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Sheela Foam IPO subscribed 5 times on last day

Press Trust of India  |  New Delhi 

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 as against the total issue size of 52,50,001 shares, garnering a subscription of 5.07 times, as per 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 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 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-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.

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

First Published: Thu, December 01 2016. 19:58 IST