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Unlisted shares of Studds Accessories are trading at Rs 648 apiece in the grey market, which is a GMP of 10.77% over the upper IPO price of Rs 585, indicating mild listing gains.
Studds Accessories IPO.
Studds Accessories IPO Day 2 GMP: Helmets manufacturer Studds Accessories Ltd is witnessing a second day of its Rs 455-crore initial public offer (IPO). The firm has fixed a price band of Rs 557-585 per share, valuing it at around Rs 2,300 crore at the upper end of the range.
On the second day of bidding on Friday, the IPO received a 5.08x subscription, garnering bids for 2,77,11,500 shares as against the 54,50,284 shares on offer. Its retail category has received a 6.03x subscription, while the NII (non-institutional investor) quota has received a 9.62x subscription. The QIB category received a 0.04x subscription.
The company’s Rs 455-crore IPO would conclude on November 3.
Studds Accessories IPO GMP Today
According to market observers, unlisted shares of Studds Accessories Ltd are currently trading at Rs 648 apiece in the grey market, which is a grey market premium (GMP) of 10.77% over the upper IPO price of Rs 585, indicating mild listing gains for investors.
The GMP is based on market sentiments and keeps changing. ‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Studds Accessories IPO: Should You Apply?
Anand Rathi Research underscored Studds’ strong domestic footprint and expanding global reach, enabled by a wide distribution network and a commitment to quality backed by major international and domestic certifications.
At the upper price band, the IPO is valued at a P/E of 28.5x based on annualised FY2026 earnings, implying a post-issue market capitalisation of Rs 23,021 million. Anand Rathi noted that while the issue appears fully priced, it has recommended a ‘Subscribe – Long Term’ rating given the company’s industry leadership and growth prospects.
According to Canara Bank Securities, Studds is the largest two-wheeler helmet manufacturer in India by FY2024 revenue and the global leader by volume in CY2024. The company operates three manufacturing facilities with a combined capacity of 9.04 million units and sold 7.40 million helmets in FY2025. It exports to over 70 countries, and a fifth plant is expected to become operational by the end of the year.
The brokerage highlighted Studds’ strong ties with OEMs, supportive regulatory tailwinds such as stricter helmet norms, and a 21% CAGR in exports as key growth drivers. It also pointed out the company’s comfortable liquidity position, with a PAT of Rs 70 crore and cash reserves of Rs 63 crore. However, it noted that topline growth for FY2026 is expected to be modest at 2.1%, and EBITDA remains below pre-COVID levels. Despite this, Canara Bank Securities has issued a “Subscribe” rating on the offer.
Studds Accessories IPO Anchor Investment
The company has raised nearly Rs 137 crore from anchor investors, ahead of the IPO.
Studds Accessories IPO Structure
The IPO is only an offer for sale (OFS), with the promoter group and other shareholders offloading 77.86 lakh shares. Since the issue is entirely an OFS, Studds will not receive any proceeds, and all funds will go to the selling shareholders.
About Studds Accessories
Founded in 1975, Studds designs, manufactures, markets, and sells two-wheeler helmets under the ‘Studds’ and ‘SMK’ brands, as well as a range of motorcycle accessories, including luggage, gloves, rain suits, riding jackets, eyewear, and helmet locks.
While Studds caters to the mass and mid-market segments, SMK, launched in 2016, targets premium motorcyclists.
The company’s products are sold across India and exported to over 70 countries, with key markets spanning the Americas, Asia (excluding India), Europe, and other regions. It also manufactures helmets for international brands such as Jay Squared LLC (sold under the Daytona brand in the United States) and O’Neal, which are distributed across Europe, the US, and Australia.
The company supplies products to leading motorcycle original equipment manufacturers (OEMs), including Hero MotoCorp, Honda Cars India, Suzuki Motorcycle India, Eicher Motors (Royal Enfield), and India Yamaha Motor.
It also caters to government and institutional buyers, such as the Central Police Canteens and the Canteen Stores Department.
The public issue is being managed by IIFL Capital Services and ICICI Securities, with shares expected to list on the stock exchanges on November 7.
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h…Read More
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h… Read More
October 31, 2025, 15:42 IST
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