Moneycontrol Bureau
Sleepwell mattress maker Sheela Foam is set to debut on bourses on December 9. It has fixed issue price at higher end of price band of Rs 680-730 per share.
The Rs 510-crore initial public offer was oversubscribed 5.09 times on December 1, the last day for subscription. The issue was opened on November 29.
Out of total issue size, Sheela Foam, on November 28, had raised around Rs 153 crore by allotting shares to anchor investors like Fidelity, Goldman Sachs, East Spring, HDFC MF, SBI MF, ICICI Prudential AMC, Premji Investment, IDFC MF and Sundaram MF.
It was an offer for sale by Polyflex Marketing, the selling shareholder, which had 27.75 percent stake at the time of filing IPO papers. Hence, the company will not receive any issue proceeds.
Promoters Sheela Gautam & Rahul Gautam held 56.41 percent stake in the company while the rest shareholding is held by other promoter group.
Sheela Foam also manufactures other foam-based home comfort products targeted primarily at Indian retail consumers, as well as technical grades of polyurethane foam for end use in a wide range of industries. Globally, it manufactures PU foam in Australia through wholly owned subsidiary, Joyce Foam Pty Ltd.
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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