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Sheela Foam IPO opens, raises Rs 153 cr from anchor investors

Press Trust of India  |  New Delhi 

Makers of Sleepwell mattresses Sheela Foam, which launched its Rs 510 crore initial public offer (IPO) today, has raised around Rs 153 crore by allotting to anchor investors.

The IPO received bids for 23,760 equity as against 52,50,001 scrips on offer till 1130 hours, according to the update available with the stock exchanges.

The company is seeking to raise Rs 510 crore through its initial public offering. The issue opened for subscription today and closes on December 1.

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

The were allotted to anchor investors at Rs 730 per share, the upper end of the IPO price band of Rs 680-730.

Among the anchor investors are Prudential MF, MF, Goldman Sachs, Morgan Stanley, UTI MF and Nippon Life Company.

"Under Anchor Investors (AIs) portion in the public issue of Sheela Foam Limited, 20,95,889 equity shares have been subscribed today by 14 AIs at Rs 730 per equity share," BSE said.

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.

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

First Published: Tue, November 29 2016. 12:42 IST