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Listing on exchange
Studds Accessories Limited’s initial public offering (IPO) consists entirely of an offer for sale. There is no fresh issue component in this IPO. The lot size of the IPO is TBA. The price range of the IPO is TBA. The total offer size includes up to 7,786,120 equity shares of face value of ₹5 each. The IPO opens on TBA and closes on TBA. The credit of shares to the demat account will take place on TBA. The listing of shares will take place on TBA. The basis of allotment will take place on TBA and the initiation of refunds will take place on TBA. Promoters participating in the offer for sale include Madhu Bhushan Khurana, Sidhartha Bhushan Khurana, and Shilpa Arora.
The entire proceeds from the offer will go to the selling shareholders, after deducting their respective share of offer-related expenses and applicable taxes. The company will not receive any portion of the proceeds from this offer.
Detail | Information |
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Upper Price Band | TBA |
Fresh Issue | NA |
Offer for Sale | Up to 7,786,120 Equity Shares |
EPS (in ₹) for FY 24 | 14.54 |
Investor Category | Shares Offered |
---|---|
Qualified Institutional Buyers (QIBs) | Not more than 50% of the net offer |
Non-institutional Investors (NIIs) | Not less than 15% of the net offer |
Retail-individual Investors (RIIs) | Not less than 35% of the net offer |
Emerging and developing economies are expected to maintain stable growth at 4.2%. Within this group, India remains a bright spot, expected to grow by 7% in CY24 and 6.5% in CY25. This provides a strong macroeconomic backdrop for companies like Studds Accessories Ltd, which cater to rising domestic mobility and increasing consumer aspirations.
India is on track to become a USD 5 trillion economy by CY27, with GDP expected to rise from USD 3.6 trillion in CY23 to USD 5.2 trillion in CY27. With growth rates nearly double the global average, India’s strong fundamentals - such as a stable financial system, increased government capital expenditure, and booming service exports - will continue to stimulate demand in urban and rural markets alike. This bodes well for the automotive sector and indirectly boosts demand for helmets and two-wheeler accessories.
India is one of the largest two-wheeler markets globally. Rising income levels, better rural penetration, and growing urban population are driving consistent demand for personal mobility solutions. Additionally, government safety regulations, increased awareness, and a cultural shift towards protective gear have significantly boosted helmet adoption.
The "Make in India" initiative, coupled with rising export potential in Southeast Asia, Africa, and Latin America, provides Indian manufacturers an opportunity to scale globally. Moreover, India’s proactive stance on road safety, electric mobility, and regulatory compliance adds momentum to the two-wheeler accessories industry.
Studds Accessories Ltd is a leading Indian manufacturer of two-wheeler helmets and related accessories. The company designs, manufactures, markets, and sells its products under two major brands – ‘Studds’, catering to mass-market needs, and ‘SMK’, focused on premium, global audiences. In addition to helmets, the company offers a wide range of two-wheeler accessories, including luggage solutions, riding gloves, helmet locking devices, rain suits, riding jackets, and eyewear, all under the ‘Studds’ brand.
Studds has built a strong domestic footprint across India and a robust international presence in over 70 countries, spanning the Americas, Europe, Asia (excluding India), and other global markets. It also engages in OEM manufacturing for reputed international brands such as Jay Squared LLC (Daytona brand) in the USA and O’Neal, serving customers across Europe, the USA, and Australia.
The company is headquartered in Haryana, with Mr. Madhu Bhushan Khurana serving as the Chairman and Managing Director, guiding the company’s strategic growth and global expansion initiatives.
Market leadership with strong brand equity
The company is India’s largest and the world’s highest volume two-wheeler helmet manufacturer (CY 2024). With nearly five decades of experience and over 7.10 million units sold in FY24, it enjoys strong brand recall through its dual-brand strategy — Studds for mass and SMK for premium segments — ensuring presence across all customer categories.
Vertically integrated operations with robust design capabilities
Studds operates four advanced manufacturing facilities with in-house capabilities like robotic automation, EPS liner production, mold-making, and testing labs certified by VCA, England. Its integrated model ensures quality control, faster innovation, lower costs, and quicker turnaround, supported by a 75-member design and development team focused on cutting-edge, tech-enabled products.
Extensive distribution network with global footprint
With 348 active Indian distributors and exports to over 70 countries, Studds maintains a strong pan-India and international presence. Its diverse sales channels - including OEMs, online platforms, and institutional tie-ups - strengthen its market access and mitigate overreliance on any single channel, ensuring sustainable growth
Business dependency and market sensitivity: A significant portion of the firm’s revenue (over 90%) comes from two-wheeler helmets. Any decline in motorcycle sales or reduced demand from OEMs and government customers (which contribute over 15%) could adversely impact sales, cash flows, and financial performance.
Operational and supply chain vulnerabilities: Business continuity heavily relies on uninterrupted manufacturing operations and consistent raw material supply from a limited number of vendors (over 40%). Disruptions, price fluctuations, or supply issues could significantly impact production and profitability.
Regulatory, branding, and innovation risks: Failure to maintain brand value (Studds’ and ‘SMK’), protect intellectual property, file regulatory forms (like FC-GPR for NRIs), or adapt product designs to customer preferences may lead to legal penalties, reputational damage, and loss of market relevance.
Particulars (in Rs. crores)
Particulars (in Rs. crores)
Registrar – MUFG Intime India Private Limited
Book Running Lead Managers – IIFL Capital Services Limited & ICICI Securities Limited
Business Model
Studds Accessories Ltd, incorporated on February 3, 1983, originally as Studds Accessories Private Limited, is a leading manufacturer and marketer of two-wheeler helmets and related accessories. Headquartered in Haryana, India, the company designs, manufactures, and sells helmets under the well-known ‘Studds’ and ‘SMK’ brands, along with a range of other two-wheeler accessories such as luggage, gloves, helmet locking devices, rain suits, riding jackets, and eyewear under the ‘Studds’ brand.
With a strong pan-India presence and exports to over 70 countries across the Americas, Asia (excluding India), Europe, and other regions, Studds has established a robust global footprint. It also manufactures helmets for international brands like Jay Squared LLC (sold under the “Daytona” brand in the USA) and O’Neal, catering to markets in Europe, the USA, and Australia.
Led by promoters Madhu Bhushan Khurana, Sidhartha Bhushan Khurana, and Shilpa Arora, the company emphasises product innovation, safety standards, and global quality certifications, supporting its competitive positioning and growth in both domestic and international markets.
Studds Accessories Ltd Growth Trajectory
Over the last few years, the company's revenue from operations has shown significant growth, increasing from ₹462.50 crores in FY22 to ₹529.02 crores in FY24. EBITDA margin has also improved remarkably, rising from 11.72% in FY22 to 17.05% in FY24
Parameter (in ₹ crores) | FY 24 | FY 23 | FY 22 |
---|---|---|---|
Total Income | 535.83 | 506.48 | 467.98 |
Profit Before Tax | 76.37 | 46.44 | 40.01 |
EPS | 14.54 | 8.42 | 7.28 |
EBITDA | 90.19 | 60.05 | 54.22 |
Parameters (in ₹ crores) | FY 24 | FY 23 | FY 22 |
---|---|---|---|
Profit Before Tax | 76.37 | 46.44 | 40.01 |
Net Cash generated from (used in) Operating Activities | 71.86 | 55.92 | 15.97 |
Net Cash from (used in) Investing Activities | (20.01) | (26.15) | (44.33) |
Net Cash generated from (used in) Financing Activities | (41.14) | (23.93) | 3.21 |
Net Cash and Cash Equivalents | 10.69 | 5.82 | (25.14) |
Visit the Registrar's Website
Go to the official website of MUFG Intime India Private Limited, the registrar for this IPO. MUFG Intime website has a page for checking IPO allotment status. On this page, enter your Permanent Account Number (PAN), application number, or Demat account ID. Then click the 'Submit' button. Your allotment status will be displayed.
Check on the Bombay Stock Exchange Website
The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to www.bseindia.com and find the 'Investors' tab. Under 'Investors', click on 'IPO'. This will take you to the IPO allotment status page. On the BSE IPO page, follow these steps: • Select 'Equity' from the dropdown menu • Choose ‘Studds Accessories Ltd' in the next dropdown • Enter your application number • Enter your PAN • Click 'Search'
Your ‘Studds Accessories Ltd’ allotment status will be displayed.
Verify on the National Stock Exchange Website The National Stock Exchange (NSE) has an IPO Bid Verification module. Use this to check the ‘Studds Accessories Ltd’ allotment status. Go to www.nseindia.com and find the 'Invest' tab. Click on 'Verify IPO Bids' under 'Resources & Tools'. On the NSE IPO Bid Verification page, enter: • Application number • PAN Then click 'Submit'. Your ‘Studds Accessories Ltd IPO’ bid and allotment details will be displayed
This article is for informational purposes only and does not constitute financial advice. It is not produced by the desk of the Kotak Securities Research Team, nor is it a report published by the Kotak Securities Research Team. The information presented is compiled from several secondary sources available on the internet and may change over time. Investors should conduct their research and consult with financial professionals before making any investment decisions. Read the full disclaimer here.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Please read the SEBI-prescribed Combined Risk Disclosure Document before investing. Brokerage will not exceed SEBI’s prescribed limit.
You can read more about Studds Accessories and its IPO from the company’s red herring prospectus (RHP) here.
Studds Accessories Ltd designs, manufactures, markets, and sells two-wheeler helmets under the ‘Studds’ and ‘SMK’ brands, along with accessories like riding gloves, luggage, jackets, and eyewear under the ‘Studds’ brand. It is launching an IPO, offering up to 7,786,12 equity shares for sale, with no fresh issue component.
Yes, Studds Accessories Ltd is expected to come up with its IPO soon.
Madhu Bhushan Khurana is the Chairman and Managing Director of Studds Accessories Ltd