Studds Accessories Limited, the world’s largest manufacturer of 2-wheeler helmets, has obtained capital markets regulator Sebi’s nod to float an Initial Public Offering or IPO.
Studds Accessories’ initial public offer consists of fresh issuance of shares valued Rs 98.00 crore. In addition, an offer for sale of 39.39 lakh equity shares by promoters Sidhartha Bhushan Khurana & Madhu Bhushan Khurana, and other existing shareholders, as per draft red-herring prospects filed by the comapny.
Proceeds of the IPO will be utilized to part-finance the motorcycle helmet, 2-wheeler accessories, bicycle helmet manufacturing facilities in Faridabad, and for common corporate purposes, as per the comapny. IIFL Holdings and Edelweiss Financial Services will be managing the IPO of the company.
The equity shares will be listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE)