Studds, the largest helmet maker in the country, has re-filed the draft red herring prospectus (DRHP) with Sebi to float an initial public offering. Earlier, it had filed the papers in 2018, but the issue could not go ahead as the company demanded higher valuation than what was being offered.
According to the DRHP, seen by FE, the IPO will be an offer for sale, with the promoters and other shareholders selling 7.79 million shares. IIFL Capital Services and ICICI Securities are the lead managers to the issue.
In the 2018 filing, the Faridabad-based company had planned to raise Rs 98 crore through a fresh issue and there was an offer for sale component of 3.9 million shares.
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The company designs, manufactures, markets and sells two-wheeler helmets under the brand names Studds and SMK. It also makes other accessories such as two-wheeler luggage, gloves, helmet locking devices, rain suits, riding jackets and eyewear under the Studds brand.
It also makes helmets for Jay Squared LLC, sold under the brand name Daytona in the US, as well as for O’Neal under its branding, supplying to markets in Europe, the US and Australia.
The company has four manufacturing facilities in Faridabad. Its products are sold pan India and in more than 70 countries.
The four-decade-old company has been consistently profitable. Its net profit for FY24 stood at Rs 57.2 crore.
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