This IPO is a complete offer for sale (OFS) by existing shareholders. The company has set a price band of Rs 557–585 per share, and investors can apply for a minimum lot of 25 shares.
Studds Accessories IPO Subscription Update
As per BSE data, by the end of Day 2, the overall subscription stood at 5.08 times.Retail Individual Investors (RIIs): Subscribed 6.02 times the 27.25 lakh shares reserved.
Non-Institutional Investors (NIIs): Subscribed 9.62 times the 11.67 lakh shares available.
Qualified Institutional Buyers (QIBs): Showed limited participation so far, bidding for only 4% of their 15.57 lakh share quota.
Studds Accessories IPO GMP Today:
The grey market premium (GMP) for Studds Accessories IPO stands at Rs 67, representing a 11.45% premium over the upper issue price of Rs 585 per share. Based on this GMP, the expected listing price is estimated to be around Rs 652.
Studds Accessories IPO Details and Key Dates:
The Rs 455.49 crore initial public offering is a complete Offer for Sale (OFS) by existing shareholders. The bidding window opened on October 30, 2025, and will close on November 3, 2025.
The share allotment is expected to be finalized on November 4, 2025, while the listing of shares on the BSE and NSE is likely to take place on November 7, 2025.
IIFL Capital Services is acting as the book-running lead manager, and MUFG Intime India is the registrar to the issue.
About the Company
Headquartered in Faridabad, Haryana, Studds Accessories is India’s largest manufacturer of two-wheeler helmets and related accessories, operating under the “Studds” and “SMK” brands. The company designs, manufactures, and markets a wide range of products, including helmets, riding gear, gloves, and luggage accessories. It also serves as an OEM supplier to international brands such as Jay Squared LLC’s “Daytona” in the US and O’Neal in Europe and Australia.
Studds operates four manufacturing facilities in Faridabad and offers a portfolio of over 19,000 SKUs spanning 240 designs. In FY25, the company sold approximately 7.4 million helmets, strengthening its dominant position in India’s organized helmet market. The company also exports to more than 70 countries, covering regions across the Americas, Europe, and Asia.
Financial Highlights
Studds has demonstrated steady growth and profitability in recent years. In FY25, the company recorded a total income of Rs 595.9 crore, reflecting an 11% year-on-year increase, while profit after tax (PAT) rose 22% to Rs 69.6 crore. EBITDA stood at Rs 104.8 crore with a margin of nearly 18%, and the PAT margin improved to 11.9%. Key return metrics remained healthy, with ROE at 16.6% and ROCE at 20.3%, while maintaining an almost debt-free balance sheet.
Valuation
At the upper end of the price band, Studds Accessories’ estimated post-issue market capitalization is Rs 2,302 crore, translating to a P/E ratio of 28.4x based on FY25 earnings and a P/B ratio of 5.1x.
SBI Securities Report on Studds Accessories IPO
According to SBI Securities, Studds Accessories holds a leadership position in India’s two-wheeler helmet industry, backed by a fully integrated manufacturing setup that covers the entire value chain—from design to finished products. As of FY24, the company commanded a 27.3% market share by volume and 25.5% by value in the domestic market.
During FY23–FY25, Studds reported a CAGR of 8% in revenue, 32% in EBITDA, and 45% in PAT, reflecting strong operational efficiency and profitability. The company continues to maintain healthy return ratios, a robust balance sheet, and funds its expansion primarily through internal accruals.
Looking ahead, SBI Securities expects demand tailwinds from an anticipated recovery in the domestic two-wheeler segment, aided by GST rationalization, rising safety awareness, and stricter regulatory norms.
At the upper price band of Rs 585 per share, Studds Accessories is valued at a P/E of 33.1x (FY25 post-issue basis). SBI Securities has given a “Subscribe” recommendation for the IPO at this valuation.
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