Mumbai, India — India's Sheila Foam floated 48.8 m shares on the Mumbai stock market on 9 December 2016.
Speaking on a webcast hosted by India's economic Times, Rahul Gautam, Sheela Foam managing director said: "It's been a long journey for us."
The company was rumoured to be considering an IPO earlier in the year.
Gautam used the interview to explain to viewers about Sheela Foam's market size and share. "We have close to a 30% share of the Indian polyurethane mattress market."
He added: "we also operate in Australia where we have a about a 30% share of the Australian, New Zealand market."
Gautam outlined Sheela's business model: "We have about 11 plants across India where we manufacture and another 110 distributors who are exclusive to us," he explained, "and we have 2200 exclusive dealers who work for us. We have an exclusive chain right from manufacturer to consumer, and this can only grow."
Gautam addressed the way that the recent increases in TDI prices have hit Sheela's business in the run up to the IPO.
"There was a huge spike about a month-and-half back. It was unexpected it was an entirely unparalleled spike. It was due to a couple of events which came together globally, but we knew there is plenty of capacity, and this [price] has to come down."
"This will normalise by the middle of December," he suggested.
At pixel time shares were trading at INR 979 ($14.51)/share.
Currrency conversion: XE.com $1 = INR 67.4327
You can watch the full Economics Times interview here.