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+91
Studds Accessories IPO
Mainboard
Open Date
30 Oct 2025
Close Date
3 Nov 2025
Open Date
30 Oct 2025
Close Date
3 Nov 2025
Min Investment
₹ 13,925
Lot Size
25
Issue Size
₹ 455.49 Cr
Price Range
₹ 557 - ₹ 585
Subscribed
72.66 x
IPO Timeline
IPO Offer Start
30 Oct 2025
IPO Offer Ends
3 Nov 2025
Allotment Finalisation
4 Nov 2025
Refund Initialisation
6 Nov 2025
Non-Institutional Buyers (sHNI)
6 Nov 2025
Listing of Shares
7 Nov 2025
IPO Subscription Details as on 13 Nov 2026, 08:43 AM
Qualified Instituational Buyers (QiB)
159.99 x
Qualified Instituational Buyers (QiB)
159.99 x
Retail
20.97 x
Retail
20.97 x
Total
72.66 x
Total
72.66 x
Non-Institutional Buyer (bHNI)
83.08 x
Non-Institutional Buyer (bHNI)
83.08 x
Non-Institutional Buyer (sHNI)
64.36 x
Non-Institutional Buyer (sHNI)
64.36 x
Note: This information is provided for general guidance only. Dates may be subject to change.
About the Company
Studds Accessories Limited is the largest two-wheeler helmets player in India in terms of revenue in Fiscal 2023 and also the world's largest two-wheeler helmet player by volume in Calendar Year 2024. The company is an established manufacturer with nearly five decades of experience in the helmet and motorcycle accessories business. The company designs, manufactures, markets and sells two-wheeler helmets under the 'Studds' and 'SMK' brands and other accessories such as two-wheeler luggage, gloves, helmet locking devices, rain suits, riding jackets and eye wear under the 'Studds' brand. The company's products are sold pan-India and in more than 70 countries internationally, with key export markets situated across Americas, Asia (excluding India), Europe and rest of the world. The company also manufactures helmets for Jay Squared LLC under the 'Daytona' brand in the United States of America, as well as for O'Neal under their branding, supplying to markets in Europe, United States of America and Australia. The company operates four manufacturing facilities in Faridabad, India, with Manufacturing Facilities I, II and III having a combined annualized capacity of producing 9.04 million units of two-wheeler helmets and boxes. Manufacturing Facility IV has an annualized capacity of producing 9,000,000 units of Expanded Polystyrene Liners and 2,000,000 units of water transfer decals. The company sold around 7.10 million helmets in Fiscal 2024 and had a market share of 27.3% in terms of volume and 25.5% in terms of value in the domestic market in Fiscal 2024. The company is focused on capturing the opportunity for two-wheeler helmets globally which is estimated to grow at a CAGR of 5.1% in value terms between calendar year 2024 to calendar year 2029. The company has obtained key certifications such as ISO 9001:2015, ISO 14001:2015, IS 4151:2015 and ECE 22.06 for sale of products in India and global markets.
Founded In
1983
CEO
Sidhartha Bhushan Khurana
Financials of Studds Accessories IPO
Total Income
Total Expenses
Total Profit
| Key Performance Indicators | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|
| Operating Revenue | 49,916.90 | 52,902.30 | 58,381.60 |
| Other Income | 731.10 | 681.50 | 1,207.40 |
Total Income | 50,648.00 | 53,583.80 | 59,589.00 |
Total Expenses | 46,003.80 | 45,946.40 | 50,086.20 |
| Profit Before Tax | 4,644.20 | 7,637.40 | 9,502.80 |
Total Profit | 3,314.80 | 5,722.60 | 6,964.10 |
All figures are in lakhs (₹)
Utilisation of Proceeds
All figures are in lakhs (₹)
| Purpose | Amount |
|---|---|
| The company intends to carry out an Offer for Sale of Equity Shares by the Selling Shareholders. The company will not receive any proceeds from this Offer for Sale, as each of the Selling Shareholders will be entitled to their respective proportion of the proceeds after deducting their portion of the Offer related expenses and relevant taxes thereon. | - |
| The company aims to achieve the benefits of listing the Equity Shares on the Stock Exchanges. The company expects that listing of the Equity Shares will enhance its visibility and brand image and provide liquidity and a public market for the Equity Shares in India. | - |
- Largest domestic player of two-wheeler helmets: The company is the largest two-wheeler helmets player in India in terms of revenue in Fiscal 2023 and also the world's largest two-wheeler helmet player by volume in Calendar Year 2024. The company is an established manufacturer with nearly five decades of experience. As on the date of this Draft Red Herring Prospectus, the company's Manufacturing Facilities I, II and III have a combined annualized capacity of producing 9.04 million units. The company sold around 7.10 million helmets in Fiscal 2024. The company had a market share of 27.3% in terms of volume and 25.5% in terms of value, in the domestic market in Fiscal 2024.
- Wide design and product catalogue across price points catering to diverse consumer requirements: The company offers a wide and diversified portfolio of helmets and motorcycle accessories catering to mass commuter and premium segments. The company has a comprehensive portfolio of products with over 240 plus different styles and designs of helmets in various sizes and colours across the two-wheeler helmet categories as of December 31, 2024. As of December 31, 2024, the company offered 15,060 SKUs across its product categories. Two-wheeler helmets under the Studds brand were sold at maximum retail prices in India ranging from ₹ 895.00 to ₹ 3,895.00 per two-wheeler helmet, while helmets under the SMK brand were sold at maximum retail prices in India ranging from ₹ 3,000.00 to ₹ 12,800.00 per helmet, as of December 31, 2024.
- Advanced manufacturing and D&D capabilities with vertically integrated operations: The company's vertically integrated business model gives control over processes from raw material procurement, design, production and marketing to distribution and sales. The company has four manufacturing facilities in India, with a fifth manufacturing facility currently under-construction. As on the date of this Draft Red Herring Prospectus, the company's Manufacturing Facilities I, II and III have a combined annualized capacity of producing 9.04 million units of two-wheeler helmets and boxes fully equipped with automated silicon hard coating facility for visors, sputtering and metalizing technologies available for coating visors, in-house helmet liners stitching facility, conveyorized assembly line, in-house mold making shop and design center, in house painting lines, automated fabric cutting lines and stitching lines and an in-house helmet testing laboratory certified by Vehicle Certification Agency, England (VCA). The company's D&D team, which includes 75 employees as on December 31, 2024, is focused on designing and developing advanced helmet designs.
- Strong pan-India and global presence supported by an extensive and well-developed sales and distribution network and major quality accreditations: The company sells products primarily through extensive distributor networks, OEMs, EBO's, online retailers, quick commerce platforms, central stores department, central police canteen and institutional customers. As of December 31, 2024, the company had tie-ups with 348 active distributors in India and sold in key export markets situated across Americas, Asia (except India), Europe and rest of the world. The company has been granted major safety certifications such as BIS certifications IS: 4151:2015 (for motorcycle helmets), ISO 9001:2015, ECE 22.06 certifying compliance with safety and quality standards in the Economic Commission of Europe and IEC 17067:2013 for compliance with quality certification for supply of helmets in Philippines.
- Capital efficient and sustainable business model: The company has a scalable business model which relies on brand recall, integrated operations and distribution network. Between Fiscal 2022 and 2024, the company's total revenue increased at a CAGR of 6.95%, profit before tax increased at a CAGR of 38.15%, Total EBITDA increased at a CAGR of 28.97%. The company's EBITDA Margin was 17.05% in Fiscal 2024, PAT Margin was 10.82% in Fiscal 2024, RoNW was 14.77% in Fiscal 2024, and RoCE was 18.98% in Fiscal 2024.
- Experienced Promoters and Management team: The company benefits from the experience of Promoters and the Senior Management team who have extensive knowledge in two-wheeler lifestyle products industry. The company's Chairman, Managing Director and Promoter, Madhu Bhushan Khurana, has nearly 40 years of experience in the helmet and motorcycle accessories business. The company's Managing Director and Promoter, Sidhartha Bhushan Khurana has been associated with the company since 1998 and has more than two decades of experience in the field of business administration, finance, strategy and manufacturing.
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