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Sheela Foam ends at 41% higher on debut day

Equity Tips

Shares of newly listed Sheela Foam ended 41 percent higher over issue price of Rs 730 per share. The mattress maker's stock debuted at Rs 860 per share, touching intraday high of Rs 1032 and Rs 850.10.  With price band of Rs 680-730 per share, the Rs 510-crore initial public offer was oversubscribed 5.09 times on December 1.

Out of total issue size, Sheela Foam, on November 28, had raised around Rs 153 crore by allotting shares to anchor investors like Fidelity, Goldman Sachs, East Spring, HDFC MF, SBI MF, ICICI Prudential AMC, Premji Investment, IDFC MF and Sundaram MF.

Sheela Foam (SFL) manufactures foam-based home comfort products targeted primarily at Indian retail consumers, as well as technical grades of polyurethane foam (PU Foam) for end use in a wide range of industries. Some of the brands under which it sells PU foam cores include Splash, Mystiq, Rainbow, Flexituf, Champion and Indigo, which vary in terms of thickness, density and grade.

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