The Rs 510-crore initial public offer of Sheela Foam, maker of Sleepwell mattresses, was subscribed over five times on the final day of bidding today. 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 company has fixed the price band at Rs 680-730 per scrip. Sheela Foam, on Monday, had raised around Rs 153 crore by allotting shares to anchor investors. It is seeking to raise Rs 510 crore through its initial public offering.
The issue opened for subscription yesterday and will close tomorrow. Edelweiss Financial Services and ICICI Securities are 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. 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.
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