Studds Accessories shares are likely to list with up to 10 percent gains when they debut on the stock exchanges on Friday, according to market experts tracking the company’s initial public offering (IPO).
The helmet manufacturer’s shares will be listed on both the National Stock Exchange (NSE) and the BSE on November 7, following strong investor response to its IPO, which was subscribed 73.25 times.
Narendra Solanki, Head of Fundamental Research – Investment Services at Anand Rathi Shares and Stock Brokers, said Studds Accessories is India’s largest two-wheeler helmet maker by revenue in FY24 and the world’s largest by volume in CY24, with nearly five decades of experience.
"As of March 31, 2025, its three manufacturing units have a combined annual capacity of 9.04 million units, with 7.4 million helmets sold in FY25. Its brands, Studds and SMK, are sold across India and in more than 70 countries, including the Americas, Europe and Asia," Solanki said.
The company also manufactures helmets for Jay Squared LLC (Daytona) and O’Neal for overseas markets and offers riding accessories under the Studds brand.
"At the upper price band, the company is valued at a P/E of 28.5 times its FY26 annualised earnings and a market capitalisation of Rs 2,302.1 crore post-issue. Investors may consider holding the stock from a long-term perspective depending on their risk appetite," he added.
According to Shivani Nyati, Head of Wealth at Swastika Investmart Ltd, Studds shares are trading at a grey market premium of Rs 55–67 over the upper price band, indicating a potential listing gain of 9–11 percent if sentiment remains firm.
"Since the IPO does not include a fresh issue of shares, future growth will depend on operational execution and trends in the two-wheeler industry. With strong subscription levels, positive grey market premium and established market leadership, the listing outlook appears favourable, though long-term investors should assess valuations and the offer-for-sale structure carefully," Nyati said.
Harshal Dasani, Business Head at INVasset PMS, said Studds holds around 27 percent share in the domestic helmet market and exports to more than 70 countries, supported by four integrated manufacturing facilities.
"For FY25, the company reported revenue of about Rs 590 crore, EBITDA margins of 18–20 percent, and net profit of around Rs 70 crore. It has successfully scaled up its premium SMK line in line with rising demand for safety-compliant and stylish helmets," Dasani added.
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