Studds Accessories Ltd IPO
Plastic products
Price Band
₹557 – ₹585
Lot Size
25
Minimum Bid Quantity
25
Minimum Investment
₹14625
Issue Size
₹455.49Cr
Opens
2025-10-30
Closes
2025-11-03
Listing
07-11-2025
Subscription Status
Qualified Institutional Buyers
159.99 x
Non-Institutional Investor
76.99 x
Retail Individual Investor
22.09 x
Total
73.25 x
IPO Details
Issue Type
BB
Face Value
₹5
Tick Size
1
ISIN
INE00Q601028
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Studds Accessories Limited is engaged in the design, manufacture, marketing, and sale of helmets and accessories worn by two-wheeler riders. The company offers helmets under the ‘Studds’ and ‘SMK’ brands and other motorcycle accessories such as luggage, gloves, helmet locks, rain suits, riding jackets, and eyewear under the Studds brand. Its products are sold across India and exported to over 70 countries in the Americas, Europe, Asia, and other regions. Studds also manufactures helmets for Jay Squared LLC (sold under the “Daytona” brand in the US) and O’Neal for markets in Europe, the US, and Australia. The company operates four manufacturing facilities in Faridabad, India, equipped with automated production, coating, and testing capabilities. Use of proceeds: The IPO is an offer for sale (OFS). The company will not receive any proceeds from the offer. Net proceeds from the offer will go to the promoter selling shareholders in proportion to the number of shares offered by them for sale. Madhu Bhushan Khurana: Up to 3,800,000 equity shares Sidhartha Bhushan Khurana: Up to 800,000 equity shares Chand Khurana: Up to 2,100,000 equity shares Sanjay Leekha: Up to 342,000 equity shares Sanjay Leekha jointly with Charu Leekha: Up to 258,000 equity shares Charu Leekha: Up to 249,600 equity shares Nisha Leekha: Up to 100,800 equity shares Nain Tara Mehta: Up to 57,600 equity shares Sunil Kumar Rastogi: Up to 36,000 equity shares SE Shoes Private Limited: Up to 25,920 equity shares Ajay Kumar Sakhuja: Up to 16,200 equity shares The primary objective of the offer is to achieve the benefits of listing the equity shares on the stock exchanges, which is expected to enhance the company’s visibility and brand recognition. Listing will also provide liquidity to the existing shareholders and create a public market for the company’s shares in India.
Pros
- • Studds Accessories was the largest two-wheeler helmet manufacturer in India by revenue in FY24 and the world’s largest by volume in calendar year 2024, according to a CARE report. With nearly five decades of industry experience, the company claims to have built a strong market position through its Studds and SMK brands, which cater to different price segments. The company sold approximately 7.40 million helmets in FY25 and attributes its growth to consistent product innovation, adherence to safety standards, and a broad product portfolio that spans both domestic and international markets.
- • Studds Accessories claims to offer a broad portfolio of helmets and motorcycle accessories that cater to both mass commuter and premium segments. As of August 31, 2025, the company offered over 240 helmet designs across full-face, flip-up, off-road, and open-face categories, supported by a range of 19,258 stock-keeping units (SKUs). The Studds brand covers the mass and mid-market segments with helmets priced between Rs 875 and Rs 4,000, while the SMK brand caters to the premium market with helmets priced between Rs 3,000 and Rs 12,800.
- • Studds Accessories claims to operate a vertically integrated business model that spans raw material procurement, design, production, and distribution, allowing tighter control over quality and faster product development. The company operates four manufacturing facilities in Faridabad, all reportedly equipped with technologies such as automated silicon hard coating, sputtering and metalising systems, robotic machinery, and an in-house testing laboratory certified by the Vehicle Certification Agency (VCA), England.
Cons
- • Studds Accessories derives a significant portion of its revenue from its Studds brand. It accounted for Rs 107.73 crore (72.22 percent) of the company’s total sales for the period ended June 30, 2025; Rs 457.26 crore (78.32 percent) in FY25; Rs 456.26 crore (83.31 percent) in FY24; and Rs 401.56 crore (77.89 percent) in FY23. The company’s financial performance is significantly dependent on the continued popularity and market position of this brand. Any decline in brand perception, failure to adapt to changing customer preferences, or dilution of brand value due to discounting practices by online sellers could adversely affect the company’s sales, profitability, and overall financial condition.
- • The company derives a substantial portion of its revenue from the sale of two-wheeler helmets. It accounted for 92.81 percent, 92.43 percent, 92.44 percent, and 91.91 percent of the company’s total sales for the period ended June 30, 2025, FY25, FY24, and FY23, respectively. Any sudden decrease in the sale of two-wheeler vehicles in India and globally could adversely affect the company’s cash flows and financial position.
- • All four manufacturing facilities of the company are concentrated in a single location — Faridabad, Haryana. Any disruption in this region could hurt the company’s business and financial condition.
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