The appointment will come into effect from May 5, 2022, the company said, adding that Gautam would be replacing former Group CFO Ravi Gupta, who resigned due to "personal reasons".
Sheela Foam listed on exchanges today at a price of Rs 860 per share, up 18 percent from the issue price of Rs 730. The Rs 510-crore initial public offer (IPO) was oversubscribed 5.09 times on December 1.
The IPO received bids for 2,66,22,640 shares as against the total issue size of 52,50,001 shares, garnering a subscription of 5.07 times, as per NSE data till 1900 hours.
The promoters are reducing their stake in the company via the IPO, says Gautam. The promoters will hold 85.5 percent stale post IPO.
Besides, the company, which would tomorrow launch its initial public offer to raise Rs 510 crore, is also considering to have new units in Madhya Pradesh for the Central region and in Eastern UP.
Sheela Foam is all set to launch its Rs 510 crore initial public offering (IPO). Rahul Gautam, MD of the company believes that investor mood is good in this volatile market.