Sheela Foam today made a stellar debut on the bourses and surged by as much as 41 per cent over its issue price on BSE and NSE.
Earlier in the day, the stock had listed at Rs 860, with a premium of nearly 18 per cent over its issue price of Rs 730 on BSE. The shares of the company finally ended the day at Rs 1,032, up 41 per cent over its issue price
On the NSE, the stock got listed at Rs 860 and then hit its upper circuit limit of Rs 1,032, registering a jump of 41 per cent over its issue price.
The company commands a market valuation of Rs 5,034.39 crore.
The Rs 510-crore initial public offer of Sheela Foam got subscribed five times. The company had raised around Rs 153 crore by allotting shares to anchor investors.
Sheela Foam 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-India 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.
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