Sheela Foam's IPO subscribed 6% on second day

The initial public offer (IPO) of Sheela Foam, makers of Sleepwell mattresses, was subscribed only 6% on the second day of bidding on Wednesday.

The IPO received bids for 3,23,440 shares as against the total issue size of 52,50,001 shares, according to NSE data till 1700 hours.

The retail investor portion was subscribed 3% till on Tuesday.

The company has fixed the price band at Rs 680-730.

Sheela Foam, on Monday, raised around Rs 153 crore by allotting shares to anchor investors.

The company is seeking to raise Rs 510 crore through its initial public offering. The issue opened for subscription on Tuesdayand will close tomorrow.

Edelweiss Financial Services and ICICI Securities are the book running lead managers to the issue.

Sheela Foam also 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.