Studds Accessories IPO : Price, Analysis, Allotment, And GMP

Studds Accessories IPO - Company Analysis

Studds Accessories IPO, a Mainboard IPO, is a bookbuilding issue of Rs. 455.49 Cr by Studds Accessories Ltd., founded in 1975 and is India’s largest revenue earner in two-wheeler helmets (FY 2024) and the world’s largest volume helmet manufacturer in 2024 (source: CARE report). 

Studds has nearly five decades of experience and is designing and manufacturing helmets and motorcycle accessories under the Studds (mass market) and SMK (premium) brands. The company’s scale and consumer trust are demonstrated by the 7.40 million helmets sold in FY 2025.  

Studds has created a complete range of motorcycle protective gear that consists of full-face helmets, flip-up helmets, off-road helmets, jackets, gloves, luggage and motorcycle accessories. Studds has also entered premium segments and expanded and the company’s brand recall has helped in servicing export markets in Asia and Europe.

Studds Accessories IPO Details

The Studds Accessories Ltd IPO open date is from Oct 30 to Nov 03, with IPO allotment on Nov 04, refund initiation on Nov 06, 2025.

The Rs. 455.49 Cr mainline IPO comprises a wholly offer for sale (OFS) of 0.78 crore shares.

The Studds Accessories IPO listing date might be on Friday, 07 November 2025, and it will be listed at the BSE and NSE. The Studds Accessories IPO price band is Rs. 557 to Rs. 585 for each Share. 

Events	Date
IPO Opening Date	October 30, 2025
IPO Closing Date	November 03, 2025
IPO Allotment Date	November 04, 2025 (Tentative)
Refund Initiation	November 06, 2025 (Tentative)
Tentative IPO Listing Date	November 07, 2025

 

Industry Outlook

If you want to apply for the IPO, click to open a Demat Account.

 

 

Company Financial 

(Amount in Cr)

Period Ended	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	556.71	485.56	461.07
Total Income	595.89	535.84	506.48
Profit After Tax	69.64	57.23	33.15
EBITDA	104.84	90.19	60.05
Net Worth	449.48	387.41	338.02
Reserves & Surplus	429.80	377.57	328.18
Total Borrowing	2.91	0.61	30.58

 

Cash Flows

The cash flows for various activities are shown below:

(Amount in Mn)

Net Cash Flow In Multiple Activities	FY25	FY24	FY23
Net Cash Flow Operating Activities	632.56	718.63	559.21
Net Cash Flow Investing Activities	(510.75)	(200.16)	(261.59)
Net Cash Flow Financing Activities	(87.70)	(411.48)	(239.33)

 

Revenue Bifurcation 

Product-wise Breakdown

(Source RHP)

The Objective of The Issue

• As the IPO is an Offer for Sale entirely, Studds Accessories will not be receiving any proceeds from the issue.

Click to check the IPO application status.

Listed Peers of Studds Accessories  Ltd.

No listed peer of a similar size is engaged in the same lines of business as mentioned in the RHP.

 

Valuation

Metric	Value
ROE	16.64%
ROCE	20.25%
Debt to Equity Ratio	-0.07
RoNW	15.49%
PAT Margin	11.93%
EBITDA Margin	17.96%
PB Value	5.12

 

 

 

Evaluation of P/E Ratio

The company's IPO price of Rs. 585 corresponds to a P/E multiple of 33.05x based on FY25 EPS of Rs. 17.70.

Explore the Orkla India IPO.

IPO's Strengths

• India's biggest producer of two-wheeler helmets and the world's largest by volume in 2024.

• Established brand and quality trust.

• 240+ styles of helmets and available at different prices.

• Increasing exports and a premium segment located in SMK.

• Growth in EBITDA and margins denotes improved operational efficiency.  

 

IPO Weaknesses

• No fresh working capital for the business.

• Aggressive pricing and innovation competition from Vega and Steelbird, domestic competitors. 

• Trade in helmets is dependent on the helmet-wearing mandate and relevant safety standards.

• Affected by demand for two-wheelers and the overall economy. 

 

Studds Accessories IPO GMP 

Studds Accessories IPO GMP today is Rs. 85 as of 27 Oct 2025, while writing this information.

Studds Accessories Limited IPO Summary

IPO Opening & Closing Date	Oct 30, 2025 to Nov 03, 2025
Face Value	Rs. 5 per Share
Issue Price	Rs. 557 to Rs. 585
Lot Size	25 Shares
Issue Size	77,86,120 Shares (Rs. 455.49 Cr)
Offer for Sale	77,86,120 Shares (Rs. 455.49 Cr)
Fresh Issue	-
Listing At	BSE, NSE
Issue Type	Book Built Issue IPO
Registrar	MUFG Intime India Pvt. Ltd.

 

 

Studds Accessories IPO Lot Size

The Studds IPO allows retail investors to invest in a minimum and maximum of 1 Lot (25 Shares) amounting to Rs. 14625 and 13 Lots (325 Shares) amounting to Rs. 190125, respectively, while for S-HNI investors, the minimum Lot is 14 (350 Shares) amounting to Rs. 204750.

Minimum Lot Investment (Retail)	1 Lot
Maximum Lot Investment (Retail)	13 Lots
SHNI (Minimum)	14 Lots
SHNI (Maximum)	68 Lots
BHNI (Minimum)	69 Lots

Studds Accessories IPO Reservation

Institutional Share Portion	50%
Retail Investors' Share Portion	35%
Non-Institutional Shares Portion	15%

 

Studds Accessories IPO Allotment Status

To check the Studds Accessories IPO allotment status, visit the official Registrar’s website or the BSE website. Below are the website links for you.

Using BSE Website - ​BSE IPO allotment status

Promoters And Management of Studds Accessories  Ltd.

• Madhu Bhushan Khurana

• Sidhartha Bhushan Khurana

• Shilpa Arora.

Pre-Issue Promoter Shareholding	78.78%
Post-Issue Promoter Shareholding	61.76%

 

Studds Accessories IPO Lead Managers

• IIFL Capital Services Limited

• ICICI Securities Limited.

Dividend Policy

The company has paid a dividend of Rs. 2.50, Rs. 4.00 and Rs. 4.00 per Share in the past three financial years.

Conclusion

In the market for two-wheeler helmets, Studds Accessories Limited is a market leader.  The business continues to innovate its high-end products, has solid financial standing, and a valued brand. Studds Accessories IPO is an opportunity to participate in the Indian market for helmets and protective gear, despite the fact that it is an Offer for Sale. 

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

Click Here To Stay Updated With The Upcoming IPOs.

DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.