The initial public offering of the helmet manufacturer Studds Accessories Ltd sailed through on the first day of share sale on Thursday, October 30. On the first day of bidding, Studds Accessories IPO subscription status was 1.54 times. Studds Accessories IPO GMP today is ₹63.
On Wednesday, Studds Accessories garnered nearly ₹137 crore from anchor investors. The company’s IPO of ₹455 crore is set to close on November 3. Studds Accessories IPO price band has been set at ₹557-585 per share, placing the company’s valuation at approximately ₹2,300 crore at the higher end of that range.
Established in 1975, Studds is involved in the design, manufacturing, marketing, and sales of two-wheeler helmets under the ‘Studds’ and ‘SMK’ brands, along with various motorcycle accessories such as luggage, gloves, rain suits, riding jackets, eyewear, and helmet locks.
While Studds targets the mass and mid-market customers, SMK, introduced in 2016, aims at premium motorcycle enthusiasts.
The company provides products to prominent motorcycle original equipment manufacturers (OEMs), including Hero MotoCorp, Honda Cars India, Suzuki Motorcycle India, Eicher Motors (Royal Enfield), and India Yamaha Motor.
Studds Accessories IPO GMP today
Studds Accessories IPO GMP today is ₹63. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Studds Accessories share price was indicated at ₹648 apiece, which is 10.77% higher than the IPO price of ₹585.
According to the activities in the grey market over the past six sessions, the current GMP ( ₹63) indicates a trend towards decline. The minimum GMP recorded is ₹53.00, whereas the maximum GMP reached ₹85, as stated by experts.
‘Grey market premium‘ indicates investors’ readiness to pay more than the issue price.
Studds Accessories IPO Review
According to Canara Bank Securities, the largest producer of two-wheeler helmets in India by revenue for FY2024 and the global leader by volume for CY2024, the company has three manufacturing facilities (with a capacity of 9.04 million), sold 7.40 million helmets in FY2025, and exports to over 70 countries, with a fifth plant expected to open by the end of the year.
Strong relationships with OEMs, tighter helmet regulations, and a 21% compound annual growth rate in exports underscore growth, while the profit after tax of ₹70 crore (with ₹63 crore in cash) reflects liquidity. Even though topline growth for FY2026 is modest at 2.1% and EBITDA is below pre-COVID levels, the offer receives a “SUBSCRIBE” recommendation.
As per Anand Rathi Research, Studds boasts a strong presence across India and a gradually expanding international reach, supported by a comprehensive and well-established sales and distribution network, while its commitment to high quality standards is backed by various major global and domestic certifications.
At the upper end of the price band, the company is valuing itself at a price-to-earnings ratio of 28.5x based on its annualised earnings for FY26 and a market capitalization of ₹23,021 million following the issuance of equity shares. The brokerage feels that the IPO is fully valued and recommends a “Subscribe – Long Term” rating for the IPO.
Studds Accessories IPO details
Studds Accessories IPO consists solely of an offer for sale (OFS), as the promoter group along with other shareholders are selling 77.86 lakh shares.
Due to the fact that the entire offering is an OFS, Studds will not obtain any funds, and all the money will be directed to the shareholders who are selling.
IIFL Capital Services Ltd is the book running lead manager and MUFG Intime India Pvt. Ltd is Studds Accessories IPO registrar.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
