1. Sheela Foam raises Rs 153 crore, issue opens for public today

Sheela Foam raises Rs 153 crore, issue opens for public today

Mattress manufacturing firm Sheela Foam on Monday raised Rs 153 crore by allotting 20.95 lakh shares to anchor investors at a price of Rs 730 apiece.

By: | Mumbai | Published: November 29, 2016 6:17 AM

Mattress manufacturing firm Sheela Foam on Monday raised Rs 153 crore by allotting 20.95 lakh shares to anchor investors at a price of Rs 730 apiece. Among the investors who were allotted shares in the pre-IPO placement include ICICI Prudential FMCG Fund, SBI FMCG Fund, Goldman Sachs India, IDFC Equity Fund, L&T Mutual Fund Trustee and Kotak Midcap, among others.

The company priced its initial public offering (IPO), aimed at raising Rs 510 crore, in a price band of Rs 680-730 per share. The issue is a pure offer for sale by Polyflex Marketing Private which holds 27.75% stake in the company. Bid can be made for a minimum of 20 equity shares and in multiples of 20 shares thereafter. The issue opens on November 29 for public.

According to Sebi guidelines, 50% of the shares are reserved for the qualified institutional buyers (QIB) category, 15% for high net-worth individuals (HNIs) and 35% for retail investors. Up to 60% of the QIB portion has been reserved for anchor investors and a third of the anchor investor portion has been reserved for domestic MFs. Five per cent of the QIB category, excluding the anchor investor portion, has been reserved for MFs on a discretionary basis.

For the year ended March 2016, the company reported a 9.7% rise in its total income at Rs 1,566 crore, from Rs 1,428.2 crore a year ago.

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