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Studds Accessories IPO Day 2: Issue Receives 5.08x; Should You Apply? Check GMP
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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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Vets will be legally bound to prescription fee caps and publishing price lists among new measures which will start coming into force later this year, the competition watchdog has announced.
The Competition and Markets Authority (CMA) said its final reforms for the sector will help pet owners better navigate the vet services market.
Other legally binding measures will include a price comparison website and mandatory branding by the large groups to boost competition and drive down prices.
The CMA said pet owners using a vet practice that is part of a larger chain can expect to see changes before Christmas, including standard price lists.
The measures follow the CMA finding that fees have risen at almost twice the rate of inflation, with pet owners not being given enough information about their vet and the prices of treatments.
Martin Coleman, chairman of the independent Inquiry Group, said: “This is the most extensive review of veterinary services in a generation, and today’s reforms will make a real difference to the millions of pet owners who want the best for their pets but struggle to find the practice, treatment and price that meets their needs.
“Too often, people are left in the dark about who owns their practice, treatment options and prices – even when facing bills running into thousands of pounds.
“Our measures mean it will be made clear to pet owners which practices are part of large groups, which are charging higher prices, and for the first time, vet businesses will be held to account by an independent regulator.
“Our changes put pet owners at the centre but also help vets by enhancing trust in the profession and protecting clinical judgment from undue commercial pressure – and that is important to ensure our pets continue to get the best care.”
The CMA said practices must publish a comprehensive price list for standard services, including consultations, common procedures, diagnostics, written prescriptions and cremation options under its new rules.
Prescriptions – for which “many” practices charge £30 or more for each – are to be capped at £21 for the first medicine and £12.50 for any additional medicines.
Practices must also provide a written estimate in advance for any treatment expected to cost £500 or more, including aftercare costs, as well as an itemised bill.
Emergency care will be the only exception for written estimates.
Prices and information about who owns the surgery are to be made available to pet owners through the Royal College of Veterinary Surgeons (RCVS) ‘Find a Vet’ service, which will share the data with third-party comparison sites.
Vet businesses must make it clear whether they are part of a group or an independent business, with details of group ownership to be displayed on signs at the surgery and online.
British Veterinary Association president Rob Williams said: “The majority of the CMA’s measures focus on increasing transparency and information, which will help pet owners make more informed choices and support competition, which is a really positive step.”
He added: “Delivering highly skilled veterinary medicine is costly and whilst we recognise prices have risen sharply in recent years this is due to a number of factors, including the higher costs all businesses are experiencing – and vet practices are not immune.
“Plus, thanks to advances in diagnostics and medical technology over the last 20 years, vets can now do much more to manage disease and injury in animals, whereas in the past the only option available may have been to euthanase.
“Owners today also have a greater expectation of their vet, with many expecting human quality healthcare for their pets and whilst this is possible to deliver, it comes at a cost.”
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