There were two new listings today – one through the primary market – Studds Accessories and another on account of restructuring -Piramal Finance.  

First,  Studds Accessories. Despite the good discount, impacted by the overall market weakness,  as against the IPO price of Rs.585, the stock got listed at Rs.570 and slipped down to Rs.555.80 and is currently trading at Rs.575 levels.

The IPO had done well with overall subscription at 73.25x, with QIBs at the highest at 160x, HNIs at 77x.

Studds Accessories one of world’s largest two-wheeler (2W) helmet manufacturers, by volume, enjoying 25.5% domestic value market share and 11% global value market share. Having 9 million units per annum manufacturing capacity at Faridabad, Haryana, company sells helmets under 2 brands – mass market ‘Studds’ and premium category ‘SMK’. Its network of 363 distributors accounts for nearly 60% of Rs. 580 cr revenue, while partnership with OEMs such as Honda, Yamaha, Royal Enfield contributes 15% of revenue.  

In our IPO Analysis, we had concluded - Sound fundamentals and attractive pricing make Studds Accessories IPO an ‘apply’.

Now on the second listing – Piramal Finance. It got listed at Rs. 1,260, marking a 12% premium over the discovered price of Rs. 1,124.20. The IPO-less listing follows the merger of Piramal Enterprises Ltd. (PEL) with its wholly-owned subsidiary, Piramal Finance, leading to the relisting of the entity under the new name. Trading in PEL shares had been suspended since September 23, pending completion of the merger process.

As per the approved scheme, shareholders of Piramal Enterprises received equity shares of Piramal Finance in a 1:1 ratio, while all existing debt securities of PEL were transferred to the new company.

The listing marks a key step in Piramal Group’s ongoing business simplification and balance sheet restructuring, positioning Piramal Finance as a standalone diversified NBFC with focus on retail and wholesale lending. Analysts said the successful debut underscores investor optimism on the group’s streamlined structure and future capital allocation strategy.