India, Sept. 23 -- Hero Motors shares staged a strong recovery on September 23 after opening below their IPO price. The stock began trading at Rs 82 on the NSE, compared with the issue price of Rs 84, before rising to Rs 95.98 by 10:45 am, up 17.05% from the opening level. On the BSE, the shares started at Rs 82.10, a 2.26% discount to the IPO price. Following the listing, the company's market capitalisation was around Rs 3,729 crore.

What Happened?

The subdued debut was not unexpected given the company's grey market performance before listing. InvestorGain's GMP data had pointed towards a listing below the IPO's upper price band. However, GMP is an unofficial market indicator and does not guarantee a stock's listing performance or futu...