Studds Accessories Rs 455 crore IPO subscribed 73.25 times on final day

New Delhi, Nov 3 (PTI) The initial public offer of helmets manufacturer Studds Accessories Ltd received 73.25 times subscription on the final day of share sale on Monday, led by heavy demand from institutional buyers.

The company's Rs 455 crore IPO got bids for 39.92 crore (39,92,36,150) shares against 54.5 lakh (54,50,284) shares on offer, as per NSE data.

Among investors category, Qualified Institutional Buyers (QIBs) part fetched 159.99 times subscription. The quota for non-institutional investors got subscribed 76.99 times and that of Retail Individual Investors (RIIs) attracted 22.09 times subscription.

Studds Accessories on Wednesday said it has raised nearly Rs 137 crore from anchor investors.

The company's IPO has a price band of Rs 557-585 per share, valuing it at around Rs 2,300 crore at the upper end of the range.

The IPO is only an offer for sale (OFS) of 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.

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. PTI SUM SUM MR