Haryana-based Studds Accessories, one of India’s leading two-wheeler helmet manufacturers, has raised ₹136.6 crore from nine anchor investors on October 29, a day before opening its ₹455.5-crore initial public offering (IPO) for public subscription.
The IPO, which is entirely an offer-for-sale (OFS) of 77.86 lakh shares by the promoters and existing shareholders, will open for bidding on October 30 and close on November 3. The price band for the issue has been set at ₹557–₹585 per share.
According to a stock exchange filing, Studds Accessories has allocated 23,35,836 equity shares to anchor investors at the upper end of the price band.
Prominent investors in the anchor round include HDFC Mutual Fund, Nippon Life India, and ICICI Prudential Mutual Fund, each acquiring 5.12 lakh shares worth ₹30 crore. Other participants in the anchor book were Edelweiss Trusteeship, ITI Mutual Fund, Kedaara Capital, Carnelian India, Pinebridge Global Funds, and Edelweiss Life Insurance Company.
The company confirmed that five domestic mutual funds, through six different schemes, were collectively allotted 18.55 lakh shares in the anchor portion.
Since the IPO is a complete OFS, Studds Accessories will not receive any proceeds from the public issue; all funds will go to the selling shareholders.
Valued at around ₹2,300 crore at the upper end of the price band, Studds Accessories operates three manufacturing facilities with a combined annual production capacity of 9.04 million units. The company produces two-wheeler helmets and accessories under its flagship Studds and SMK brands.
Additionally, it manufactures helmets for Jay Squared LLC (sold under the Daytona brand in the US) and O’Neal, catering to markets across Europe, the United States, and Australia.
IIFL Capital Services and ICICI Securities are acting as the book-running lead managers for the IPO.
