Studds Accessories Ltd.'s initial public offering has received a warm reception in the primary markets, with the issue being subscribed over five times on day two. The IPO enters day three of subscription on Monday.
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. It is the market leader when it comes to selling helmets in India.
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Studds' products are sold across India and exported to over 70 countries, with key markets spanning the Americas, Asia (excluding India), Europe, and other regions.
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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.
It must be noted that 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.
The public issue is being managed by IIFL Capital Services and ICICI Securities, with shares expected to list on the stock exchanges on Nov. 7.
Studds India IPO Details
Dates: Oct. 31-Nov. 3
Price Band: Rs 557-585 per share
Lot Size: 25 per lot
Issue size: Offer for sale of 77.9 lakh equity shares.
Indicated Market Cap: Rs 10,000 crore
Date of allotment: Nov. 4
Listing Date: Nov. 7
Subscription Status
The Studds Accessories IPO has been subscribed 9.51 times as of 11 a.m. on Monday.
Qualified Institutional Buyers (QIBs): 6%
Non Institutional Investors (NIIS): 21.33 times
Retail Individual Investors: 9.84 times
Studds Accessories IPO GMP Today
According to InvestorGain, the latest GMP for the Studds Accessories IPO was Rs 67, as of 9:30 a.m. on Nov 3. With an upper price band of Rs 585, the estimated listing price is Rs 652. This indicates an expected gain of 11.45% per share for investors.
Note: GMP does not represent official data and is based on speculation.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
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