Sheela Foam’s IPO fully subscribed

Sheela Foam’s IPO received bids for 65,38,260 shares as against the total issue size of 52,50,001 shares, garnering a subscription of 1.25 times


A screen grab of Sheela Foam website
A screen grab of Sheela Foam website

New Delhi: The initial public offer (IPO) of Sheela Foam, maker of Sleepwell mattresses, was fully subscribed till afternoon trade on the last day of bidding on Thursday.

The IPO received bids for 65,38,260 shares as against the total issue size of 52,50,001 shares, garnering a subscription of 1.25 times, as per NSE data till 2pm.

The retail investor portion was subscribed 7% till Wednesday, while the quota reserved for Qualified Institutional Buyers (QIBs) and non-institutional investors was subscribed by 9% and 1%, respectively.

The company has fixed the price band at Rs680-730. Sheela Foam, on Monday, raised around Rs153 crore by allotting shares to anchor investors. The company is seeking to raise Rs510 crore through its initial public offering.

Edelweiss Financial Services and ICICI Securities are the book running lead managers to the issue.

Sheela Foam manufactures foam-based home comfort products like mattresses, furniture-cushioning, pillows, cushions and sofa-cum-beds.

The company, which has 12 manufacturing facilities, developed a pan-India distribution network consisting of over 100 exclusive distributors, more than 2,000 exclusive retail dealers and over 2,500 multi-brand outlets. The firm exports its products to 25 countries.

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