Dec 02, 2016 08:48 AM IST IST | Source: PTI

Sheela Foam's IPO fully subscribed

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 1400 hours.

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

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 1400 hours.

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

The company has fixed the price band at Rs 680-730.

Sheela Foam, on Monday, raised around Rs 153 crore by allotting shares to anchor investors.

The company is seeking to raise Rs 510 crore through its initial public offering. The issue opened for subscription yesterday and will close tomorrow.

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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