional appetite for Indian automotive technology companies with an EV-facing growth story.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
