Helmets maker Studds Accessories files IPO papers with Sebi

Studds Accessories files for IPO, offering shares for sale with no funds going to the company.

Helmets manufacturer Studds Accessories has filed preliminary papers with capital markets regulator Sebi to float an initial public offering (IPO).

This marks the company's second attempt to go public. Previously, the company had filed draft papers nearly seven years ago.

The IPO will be an offer for sale (OFS), with the promoter group and other shareholders selling 77.9 lakh shares, according to the draft red herring prospectus (DRHP) filed on Wednesday.

Since the IPO is entirely an OFS, the company will not receive any funds from the issue and the proceeds will go to the selling shareholders.

Studds Accessories designs, manufactures, markets and sells two-wheeler helmets under the 'Studds' and 'SMK' brands and other accessories such as two-wheeler luggage, gloves, helmet locking device, rain suits, riding jacket and eye wear under the 'Studds' brand.

The products are sold pan-India and in more than 70 countries, with key export markets situated across Americas, Asia (excluding India), Europe and rest of the world.

It also manufactures helmets for Jay Squared LLC, which are sold under the "Daytona" brand in the US, as well as for O'Neal under their branding, supplying to markets in Europe, the U.S. and Australia.