Sheela Foam makes a stellar debut

Sheela Foam settled at Rs 1,032 on BSE, a premium of 41.37% over the initial public offer price of Rs 730 per share on its debut on the bourses today, 9 December 2016.

Meanwhile, the S&P BSE Sensex rose 52.90 points or 0.2% to settle at 26,747.18.

On the BSE, 8.66 lakh shares were traded on the counter. The stock made its debut on the bourses at Rs 860, a premium of 17.8% over its initial public offer (IPO) price of Rs 730 per share. The stock had hit a high of Rs 1,032 and a low of Rs 860 in intraday trade.

The IPO of Sheela Foam received strong response from investors. The IPO was subscribed 5.09 times. The price band of the offer was fixed at Rs 680 to Rs 730 per share.

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.

Powered by Capital Market - Live News