Studds Accessories IPO opens today: Should you subscribe to this issue?
Studds Accessories is selling its shares in the price band of Rs 557-585 apiece, which could be applied for a minimum of 25 shares and its multiples to raise Rs 455.49 crore between October 30-November 03.
- Oct 30, 2025,
- Updated Oct 30, 2025 9:55 AM IST
The initial public offering (IPO) of Studds Accessories is set to open on Thursday, October 30. The helmet and riding gear player is selling its shares in the range of Rs 557-585 apiece. Investors can apply for a minimum of 25 equity shares and its multiples thereafter and the issue will close for bidding on Monday, November 03.
Studds Accessories is looking to raise a total of Rs 455.49 crore via IPO, which is entirely an offer-for-sale (OFS) of up to 77,86,120 equity shares by its promoter and existing shareholders. Entire proceeds will go to the selling shareholders. Last heard, Studds Accessories is commanding a grey market premium of Rs 50-55 apiece, suggesting 9-10 per cent upside for investors.
Incorporated in 1975, Faridabad-based Studds Accessories is a manufacturer of two-wheeler helmets and motorcycle accessories. It designs, manufactures, markets, and sells helmets under the 'Studds' and 'SMK' brands, while other accessories are sold under the 'Studds' brand. Studds Accessories distributes its products across India and exports to over 70 countries.
Studds Accessories raised a total of Rs 136.65 crore from anchor investors as it allocated 23,35,836 equity shares at Rs 585 apiece. Its anchor book included names like HDFC Mutual Fund, Nippon India, ICICI Prudential Mutual Fund, ITI Mutual Fund, Kedaara Capital, Edelweiss Trusteeship company, Carnelian India Amritkaal Fund, Pinebridge Global Fund and more.
For the three-months ended on June 30, 2025, Studds Accessories reported a net profit of Rs 20.25 crore with a revenue of Rs 152.01 crore. The company clocked a net profit of Rs 69.64 crore with a revenue coming in at Rs 595.89 crore for the year ended on March 31, 2025.
Studds Accessories has reserved 50 per cent of the net offer qualified institutional bidders (QIBs), while non-institutional investors will get 15 per cent shares. Retail investors have an allocation of 35 per cent in the IPO. At current valuations, it shall command a total market capitalization little more than Rs 2,300 crore.
IIFL Capital Services and ICICI Securities is the book running lead manager for Studds Accessories IPO and MUFG Intime India is the registrar of the issue. Shares of the company shall be listed on both NSE and BSE on Thursday, November 07. Here's what a host of brokerage firms say about the IPO of Studds Accessories:
Anand Rathi Share & Stock Brokers
Rating: Subscribe for long-term
Studds Accessories benefits from advanced manufacturing infrastructure and strong design and development capabilities, complemented by highly vertically integrated operations that span the entire production value chain. At the upper price band, the company is valuing at P/E of 28.5 times to its FY26 annualized earning, said Anand Rathi Share & Stock Brokers.
"Studds enjoys a robust panIndia presence and a steadily growing international footprint, enabled by an extensive and well-established sales and distribution network, while its adherence to stringent quality standards is reinforced by multiple major global and domestic accreditations. We believe that the IPO is fully priced," it added with a 'subscribe for long-term' rating.
SBI Securities
Rating: Subscribe
Studds Accessories is a market leader in the two-wheeler helmet industry with a fully integrated manufacturing set-up from design to the final product. Its domestic market share as of FY24 stood at 27.3 per cent/25.5 per cent in volume/value terms respectively. Its revenue, Ebitda and PAT have grown at a CAGR of 8 per cent, 32 per cent and 45 per cent respectively over FY23-25, said SBI Securities.
"It has healthy return ratios with a robust balance sheet and has been funding its growth through internal accruals. The anticipated upcycle in the domestic two-wheeler industry post the recent GST rationalization along with increasing safety and regulatory requirements act as tailwinds. It is valued at FY25 PE of 33.1 times. We recommend investors to 'subscribe' to the issue," it said.
Swastika Investmart
Rating: Subscribe for long-term
Studds Accessories is the largest two-wheeler helmet player in India by revenue and globally by volume. It has strong brands as it enjoys a virtual monopoly with renowned brands 'Studds' in mass/mid-market and 'SMK' in the premium segment, said Swastika Investmart.
"It has shown financial growth, marked steady growth in top and bottom lines and its PAT margin expanded from 6.6 per cent in FY23 to 11.9 per cent in FY25. P/E of 33.05 times is considered to be fully priced. Given steady growth, we provide a Subscribe rating for long-term," it added.
Ventura Securities
Rating: Subscribe
The company exports to over 45 countries, making it a significant global player in the helmet industry. Domestically, it benefits from a widespread distribution network across India, reaching both OEM customers and retail consumers through multi-channel sales. Studds has demonstrated healthy profitability, efficient working capital management, and a strong market leadership, said Ventura Securities.
"While the company has a long operating history and a strong brand presence, investors should note that this is Studds’ first public issue, and the company faces challenges such as competition from domestic and international helmet manufacturers, fluctuating raw material prices, and currency risks linked to exports," it added with a 'subscribe' rating.
SMIFS
Rating: Subscribe
"We recommend subscribing to the issue as a good long term investment, backed by Studds’ leadership in domestic and global helmet markets, expanding export footprint, premiumization under SMK, commissioning of Unit 5 adding 3 million units to reach 12 million total capacity, and diversification into high-margin riding gear and accessories," said SMIFS.
Canara Bank Securities
Rating: Subscribe
India’s largest helmet maker by revenue and the world’s largest by volume, Studds operates three plants, sold 7.40 million helmets in FY2025, and exports to over 70 countries, with a fifth facility by year-end. Strong OEM ties, stricter helmet regulations, and 21 per cent export CAGR highlight growth, while PAT shows liquidity, said Canara Bank Securities with a 'subscribe' rating.
BP Equities
Rating: Subscribe for long-term
Studds’ integrated manufacturing strength, expanding global footprint, diversified product portfolio, and margin-accretive strategy position it well to benefit from the structural growth in the two-wheeler helmet market, both domestically and globally, said BP Equities. The company trades at a P/E of 33.1 times based on FY25 earnings," it added with a 'subscribe' rating.
The initial public offering (IPO) of Studds Accessories is set to open on Thursday, October 30. The helmet and riding gear player is selling its shares in the range of Rs 557-585 apiece. Investors can apply for a minimum of 25 equity shares and its multiples thereafter and the issue will close for bidding on Monday, November 03.
Studds Accessories is looking to raise a total of Rs 455.49 crore via IPO, which is entirely an offer-for-sale (OFS) of up to 77,86,120 equity shares by its promoter and existing shareholders. Entire proceeds will go to the selling shareholders. Last heard, Studds Accessories is commanding a grey market premium of Rs 50-55 apiece, suggesting 9-10 per cent upside for investors.
Incorporated in 1975, Faridabad-based Studds Accessories is a manufacturer of two-wheeler helmets and motorcycle accessories. It designs, manufactures, markets, and sells helmets under the 'Studds' and 'SMK' brands, while other accessories are sold under the 'Studds' brand. Studds Accessories distributes its products across India and exports to over 70 countries.
Studds Accessories raised a total of Rs 136.65 crore from anchor investors as it allocated 23,35,836 equity shares at Rs 585 apiece. Its anchor book included names like HDFC Mutual Fund, Nippon India, ICICI Prudential Mutual Fund, ITI Mutual Fund, Kedaara Capital, Edelweiss Trusteeship company, Carnelian India Amritkaal Fund, Pinebridge Global Fund and more.
For the three-months ended on June 30, 2025, Studds Accessories reported a net profit of Rs 20.25 crore with a revenue of Rs 152.01 crore. The company clocked a net profit of Rs 69.64 crore with a revenue coming in at Rs 595.89 crore for the year ended on March 31, 2025.
Studds Accessories has reserved 50 per cent of the net offer qualified institutional bidders (QIBs), while non-institutional investors will get 15 per cent shares. Retail investors have an allocation of 35 per cent in the IPO. At current valuations, it shall command a total market capitalization little more than Rs 2,300 crore.
IIFL Capital Services and ICICI Securities is the book running lead manager for Studds Accessories IPO and MUFG Intime India is the registrar of the issue. Shares of the company shall be listed on both NSE and BSE on Thursday, November 07. Here's what a host of brokerage firms say about the IPO of Studds Accessories:
Anand Rathi Share & Stock Brokers
Rating: Subscribe for long-term
Studds Accessories benefits from advanced manufacturing infrastructure and strong design and development capabilities, complemented by highly vertically integrated operations that span the entire production value chain. At the upper price band, the company is valuing at P/E of 28.5 times to its FY26 annualized earning, said Anand Rathi Share & Stock Brokers.
"Studds enjoys a robust panIndia presence and a steadily growing international footprint, enabled by an extensive and well-established sales and distribution network, while its adherence to stringent quality standards is reinforced by multiple major global and domestic accreditations. We believe that the IPO is fully priced," it added with a 'subscribe for long-term' rating.
SBI Securities
Rating: Subscribe
Studds Accessories is a market leader in the two-wheeler helmet industry with a fully integrated manufacturing set-up from design to the final product. Its domestic market share as of FY24 stood at 27.3 per cent/25.5 per cent in volume/value terms respectively. Its revenue, Ebitda and PAT have grown at a CAGR of 8 per cent, 32 per cent and 45 per cent respectively over FY23-25, said SBI Securities.
"It has healthy return ratios with a robust balance sheet and has been funding its growth through internal accruals. The anticipated upcycle in the domestic two-wheeler industry post the recent GST rationalization along with increasing safety and regulatory requirements act as tailwinds. It is valued at FY25 PE of 33.1 times. We recommend investors to 'subscribe' to the issue," it said.
Swastika Investmart
Rating: Subscribe for long-term
Studds Accessories is the largest two-wheeler helmet player in India by revenue and globally by volume. It has strong brands as it enjoys a virtual monopoly with renowned brands 'Studds' in mass/mid-market and 'SMK' in the premium segment, said Swastika Investmart.
"It has shown financial growth, marked steady growth in top and bottom lines and its PAT margin expanded from 6.6 per cent in FY23 to 11.9 per cent in FY25. P/E of 33.05 times is considered to be fully priced. Given steady growth, we provide a Subscribe rating for long-term," it added.
Ventura Securities
Rating: Subscribe
The company exports to over 45 countries, making it a significant global player in the helmet industry. Domestically, it benefits from a widespread distribution network across India, reaching both OEM customers and retail consumers through multi-channel sales. Studds has demonstrated healthy profitability, efficient working capital management, and a strong market leadership, said Ventura Securities.
"While the company has a long operating history and a strong brand presence, investors should note that this is Studds’ first public issue, and the company faces challenges such as competition from domestic and international helmet manufacturers, fluctuating raw material prices, and currency risks linked to exports," it added with a 'subscribe' rating.
SMIFS
Rating: Subscribe
"We recommend subscribing to the issue as a good long term investment, backed by Studds’ leadership in domestic and global helmet markets, expanding export footprint, premiumization under SMK, commissioning of Unit 5 adding 3 million units to reach 12 million total capacity, and diversification into high-margin riding gear and accessories," said SMIFS.
Canara Bank Securities
Rating: Subscribe
India’s largest helmet maker by revenue and the world’s largest by volume, Studds operates three plants, sold 7.40 million helmets in FY2025, and exports to over 70 countries, with a fifth facility by year-end. Strong OEM ties, stricter helmet regulations, and 21 per cent export CAGR highlight growth, while PAT shows liquidity, said Canara Bank Securities with a 'subscribe' rating.
BP Equities
Rating: Subscribe for long-term
Studds’ integrated manufacturing strength, expanding global footprint, diversified product portfolio, and margin-accretive strategy position it well to benefit from the structural growth in the two-wheeler helmet market, both domestically and globally, said BP Equities. The company trades at a P/E of 33.1 times based on FY25 earnings," it added with a 'subscribe' rating.