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Studds Accessories Ltd, manufacturer of helmets and two-wheeler accessories, has filed draft papers with the Securities and Exchange Board of India to float an initial share sale.
According to the draft papers, the initial public offer (IPO) comprises fresh issuance of shares worth Rs 98 crore besides an offer for sale of 39.39 lakh equity shares by promoters Madhu Bhushan Khurana and Sidhartha Bhushan Khurana, and other existing shareholders.
Proceeds of the issue will be used to part-finance the motorcycle helmet and two-wheeler accessories as well as bicycle helmet manufacturing facilities in Faridabad and for general corporate purposes. The company believes that listing of the equity shares will also enhance its visibility and brand image among existing and potential customers.
Edelweiss Financial Services and IIFL Holdings will manage the company’s public issue. Apart from Studds Accessories, companies namely AGS Transact Technologies, Harsha Engineers, Senco Gold, Sansera Engineering, Dodla Dairy, Nihilent, Shyam Metalics and Energy and ASK Investment Managers have filed IPO papers with the markets regulator so far this month.
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