This IPO is a 100% offer for sale (OFS) by existing shareholders and will remain open for subscription until November 3. The company has set a price band of Rs 557–585 per share, with a minimum bid lot of 25 shares.
Studds Accessories IPO Subscription Status Update:
At the close of Day 1, Studds Accessories’ IPO was subscribed 1.55 times overall, as per data from the BSE.The Retail Individual Investors (RIIs) segment saw strong participation, with subscriptions reaching 2.16 times the 27.25 lakh shares reserved for them. Non-Institutional Investors (NIIs) also showed healthy interest, subscribing 2.14 times the 11.67 lakh shares on offer.
However, demand from Qualified Institutional Buyers (QIBs) remained muted, with bids coming in for only 2% of the 15.57 lakh shares allocated to this category.
Studds Accessories IPO GMP Today:
As of October 31, 2025, the grey market premium (GMP) for Studds Accessories is trading at around 10.8%, up slightly from the previous 9%. The latest GMP stands at Rs 63, which, based on the upper price band of Rs 585, suggests an estimated listing price of Rs 648 per share.
Studds Accessories IPO Details and Key Dates:
The Rs 455.49 crore IPO is a complete Offer for Sale (OFS) by existing shareholders. The subscription period opened on October 30, 2025, and will close on November 3, 2025.
The share allotment is likely to be finalized on November 4, 2025, and the stock is expected to be listed on both the BSE and NSE on November 7, 2025.
The IPO is being managed by IIFL Capital Services with MUFG Intime India as the registrar.
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 helmets, riding gear, gloves, and luggage accessories. It also supplies helmets to international brands, including Jay Squared LLC’s “Daytona” in the US and O’Neal in Europe and Australia.
With four manufacturing facilities in Faridabad and a portfolio of over 19,000 SKUs across 240 designs, Studds sold 7.4 million helmets in FY25, reinforcing its leadership in India’s organised helmet market. The company exports to more than 70 countries, covering markets in the Americas, Europe, and parts of Asia.
Financial Highlights
Studds has shown consistent growth and profitability. In FY25, the company reported a total income of Rs 595.9 crore, up 11% year-on-year, while PAT rose 22% to Rs 69.6 crore. Its EBITDA stood at Rs 104.8 crore, with a margin of nearly 18%, and the PAT margin improved to 11.9%. The company’s ROE and ROCE were 16.6% and 20.3%, respectively, and it operates with virtually no debt, reflecting a robust and healthy financial position.
Valuations
At the upper end of the price band, Studds Accessories’ post-issue market capitalization is estimated at Rs 2,302 crore, implying a price-to-earnings (P/E) ratio of 28.4x based on FY25 earnings and a price-to-book (P/B) value of 5.1x.
SBI Securities Report on Studds Accessories IPO
According to SBI Securities, Studds Accessories is a market leader in the two-wheeler helmet industry, with a fully integrated manufacturing setup spanning from design to finished products. As of FY24, the company commanded a domestic market share of 27.3% by volume and 25.5% by value.
Between FY23–25, Studds Accessories’ Revenue, EBITDA, and PAT grew at a CAGR of 8%, 32%, and 45%, respectively. The company maintains healthy return ratios, a strong balance sheet, and funds its growth primarily through internal accruals.
Looking ahead, the expected upcycle in the domestic two-wheeler industry following recent GST rationalization, along with increasing safety and regulatory requirements, is likely to drive demand for Studds Accessories’ products. At the upper price band of Rs 585, the company is valued at a FY25 P/E of 33.1x on post-issue capital. SBI Securities recommends investors to SUBSCRIBE to the IPO at the upper price
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)