Studds Accessories IPO: Long-term growth, premium push; should you apply?

Studds Accessories IPO: Studds Accessories Limited (SAL) will launch its initial public offering (IPO) on Thursday, October 30, 2025, aiming to raise ₹455.5 crore. The IPO is entirely an offer for sale of 7.8 million equity shares, with no fresh issue component.

 

Under the Offer for Sale (OFS), promoters Madhu Bhushan Khurana, Sidhartha Bhushan Khurana, and Chand Khurana, along with investors Sanjay Leekha, Charu Leekha, Nisha Leekha, Nain Tara Mehta, SE Shoes, Sunil Kumar Rastogi, and Ajay Kumar Sakhuja, will divest a part of their shareholding. 

 

The issue has a quota of up to 50 per cent for Qualified Institutional Buyers (QIBs), at least 15 per cent for Non-Institutional Investors (NIIs), and a minimum of 35 per cent for retail investors.

 

Studds Accessories IPO GMP

On Wednesday, October 29, 2025, unlisted shares of Studds Accessories were trading at ₹640 in the grey market, up ₹55 or 9.4 per cent from the issue price of ₹585 per share, according to sources tracking unofficial markets.

Studds Accessories IPO: Here's what the brokerages say

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 in terms of volume and 25.5 per cent in value. The company's revenue/Ebitda/PAT have grown at a CAGR of 8 per cent/32 per cent/45 per cent, respectively, over FY23-25.

 

According to SBI Securities, the company 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 rationalisation, along with increasing safety and regulatory requirements, acts as a tailwind for SAL’s products. At the upper price band of ₹585, SAL is valued at FY25 PE of 33.1x on post-issue capital," the brokerage said. 

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SBI Securities recommends investors to 'Subscribe' to the issue at the upper end price. 

 

Analysts at Arihant Capital said the global motorcycle helmet market is expected to grow at a 5.1 per cent CAGR between CY24-CY29, supported by urbanisation, higher disposable incomes, stronger safety awareness, and stricter helmet regulations. In India, the share of organised and ISI-certified helmets is projected to rise from 70 per cent in 2019 to over 80 per cent by 2029 due to mandatory BIS certifications, creating greater opportunities.

 

The helmet industry is seeing trends of premiumization and shorter replacement cycles, around 3–4 years for standard helmets and 6–7 years for premium ones—boosting recurring demand. “Studds aims to leverage these trends through its upcoming fifth manufacturing facility expected in FY26, automation investments, and expansion in the premium segment under its Studds and SMK brands,” says Arihant Capital. 

 

With a strong export presence in over 70 countries, partnerships with leading OEMs like Hero MotoCorp, Royal Enfield, and Yamaha, and a debt-free balance sheet, the company is positioned for sustainable growth, margin improvement, and long-term profitability. At the upper price band of ₹585, the IPO is valued at a P/E of 33x based on an EPS of ₹17.70 per share. Arihant Capital recommends a 'Subscribe for long-term' rating for the issue.

Here are the key details of Studds Accessories IPO:

The bidding window for the Studds Accessories IPO will remain open for three days, closing on Monday, November 3, 2025. The basis of allotment is expected to be announced on Tuesday, November 4, 2025, with successful investors receiving shares in their demat accounts on Thursday, November 6, 2025.

 

Studds Accessories shares are likely to list on the NSE and BSE on Friday, November 7, 2025. The IPO is priced between ₹557 and ₹585 per share, with a lot size of 25 shares, meaning retail investors need a minimum investment of ₹14,625 for one lot, with multiples allowed thereafter.

 

MUFG Intime India is serving as the registrar for the issue, while  IIFL Capital Services and ICICI Securities are acting as book-running lead managers.