Two very different consumer stories are about to test investor appetite in the primary market this week. This includes – Orkla India, the packaged food maker behind MTR and Eastern, and Studds Accessories, one of India’s largest helmet and motorcycle gear makers.

Let’s take a look at how the two stack up on key parameters, from issue details to valuations and analyst views –

Orkla India IPO vs Studds Accessories IPO: Timing and structure

The Orkla India IPO opens on October 29 and closes on October 31, with a price band of Rs 695–730 per share. The entire issue is an offer-for-sale (OFS) worth around Rs 1,667 crore. This means no fresh funds will go to the company. The shares are set to list on November 6.

On the other hand, Studds Accessories IPO will open a day later, on October 30, and close on November 3, at a price band of Rs 557–Rs 585 per share. It is also a pure OFS of 77.86 lakh shares, raising about Rs 455 crore. The listing is expected on November 7.

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Orkla India IPO vs Studds Accessories IPO: What is on offer

Orkla India, backed by Norway’s Orkla ASA, owns iconic Indian food brands MTR and Eastern. Its portfolio spans 400 products across categories like spices, ready mixes, snacks, beverages, and condiments. The company has strong market shares in Karnataka and Kerala.

Studds Accessories, in contrast, rides on India’s growing two-wheeler culture. The company, established in 1983, makes helmets and motorcycle accessories under the Studds and SMK brands. Its product range includes helmets, gloves, jackets, and luggage, sold in over 40 countries.

Orkla India IPO vs Studds Accessories IPO: Financial check

Orkla India revenue in FY25 grew 1.6% year-on-year to Rs 2,394.7 crore, while profit rose 12.9% to Rs 255.7 crore. The company remains virtually debt-free and generates Rs 300–400 crore in annual cash flows.

Studds Accessories’ FY25 profit jumped to Rs 69.6 crore from Rs 57.2 crore a year earlier, while revenue climbed to Rs 556.7 crore from Rs 485.6 crore.

Orkla India IPO vs Studds Accessories IPO: Valuations and peer comparison

At the upper price band of Rs 730, Orkla India is valued at a price-to-earnings (P/E) ratio of 34.6x on FY25 earnings. Its only listed peer, Tata Consumer Products, trades at a much higher 90x P/E, though Tata’s scale and brand portfolio are significantly larger.

SBI Securities in its IPO note on Orkla India said, “At the upper price band of Rs 730, Orkla India looks fairly valued given its stable cash flows and consistent growth record. We maintain a ‘Neutral’ view on the issue and would like to monitor the company’s performance post listing.”

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At the upper price band of Rs 585, Studds Accessories is valued at a P/E of 33.1x on FY25 earnings. The company enjoys a strong presence in the two-wheeler helmet market with a 27.3% market share by volume and 25.5% by value as of FY24, backed by a fully integrated manufacturing setup and steady financial growth.

SBI Securities, in its IPO note, said, “The anticipated upcycle in the domestic two-wheeler industry post the recent GST rationalization, along with increasing safety and regulatory requirements, act as tailwinds for Studds Accessories’ products. At the upper price band of Rs 585, Studds Accessories is valued at FY25 PE of 33.1x on post-issue capital. We recommend investors to ‘Subscribe’ to the issue at the upper price band.”