Studds Accessories Ltd, India’s largest manufacturer of two-wheeler helmets and accessories, made a subdued debut on the stock exchanges on 7 November 2025. Despite witnessing exceptional investor participation during the IPO, the company’s shares listed below their issue price on both the NSE and BSE.
On the NSE, the stock opened at ₹565, a 3.4% discount to the issue price of ₹585, while on the BSE, it debuted at ₹570, down 2.6%. This softer-than-expected listing contrasts with the robust pre-listing demand, signalling near-term market caution despite long-term optimism around the company’s fundamentals.
The IPO Details
Studds Accessories raised ₹455 crore through its initial public offering (IPO), which was structured entirely as an offer for sale (OFS) of 7.8 million equity shares. Since there was no fresh issue component, the company itself did not receive any proceeds from the offer. The funds were directed entirely to the selling shareholders.
- Issue size: ₹455 crore
- Price band: ₹557–₹585 per share
- Issue type: 100% OFS
- Listing date: 7 November 2025
- Registrar: MUFG Intime India
- Book-running lead managers: IIFL Capital Services and ICICI Securities
Ahead of the Studds IPO, the company also raised ₹136.65 crore from anchor investors, with participation from major domestic and foreign institutional players.
Subscription Highlights
Despite the modest listing, the IPO received exceptionally strong demand during the subscription period from 30 October to 3 November 2025.
According to exchange data, the issue was subscribed to 73.25 times overall, indicating widespread investor confidence. The subscription details are as follows:
- Qualified Institutional Buyers (QIBs): 160×
- Non-Institutional Investors (NIIs): 77×
- Retail Investors: 22×
This response underlined solid confidence in Studds Accessories’ market leadership, expanding export presence, and consistent financial performance.
About the Company
Founded in 1975, Studds Accessories Limited is a leading manufacturer and marketer of two-wheeler helmets and motorcycle accessories. The company operates under two major brands — Studds, catering to the mass and mid-market segment, and SMK, targeting the premium motorcycling category.
Its diversified product portfolio includes helmets, riding jackets, gloves, rainwear, and luggage systems, catering to both domestic and international riders. Studds also manufactures helmets for global brands such as Daytona (US) and O’Neal (Europe, US, Australia).
With exports to over 70 countries, Studds has built a strong global footprint. The company operates four state-of-the-art manufacturing facilities in Faridabad, Haryana, including one dedicated to the premium SMK range. Its 75-member R&D team drives innovation across 240 designs and more than 19,000 SKUs, ensuring compliance with global safety standards.
Financial Performance
Studds Accessories has maintained a track record of consistent growth and operational efficiency.
- Revenue (FY25): ₹595.9 crore (up 11% YoY)
- Profit After Tax (PAT): ₹69.6 crore (up 22% YoY)
- EBITDA Margin: 18%
- PAT Margin: 12%
- Return on Capital Employed (ROCE): 20.2%
- Return on Equity (ROE): 16.6%
At the IPO price of ₹585, the company’s valuation stood at approximately 28× FY25 earnings, considered reasonable for a market leader in a growing consumer durables category.
Strategic Strengths and Market Position
Studds Accessories holds a dominant position in India’s two-wheeler accessories market, supported by:
- Strong brand recognition through its flagship Studds and SMK lines.
- A vast dealership and distribution network across India and global markets.
- Diverse customer base, including OEM clients such as Hero MotoCorp, Honda, Maruti Suzuki, Royal Enfield, and Yamaha.
- Government and institutional partnerships, supplying to the Central Police Canteens and CSD (Canteen Stores Department).
Its ability to blend innovation, affordability, and premium quality positions Studds well within India’s expanding two-wheeler safety gear industry.
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Conclusion
While Studds Accessories’ listing at a 3% discount came as a surprise following its 73× subscription, the company’s robust fundamentals and global reach continue to inspire long-term confidence.
As a market leader with a diversified product mix, strong export base, and proven operational expertise, Studds Accessories enters the public market with a resilient foundation. The muted debut may reflect broader market sentiment, but the company’s established brand strength and growth potential in both domestic and international segments make it a noteworthy addition to India’s consumer manufacturing space.
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