Sheela Foam, Aster DM Healthcare Get Sebi Nod For IPO

New Delhi: Two companies - Sheela Foam and Aster DM Healthcare - have received approval of the Securities and Exchange Board of India (Sebi) to float initial public offerings (IPO).

Sheela Foam, maker of Sleepwell mattresses, had filed draft papers with the market regulator in July, while Aster DM Healthcare, which runs hospitals in India and Middle East, had applied for IPO in June.

Sebi issued its final 'observations' on the draft documents of Sheela Foam and Aster DM Healthcare on November 2 and November 3, respectively, as per the latest update available with Sebi.

Sebi's 'observations' are necessary for any company to launch a public offer.

Sheela Foam filed draft red herring prospectus (DRHP) with Sebi for its Rs 510-crore offer for sale.

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.

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

Edelweiss Financial Services and ICICI Securities are the merchant bankers of the initial public offer (IPO).

Aster DM Healthcare's IPO comprises up to 57,685,166 equity shares. This include fresh issuance of shares as well as offer for sale by existing investors.

The issue is being managed by Kotak Mahindra Capital, Bank of America Merrill Lynch, Goldman Sachs, Edelweiss, ICICI Securities, JM Financial and SBI Capital Market.

So far this year, 24 companies have launched their initial public offerings.