Studds Accessories has received market regulator Sebi’s approval to float an initial public offer (IPO). Studds Accessories is the leading manufacturers and exporters of Helmets & two wheeler accessories in India. Product range includes Two Wheeler Accessories. Studds has a strong global presence with partners in over 35 countries.
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The company had filed its draft papers with the markets regulator in August seeking its clearance for the initial public offer (IPO). Studds Accessories’ IPO comprises fresh issuance of shares worth Rs 98 crore besides an offer for sale of 39.39 lakh equity shares by promoters Madhu Bhushan Khurana and Sidhartha Bhushan Khurana, and other existing shareholders.
Proceeds of the issue will be used to part-finance the motorcycle helmet, two-wheeler accessories, bicycle helmet manufacturing facilities in Faridabad, and for general corporate purposes. Edelweiss Financial Services and IIFL Holdings will manage the company’s public issue.