Sleep well with Sheela Foams - Debut at 41% Gain

The Rs 510 crore IPO of the mattresses maker was sold between November 29 and December 1. The company, which owns the popular Sleepwell brand, had priced the issue in the Rs 680-730 range. The IPO had seen a healthy 5.09 times subscription. 

Sheela Foam Ltd was listed today on BSE and NSE at Rs 860, a premium of 17.81 per cent over the issue price of Rs 730 per share. The equity shares of Sheela Foam Ltd ended on a strong note with a gain of 41 per cent on issue price today. Sheela Foam debut with opening price of Rs 860 on BSE/NSE and closed at a high of Rs 1032. 

Sheela Foam Ltd. manufactures foam-based home comfort products targeted primarily at Indian retail consumers, as well as technical grades of polyurethane foam (PU Foam) for end use in a wide range of industries. It sells PU foam cores under brands such as Splash, Mystiq, Rainbow, Flexituf, Champion and Indigo, which differ in terms of thickness, density and grade. It has a pan-India distribution network with more than 100 exclusive distributors, over 2,000 exclusive retail dealers and over 2,500 multi-brand outlets, as on September 30, 2016. Its strong fundamentals benefitted the company with an excellent listing price and also close at a hefty premium on the day of debut itself.