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Sheela Foam IPO's QIB category subscribed 14.51 times

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The QIB category of IPO receives bids for 2.17 crore shares

Sheela Foam (SFL) initial public offer's (IPO) qualified institutional buyers (QIBs) category was subscribed 14.51 times. The QIBs category received bids for 2.17 crore compared with 15 lakh on offer. Non institutional investors' category was subscribed 3.35 times and retail individual investors (RIIs) category was subscribed 0.44 times.

The company's IPO received bids for 2.67 crore compared with 52.5 lakh on offer. The IPO was subscribed 5.09 times.

The company is raising Rs 510 crore through the IPO. The price band of the offer had been fixed at Rs 680 to Rs 730 per share.

The issue opened for bidding on 29 November 2016 and closed yesterday, 1 December 2016.

Ahead of the IPO, the company raised Rs 153 crore by allotting 20.95 lakh to 29 anchor investors at a price of Rs 730 per share, the higher price of the IPO price band.

The IPO consisted of offer for sale by the selling shareholder, namely a promoter company, Polyflex Marketing Pvt Ltd. The objects of the offer is to achieve the listing benefits of equity of the company on the stock exchanges and to enhance the visibility and brand image among the existing and potential customers and provide liquidity to the existing shareholders.

Sheela Foam reported consolidated net profit of Rs 65.95 crore on net sales of Rs 795.50 crore for the six months ended 30 September 2016.

Promoted by Sheela Gautam, Rahul Gautam and Polyflex Marketing, Sheela Foam (SFL) is engaged in manufacturing of home comfort products and technical foam products. SFL is one of the leading manufacturers of mattresses in India, marketed under its flagship brand, Sleepwell. In addition, it manufactures other foam-based home comfort products targeted primarily at Indian retail consumers, as well as technical grades of polyurethane (PU) foam for end use in a wide range of industries. Its home comfort line comprises of products such as mattresses, furniture-cushioning, pillows, cushions, sofa-cum-beds as well as PU foam cores utilized for manufacturing finished home comfort products. Some of the brands under which SFL sells PU foam cores include Splash, Mystiq, Rainbow, Flexituf, Champion and Indigo, which vary in terms of thickness, density and grade.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, December 02 2016. 11:01 IST