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Sheela Foam's IPO kicks off, subscribed 1 pc on first day

Press Trust of India  |  New Delhi 

The initial public offer (IPO) of makers of Sleepwell mattresses, Sheela Foam, was subscribed 1 per cent on the first day of bidding today.

The IPO received bids for 76,780 as against the total issue size of 52,50,001 shares, data available with till 1700 hours showed.

The retail investor portion was subscribed 3 per cent.

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

Sheela Foam has raised around Rs 153 crore by allotting to anchor investors.

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.

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-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. 19:13 IST