Sheela Foam Makes Blockbuster Debut, Surges 40% On Listing

Shares of mattresses manufacturer Sheela Foams made a blockbuster debut on exchanges on Friday. Its shares surged as much as 41.36 per cent to an intraday high of Rs 1,032 compared to its issue price of Rs 730.

The initial public offer (IPO) of Sheela Foam, which manufactures "Sleepwell" brand of mattresses, was subscribed over 5 times on the back of strong interest from the qualified institutional buyers (QIBs) segment, which was subscribed 14.5 times.The IPO received total bids for 26.7 million shares compared to 5.25 million shares on offer.

The public issue comprises equity shares aggregating up to Rs. 510 crore.

Sheela Foam had last month raised around Rs. 153 crore by allotting shares to anchor investors. Edelweiss Financial Services and ICICI Securities were 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.

Sheela Foams shares closed 41.36 per cent higher at Rs 1,032.