Studds Accessories, India’s largest two-wheeler helmet manufacturer by revenue, has refiled its Draft Red Herring Prospectus (DRHP) with SEBI for an Initial Public Offering (IPO) on March 27, 2025. The IPO will be an Offer For Sale (OFS) of up to 77.9 lakh shares by existing shareholders and promoters. The Haryana-based company, which sells helmets under the ‘Studds’ and ‘SMK’ brands, reported a revenue of Rs 529.02 crore in FY24 and exports to over 70 countries.
Studds Accessories, India’s largest two-wheeler helmet manufacturer by revenue, has refiled its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO). The IPO will be an Offer For Sale (OFS) of up to 77.9 lakh shares by existing shareholders and promoters, with no fresh issue of shares.
The promoters selling shares include Madhu Bhushan Khurana (38 lakh shares), Sidhartha Bhushan Khurana (8 lakh shares), and Chand Khurana (21 lakh shares). Currently, Madhu Khurana holds a 37.95% stake, Sidhartha Khurana owns 31.79%, and Chand Khurana has an 8.35% stake in the company.
This marks Studds’ second attempt at going public. In 2018, the company had initially filed for an IPO with a proposal that included a fresh issue of Rs 98 crore along with an OFS of 39.4 lakh shares, but the plan was not executed.
Studds: A Leader in Helmet Manufacturing
Founded nearly 50 years ago, Studds Accessories is the world’s largest helmet manufacturer by volume. The company operates three manufacturing facilities with a combined annual production capacity of 90.4 lakh units and sold 71 lakh helmets in FY24. A fourth facility is currently under construction to further expand its production capabilities.
Studds designs, manufactures, and markets helmets under the ‘Studds’ and ‘SMK’ brands. It also produces accessories such as gloves, luggage, eyewear, and rain suits. The company has a significant presence in India and exports its products to over 70 countries across the Americas, Europe, and Asia. SMK, launched in 2016, serves as its premium, globally marketed brand. Additionally, Studds manufactures helmets for international brands like Daytona (USA) and O’Neal (USA, Europe, and Australia).
Financial Performance and IPO Details
For FY24, Studds reported a revenue of Rs 529.02 crore, up from Rs 499.17 crore in the previous fiscal year. The company’s net profit surged to Rs 57.23 crore from Rs 33.15 crore in FY23, while its EBITDA margin improved to 17.05% from 12.03% the previous year.
Investment firms IIFL Capital and ICICI Securities have been appointed as the lead managers for the IPO. Once approved by SEBI, the listing will provide an opportunity for existing shareholders to offload their stakes while enabling Studds to strengthen its market position.
With its long-standing reputation and strong financial performance, Studds’ IPO is expected to generate significant interest among investors looking to tap into India’s booming two-wheeler market.
