Studds Accessories makes subdued debut, valuing helmet maker at ₹2,243 crore

Shares of Studds Accessories Ltd., a Haryana-based manufacturer of two-wheeler helmets and motorcycle accessories, were muted in debut trade on Friday, valuing the company at ₹2,243.14 crore.

The stock listed at ₹565 apiece on the NSE, marking a 3.43% discount to its IPO price of ₹585. On the BSE, the stock opened at ₹570.

Ahead of the listing, Shivani Nyati of Swastika Investmart said in a pre-listing note that since the IPO did not include a fresh issue of shares, future growth will depend on operational execution and trends in the two-wheeler industry.

She added that with strong subscription levels, a positive grey market premium, and established market leadership, the listing outlook appeared favourable, though long-term investors should assess valuations and the offer-for-sale structure carefully.

The maiden public issue of Studds Accessories was open for subscription from October 30 to November 3.

Ahead of the launch, the company raised ₹137 crore from anchor investors, including HDFC Mutual Fund, Nippon India MF, Kedaara Capital Public Markets Fund I, Carnelian India Amritkaal Fund, and PineBridge India Equity, among others.

The entire issue was an offer for sale (OFS) of 77.86 lakh shares by promoters and other selling shareholders, meaning the company did not receive any proceeds from the issue.

Promoters Madhu Bhushan Khurana, Sidhartha Bhushan Khurana, and Shilpa Arora currently hold 78.78% of the company, while the public shareholding stands at 21.22%.

Company overview

Studds operates three manufacturing facilities with a combined annual production capacity of 9.04 million units. It sells helmets under its flagship brands Studds and SMK, and offers a range of motorcycle accessories, including luggage, gloves, helmet locks, rain suits, riding jackets, and eyewear, under the Studds brand.

A pan-India player with a growing international presence, Studds exports to over 70 countries. It also manufactures helmets for global brands such as Jay Squared LLC (sold under the Daytona brand in the US) and O’Neal, catering to markets across Europe, the US, and Australia.

Financials

In FY25, the company reported a 21.7% year-on-year rise in profit to ₹69.6 crore, compared to ₹57.2 crore in the previous fiscal. Revenue grew 10% to ₹584 crore from ₹529 crore.

In the June 2025 quarter, Studds posted a profit of ₹20 crore on revenue of ₹149 crore.

IIFL Capital Services and ICICI Securities were the merchant bankers to the issue.

Note To Readers

Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.