- World’s largest helmet maker by volume to open public issue ahead of listing on Nov 7
- Entirely offer-for-sale issue to see promoters and early investors offload 77.86 lakh shares; anchor book to open Oct 29
- Bids can be made for a minimum of 25 Equity Shares and in multiples thereof
- Studds aims to capitalise on rising demand for safety gear and exports to 70+ countries
NE BUSINESS BUREAU
AHMEDABAD, OCT 29
Helmet major Studds Accessories Ltd, the world’s largest two-wheeler helmet manufacturer by volume, on Tuesday announced it will launch its much-awaited ₹455-crore Initial Public Offering (IPO) on October 30, with a price band of ₹557–₹585 per share. The issue, which closes on November 3, values the company at around ₹2,300 crore at the upper end of the price range.
The IPO, which marks Studds’ second attempt to go public after 2018, will consist entirely of an offer-for-sale (OFS) of 77.86 lakh shares by its promoters and early investors. As such, the company itself will not receive any proceeds, and the funds will go directly to the selling shareholders.
The Offer for Sale comprises Up to 3,800,000 Equity Shares by Madhu Bhushan Khurana, Up to 800,000 Equity Shares by Sidhartha Bhushan Khurana , Up to 2,100,000 Equity Shares by Chand Khurana and Up to 342,000 Equity Shares by Sanjay Leekha, Up to 258,000 Equity Shares by Sanjay Leekha jointly with Charu Leekha, Up to 249,600 Equity Shares by Charu Leekha, Up to 100,800 Equity Shares by Nisha Leekha, Up to 57,600 Equity Shares by Nain Tara Mehta, Up to 36,000 Equity Shares by Sunil Kumar Rastogi, Up to 25,920 Equity Shares by SE Shoes Private Limited , Up to 16,200 Equity Shares by Ajay Kumar Sakhuja.
The anchor investor portion opens a day earlier, on October 29, with shares likely to be listed on the NSE and BSE on November 7.
Half of the issue has been reserved for Qualified Institutional Buyers (QIBs), 35% for retail investors, and the remaining 15% for non-institutional investors. IIFL Capital Services and ICICI Securities are the book-running lead managers, while MUFG Intime India is the registrar.
Global Reach, Strong Brand Legacy
Founded in 1975, Studds designs, manufactures, and sells two-wheeler helmets and accessories under two key brands — ‘Studds’ for the mass and mid-market segments, and ‘SMK’ for premium motorcyclists. The company also makes riding jackets, gloves, eyewear, luggage, and rain gear.
Its products are available across India and exported to over 70 countries spanning the Americas, Europe, and Asia. Studds also manufactures helmets for international brands such as Jay Squared LLC (for the Daytona brand in the U.S.) and O’Neal, distributed across Europe and Australia.
According to CARE Ratings, Studds is the world’s largest two-wheeler helmet producer by volume (CY2024) and the largest in India by revenue (FY2024). As of March 31, 2025, the company operated three manufacturing facilities with a combined annual capacity of 9.04 million units, having sold 7.4 million helmets in FY2025.
The company supplies to leading motorcycle OEMs, including Hero MotoCorp, Honda, Suzuki Motorcycle India, Eicher Motors (Royal Enfield), and India Yamaha Motor, besides government entities like the Central Police Canteens and Canteen Stores Department.
Steady Financial Growth Ahead of IPO
Studds has posted consistent financial growth in recent years. For FY2025, its profit rose 21.7% to ₹69.6 crore, up from ₹57.2 crore in FY2024, while revenue grew 10% to ₹584 crore. For the June 2025 quarter, the company reported a profit of ₹20 crore on revenue of ₹149 crore.
Promoters Madhu Bhushan Khurana, Sidhartha Bhushan Khurana, and Shilpa Arora currently hold 78.78% stake, which will reduce proportionately post-listing.
Industry analysts expect strong investor interest in the issue, citing India’s rising road safety awareness, premiumisation in the two-wheeler segment, and export diversification.
The IPO allotment will be finalised on November 4, and shares will debut on November 7.
The Equity Shares are proposed to be listed on the stock exchanges being BSE Limited and National Stock Exchange of India Limited.
IIFL Capital Services Limited (formerly known as IIFL Securities limited) and ICICI Securities Limited are the Book Running Lead Managers to the Offer.
With a strong legacy, expanding export markets, and steady earnings momentum, Studds Accessories is now strapping up for its next ride — on Dalal Street.
