The IPO is a 100% offer-for-sale (OFS) by existing shareholders and will remain open until November 3. The company has set a price band of Rs 557–585 per share, with a minimum lot size of 25 shares.
Studds Accessories IPO Subscription Update
As of 10:20 AM on Day 1, Studds Accessories’ IPO was 21% subscribed overall, according to BSE data.
Retail Individual Investors (RIIs) have subscribed to 25% of the 27.25 lakh shares allocated to them. Non-Institutional Investors (NIIs) have subscribed to 16% of the 11.67 lakh shares on offer. Interestingly, Qualified Institutional Buyers (QIB) have not received any bids for the 15.57 lakh shares allocated to them.
Studds Accessories GMP Today
Market analysts say that the grey market premium (GMP) for the issue is about 9%, suggesting the shares may list slightly higher, around Rs 630–640 each.
Studds Accessories IPO Details and Key Dates
The Studds Accessories IPO is valued at Rs 455.49 crore and is being offered entirely through an Offer for Sale (OFS). Investors can subscribe to the IPO starting Oct 30, 2025, with the subscription window closing on Nov 3, 2025.The allotment of shares is expected to be finalised on November 4, 2025. Following this, the IPO will be listed on both the BSE and NSE, with a tentative listing date set for 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 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, cementing its leadership in India’s organised helmet market. The company also exports its products to more than 70 countries, including markets in the Americas, Europe, and parts of Asia.
Financial Highlights
Studds has demonstrated steady growth and profitability. In FY25, the company reported a total income of Rs 595.9 crore, up 11% year-on-year, while PAT increased 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, highlighting a strong and healthy financial position.
Valuations
At the upper end of the price band, Studds Accessories’ post-issue market capitalisation 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.
According to a report by SBI Securities, Studds Accessories is a market leader in the two-wheeler helmet industry, boasting a fully integrated manufacturing setup from design to finished product. As of FY24, the company held a domestic market share of 27.3% by volume and 25.5% by value.
Over FY23–25, SAL’s Revenue, EBITDA, and PAT have grown at a CAGR of 8%, 32%, and 45%, respectively. The company demonstrates healthy return ratios, a robust balance sheet, and has been funding growth through internal accruals.
Looking ahead, the anticipated upcycle in the domestic two-wheeler industry following recent GST rationalisation, coupled with rising safety and regulatory requirements, is expected to support demand for SAL’s 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 issue at the upper price band.
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