Healthy investor response
The three-day IPO, open from October 30 to November 3, was subscribed an impressive 73.3 times overall, signalling robust interest from both institutional and retail investors. QIBs drove the frenzy with 160x subscription, followed by NIIs at 77x, and retail investors at 22x. The issue drew bids for nearly 40 crore shares against 54.5 lakh shares on offer.
Studds also raised Rs 136.65 crore from anchor investors on October 29, with major domestic and foreign institutions participating and locking in 23.35 lakh shares at Rs 585 apiece.
About the company
Studds Accessories is one of India’s most recognised consumer brands in the two-wheeler segment. It designs, manufactures, and markets helmets and motorcycle accessories under its flagship brands Studds and SMK.
Its product portfolio includes helmets, riding jackets, gloves, rainwear, and luggage systems, catering to both commuter and premium segments. It also manufactures helmets for global brands such as Daytona (US) and O’Neal (Europe, US, Australia).
With exports to over 70 countries across Asia, Europe, and the Americas, Studds is among the few Indian companies with a significant global footprint in protective headgear.The company operates four manufacturing facilities in Faridabad, Haryana, including one dedicated to the premium SMK range. Its 75-member R&D team focuses on innovation and compliance across 240 designs and 19,000+ SKUs.
Financial performance
Studds has maintained steady growth in revenue and profitability. Revenue rose 11% YoY to Rs 595.9 crore in FY25, while PAT jumped 22% to Rs 69.6 crore.
It reported an EBITDA margin of 18% and PAT margin of 12%, reflecting strong operating efficiency and brand strength. ROCE stood at 20.2% and ROE at 16.6% in FY25.
At the IPO price, the stock was valued at a P/E of 28x FY25 earnings, which analysts view as reasonable for a market leader in a high-growth consumer durables category.
With muted near-term expectations but solid fundamentals, the focus now shifts to whether Studds Accessories can overcome its modest 8% GMP and stabilise post listing.