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The initial public offering of Sheela Foam has received strong response from qualified institutional buyers; it was subscribed 5.44 times on the final day of the IPO on Thursday.
Sheela Foam, manufacturers of mattresses under the brand name ‘Sleepwell’, has fixed a price band of ₹680-730 a share of face value ₹5 each.
Mute retail participationThe QIP portion was subscribed 15.6 times and the non-institutional investor portion 3.6 times.
However, retail investors remained sceptical, as their portion received subscription of just 0.44 per cent. The IPO comprises an offer-for-sale of such number of equity shares aggregating to ₹510 crore by Polyflex Marketing Pvt Ltd, the selling shareholder.
₹153 cr from anchorsThe company will not receive any proceeds from the IPO.
The equity shares of the company are proposed to be listed on the NSE and the BSE.
Ahead of the IPO, the company had on Monday raised around ₹153 crore by allotting shares at ₹730 apiece to 14 anchor investors.
These include Fidelity, Goldman Sachs, East Spring, HDFC Mutual Fund, SBI MF, ICICI Prudential AMC, Premji Invest, IDFC MF and Sundaram Mutual Fund.
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