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Studds Accessories Ltd which makes helmets and other two wheeler accessories has received the approval from SEBI in order to issue Initial Public Offering (IPO). The company which filed the draft papers required for clearance of initial public offer (IPO) in August with the market regulator received Sebi’s observations on December 14.
Any company wanting to launch public issues such as Initial public offer, follow-on public offer and rights issue into the market has to obtain the necessary the Securities and Exchange Board of India observations.
According to the draft papers sourced from the market regulator, Studds Accessories’ 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.
Motorcycle helmet, two-wheeler accessories and other components will be manufactured from the proceeds of the issue. The other part-finance will be used for general corporate purposes, in the bicycle helmet manufacturing facilities in Faridabad. Edelweiss Financial Services and IIFL Holdings will manage the company’s public issue.
