Mumbai, India — Sheela Foam is set to make an initial public offering of shares on the Bombay stock market on 9 December 2016. The company expects to raise around INR 5.1 bn ($75m).
The company is issuing 6,986,301 to 7,500,000 shares priced from INR 680-730 ($10.00-10.83)/share. UTECH-polyurethane.com reported on the Sheela Foam IPO rumour in June this year.
According to India's Economic Times website, Sheela had sales of INR 1.55 bn in 2016 and the ebitda margin was around 11.6%. This compares with sales of INR 795 m in the first half of the 2017 financial year and a margin of 13.3%.
Sheela, is best known in India for producing mattresses under the Sleepwell brand which it licenses, and this is expected to continue for a further 10 years.
Currency: xe.com 8 December 2016: $1 = INR 67.3574