Studds Accessories Ltd

Studds Accessories Ltd, is a known brand that has been recognizable in India for nearly 40 years. One of India’s leading manufacturers of two-wheeler helmets and motorcycle accessories, Studs Accessories Ltd designs, manufactures, and markets under the brand names of “Studds” and “SMK.” Studds not only sells its products in India, but also exports to over 70 countries. It has 4 manufacturing facilities; and also outsources for global names. 

The IPO is entirely an offer for sale (OFS) by promoters and early investors, with no fresh issue component. The issue is being lead-managed by IIFL Capital Services and ICICI Securities; while MUFG Intime India Private Ltd will be the registrars to the IPO. The company has been promoted by Madhu Bhushan Khurana, Sidhartha Bhushan Khurana, and Shilpa Arora. The company is headquartered in Faridabad in Haryana. 

Highlights of the IPO Issue

Here are the key highlights of the public issue of Studds Accessories Ltd. 

1. The IPO of will be open from October 30th, 2025 to November 03rd, 2025. It has a face value of ₹5 per share and IPO price band is set in range of ₹557 to ₹585 per share.
2. The IPO of Studds Accessories Ltd will be entirely an offer for sale (OFS) by promoters and early investors with no fresh issue component.
3. The OFS of the IPO comprises the sale of 77,86,120 shares (77.86 lakh shares), which at the upper price band of ₹585 per share translates into ₹455.49 crore.
4. Since there is no fresh issue, the OFS will also double up as the overall IPO size. Thus, the overall IPO will also comprise of an OFS of 77,86,120 shares (77.86 lakh shares) worth ₹455.49 crore at the upper band price of ₹585 per share. 

The IPO of Studds Accessories Ltd will be listed on the NSE and the BSE on the IPO mainboard. 

Key Dates, Investor Allocation, And Lot Sizes

Here are the key dates pertaining to the IPO of Studds Accessories Ltd 

Data Source: Company RHP 

Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).  

The table below captures the gist of the allocation to various categories. 

Data Source: Security Parameters Filing (NSE) 

The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement. Here is a quick look at the lot sizes applicable for the IPO of Studds Accessories Ltd for various categories of investors. 

It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 25 shares) 

Financial Highlights

The table captures the key financials of Studds Accessories Ltd for last 3 financial years.  

Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period) 

While the sales growth is steady, the growth in the profit margins and the ROE has been steady, which bodes well for valuations. In addition, this is an offer for sale, so there is no dilution of equity for the company overall through this issue. 

Valuation Metrics

At the current issue price of ₹585 per share, the valuation of the company is at a P/E ratio of 33.1X in terms of latest year EPS of ₹17.70. In India, the company does dominate the helmets and motorcycle accessories business, despite the presence of a substantial unorganized market in this segment. The global reach is an added advantage. 

The company also brings some added advantages to the table; tangible and intangible. It is a market leader in helmets and demand is likely to grow with greater focus on safety and stricter compliance. It has a wide portfolio to cater to various price points. The company deploys a fairly asset-light model, which is evident from the ratios. Investors can look at the company as an opportunity to participate in a market leader in this business vertical. 

A Brief on the Anchor Allocation

The anchor issue of Studds Accessories Ltd saw a strong response on 29th October 2025 with 30.00% of the IPO size absorbed by anchors. Out of 77,86,120 shares (77.86 lakh shares) on offer in the IPO, anchors picked up 23,35,836 shares (23.36 lakh shares) accounting for 30.00% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹585 per share. This includes the face value of ₹5 per share plus a share premium of ₹580 per share. The anchor bidding process opened and closed on 29th October 2025.  

Key Points to Note in the Anchor Allocation Process

Here are the key details pertaining to the anchor bidding of Studds Accessories Ltd 

An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery. 

Anchor Allocation Investors

On 29th October 2025, Studds Accessories Ltd allotted 23,35,836 shares to 10 anchor investors. The allocation was done at the upper IPO price band of ₹585 per share which resulted in overall anchor allocation of ₹136.65 crore. The anchors have already absorbed 30.00% of the total issue size of ₹455.49 crore. Listed below are the Top 10 IPO anchor investors who accounted for anchor collection of ₹136.65 crores, or, 100% of anchor allocation. 

Data Source: BSE Filings (Value Allocated in ₹ in Crore) 

The detailed and comprehensive report on the anchor allocation with the mutual fund portion separated can be accessed on BSE by clicking on the link below. 

https://www.bseindia.com/markets/MarketInfo/DownloadAttach.aspx?id=20251029-59&attachedId=f7989fea-92bc-402b-a7e1-3a10312b7b9d 

Out of the 23,35,836 shares allocated to the anchors in the IPO, there were a total of 18,55,346 shares allocated to mutual funds registered with SEBI. The allocation was made to 6 mutual fund schemes across 5 AMCs. Mutual funds accounted for 79.43% of the total anchor allocation of the IPO. Global FPIs, AIFs, and insurance companies were the other participants in the anchor allocation of Studds Accessories Ltd. 

Next Step in the IPO

Post the closure of the IPO subscription on 03rd November 2025, the basis of allotment will be finalized on 04th November 2025 and the refunds will be initiated on 06th November 2025. In addition, the demat credits are expected to also happen on 06th November 2025 and the stock will list on 07th November 2025 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 06th November 2025 under ISIN (INE00Q601028). 

IPO Subscription Status On Day-1

As of 5.15 pm on 30th October 2025, out of the 54.50 lakh shares on offer in the IPO (excluding anchor portion), Studds Accessories Ltd saw bids for 84.16 lakh shares. This implies an overall subscription of 1.54X at a macro level. The granular break-up of subscriptions as of the close of Day-1 of the IPO of Studds Accessories Ltd was as under: 

The subscriptions were led by the Retail Investors followed by the HNI / NII investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company had strong anchor participation a day ahead of the IPO opening. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-1 of the IPO) 

The IPO is open up to November 03, 2025, at which point we will know the final subscription status of the IPO. 

IPO Subscription Status On Day-2

As of 5.30 pm on 31st October 2025, out of the 54.50 lakh shares on offer in the IPO (excluding anchor portion), Studds Accessories Ltd saw bids for 277.02 lakh shares. This implies an overall subscription of 5.08X at a macro level. The granular break-up of subscriptions as of the close of Day-2 of the IPO of Studds Accessories Ltd was as under: 

The subscriptions were led by the HNI / NII Investors followed by the Retail investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company had strong anchor participation a day ahead of the IPO opening. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-2 of the IPO) 

The IPO is open up to November 03, 2025, at which point we will know the final subscription status of the IPO. 

IPO Subscription Status On Day-3

As of 7.05 pm on 03rd November 2025, out of the 54.50 lakh shares on offer in the IPO (excluding anchor portion), Studds Accessories Ltd saw bids for 3,992.36 lakh shares. This implies an overall subscription of 73.25X at a macro level. The granular break-up of subscriptions as of the close of Day-3 of the IPO of Studds Accessories Ltd was as under: 

The subscriptions were led by the QIB Investors followed by the HNI / NII investors and the Retail investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that was the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company had strong anchor participation a day ahead of the IPO opening. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-3 of the IPO) 

The IPO of Studds Accessories Ltd was open up to November 03, 2025, and has closed for subscription as of the close of trading hours on November 03, 2025. The subscription ratios presented in the table above represent the final subscription numbers for each category and also for the IPO overall. Generally, the listing price of the IPO and the post-listing performance tend to get influenced by the extent of oversubscription of the IPO, although a higher subscription is not an automatic guarantee of a strong listing of the IPO stock. 

About The Studds Accessories Ltd IPO

The IPO of Studds Accessories Ltd opened on October 30th, 2025 and closed on November 03rd, 2025. The overall IPO comprised entirely of an offer for sale (OFS) of 77,86,120 shares (77.86 lakh shares) worth ₹455.49 crore at the upper price band of ₹585 per share. The allotment status will be finalized by end of day (EOD) of November 04, 2025. Here is how to check your allotment status for the IPO of Studds Accessories Ltd. You can check IPO status on the BSE website or on the NSE website or on the IPO Registrar website (MUFG Intime India Private Ltd). 

Checking The Allotment Status of IPO on BSE Website

This is a facility available to all mainboard IPOs, irrespective of who the registrar to the issue is. Visit the BSE link for the IPO allotment by clicking on the link below.  

https://www.bseindia.com/investors/appli_check.aspx 

Once you reach the page, here are the steps to follow. 

1. Under Issue Type – Select Equity Option 
2. Under Issue Name – Select Studds Accessories Ltd   from the drop-down box 
3. Enter the Application Number / CAF exactly as in the acknowledgement slip OR 
4. Enter your PAN (10-digit alphanumeric) number 
5. Once this is done, you need to click on the Captcha to verify you are not a robot 
6. Finally click on the Search Button 

You can use either of the parameters to query; Application / CAF number or Investor PAN. 

The allotment status will be displayed on the screen in front of you informing about the number of shares of Studds Accessories Ltd allotted into your demat account. You can save a screenshot of the allotment status output for subsequently verifying with the demat account credits. 

Checking The Allotment Status of IPO on NSE Website

This is a common link for all IPOs. Click on NSE link for IPO allotment as below.  

https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids 

Once you reach the page, here are the steps to follow. 

1. Under Issue Type – Select Equity & SME IPO Details Option 
2. Under SELECT SYMBOL – Select STUDDS from the dropdown box 
3. Enter the Application Number / CAF exactly as in the acknowledgement slip AND 
4. Enter your PAN (10-digit alphanumeric) number 
5. Once both are entered, click on the Submit Button 

You must input the Application / CAF number and the Investor PAN. 

The allotment status will be displayed on the screen in front of you informing about the number of shares of Studds Accessories Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits. 

Checking Allotment Status of IPO on MUFG Intime India Private Limited

Here are the steps to follow. Visit the Link Intime registrar website for IPO status by clicking on the link below: 

https://in.mpms.mufg.com/Initial_Offer/public-issues.html 

There are 4 options available to you to access the allotment status, and you can use any of these options to query.   

1. You can use PAN access. Enter the 10-character alphanumeric income tax permanent account number (PAN). Make it a point to verify your PAN before entering.
2. The second option is to use Application Number / CAF to query the allotment status in the IPO. The application / CAF number is available on the acknowledgement slip.
3. You can use DPID-Client ID combination. For NSDL combination is alphanumeric, while for CDSL, combination is numeric. This is available in your demat statement.
4. You can also query by the combination of your bank account number and IFSC number provided as the IPO mandate bank. It is available on your cheque book. 

Finally, click on the SUBMIT button.  

In case, you have any issues with the output, register an investor query with Link Intime India Private Ltd. You can either send an email with all requisite details and problem to [email protected] or you can call on (0)-81081-14949 for voice call.