Studds Accessories Ltd is a manufacturer of high-quality helmets & two-wheeler accessories. This company finally got the approval from the market regulator the Securities and Exchange Board of India (Sebi) to float an Initial Public Offer (IPO).
According to draft papers, the company was seeking the clearance from the market regulators to launch an initial public offer (IPO) and finally, obtained the market regulator Sebi’s observation on 14th December. FYI, the observations from Sebi are essential for any company to float public issues like IPO, follow-on-public and other issues.
This initial public offer comprises a fresh issue of shares around INR 98 crore and an offer for sale around 39.39 lakh shares by the promoters Sidhatha Bhushan Khurana and Madhu Bhushan Khurana and other shareholders as per the DRHP papers.
The proceeds will be utilized to part finance the helmet and two-wheeler accessories, increase the bicycle helmet manufacturing facilities in Faridabad unit and other general corporate purposes. The company’s public issue will be managed by Edelweiss Financial Services & IIFL Holdings.