According to market observers, the grey market premium (GMP) for the issue is around 9%, indicating a modest listing premium expectation of Rs 630–640 per share. The IPO is being managed by IIFL Capital Services with MUFG Intime India as the registrar.
Studds, headquartered in Faridabad, Haryana, is India’s largest manufacturer of two-wheeler helmets and accessories, producing under the “Studds” and “SMK” brands.
The company designs, manufactures, and sells helmets, riding gear, gloves, and luggage accessories. It also supplies helmets for international brands such as Jay Squared LLC’s “Daytona” in the US and O’Neal in Europe and Australia.
With four manufacturing units in Faridabad and a portfolio of over 19,000 SKUs across 240 designs, Studds sold 7.4 million helmets in FY25, underlining its dominance in India’s organised helmet market. It also exports to over 70 countries, including the Americas, Europe, and parts of Asia.
Financially, Studds has maintained steady growth and profitability. For FY25, its total income rose 11% to Rs 595.9 crore, while PAT increased 22% to Rs 69.6 crore. EBITDA stood at Rs 104.8 crore, reflecting a margin of nearly 18%, while the PAT margin improved to 11.9%. The company’s ROE and ROCE stood at 16.6% and 20.3%, respectively, and it has virtually no debt.At the upper price band, Studds’ post-issue market cap is estimated at Rs 2,302 crore, valuing it at 28.4x FY25 earnings and a price-to-book value of 5.1x.While the IPO does not involve fresh fund infusion, listing gains are expected to improve liquidity and visibility for the company, which has remained privately held since its founding in 1975.
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