The equity shares will be listed on the BSE and the NSE. Edelweiss Financial Services Ltd and IIFL Holdings Ltd are the book running lead managers (BRLMs) to the issue.
The Initial Public Offering (IPO) comprises of equity shares of face value of Rs5 each of Studds Accessories Ltd comprising a fresh issue aggregating up to Rs98cr and an offer for sale of up to 3,939,000 equity shares comprising up to 2,331,880 equity shares by Madhu Bhushan Khurana and up to 294,720 equity shares Sidhartha Bhushan Khurana (together, the “Promoter Selling Shareholders”); and up to 1,312,400 equity shares by the other selling shareholders (as defined hereinafter, and together with the promoter selling shareholders, the “Selling Shareholders”).
The company proposes to utilize the net proceeds raised through the fresh issue for: (i) part-financing the motorcycle helmet and accessories manufacturing facility in Faridabad; (ii) Part-financing the bicycle helmet manufacturing facility in Faridabad; and (iii) General corporate purposes.
Studds Accessories are currently the only manufacturer of premium two-wheeler helmets in India and SMK brand of two-wheeler helmets is marketed in 23 countries in Europe, Asia, and Latin America as of June 30, 2018.