Sham Foam IPO
Sham Foam IPO was a fixed-price SME issue of ₹40.48 crore, consisting entirely of a Fresh Issue of 31,14,000 equity shares. The issue price was ₹130 per share, with a lot size of 1,000 shares. Individual investors were required to apply for a minimum of 2
Sham Foam IPO Details
Sham Foam IPO opened for subscription on August 11, 2026 and closed on August 13, 2026. The basis of allotment was finalized on August 14, refunds and Demat credit were initiated on August 17, and the shares were listed on the BSE SME platform on August 18, 2026. The issue price was ₹130 per share and the shares listed at ₹104 per share.
Sham Foam IPO GMP
The reported grey-market premium for Sham Foam IPO reached approximately ₹2 around the listing period against the issue price of ₹130. This indicated an unofficial estimated price of approximately ₹132. GMP is unofficial, unregulated and should not be treated as a guaranteed indicator of the actual market price.
Sham Foam IPO Timeline (Tentative)
Sham Foam IPO opened on August 11, 2026 and closed on August 13, 2026. The basis of allotment was finalized on August 14, followed by refund initiation and Demat credit on August 17. The shares were listed on the BSE SME platform on August 18, 2026.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Tue, Aug 11, 2026 |
| IPO Close Date | Thu, Aug 13, 2026 |
| Basis of Allotment | Mon, Sep 14, 2026 |
| Initiation of Refunds | Mon, Aug 17, 2026 |
| Credit of Shares to Demat | Mon, Aug 17, 2026 |
| Listing Date | Tue, Aug 18, 2026 |
| IPO Opens | August 11, 2026 |
| IPO Closes | August 13, 2026 |
| Basis of Allotment | August 14, 2026 |
| Refund Initiation | August 17, 2026 |
| Credit of Shares to Demat | August 17, 2026 |
| Listing Date | August 18, 2026 |
Sham Foam IPO Lot Size
The Sham Foam IPO lot size was 1,000 shares. Individual investors were required to apply for a minimum of 2 lots, or 2,000 shares, at ₹130 per share. The minimum investment for an individual investor was therefore ₹2,60,000. HNI investors could apply for a minimum of 3 lots, or 3,000 shares.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 2 | 2,000 | 2,60,000 |
| Retail (Max) | 2 | 2,000 | 2,60,000 |
| S-HNI (Min) | 3 | 3,000 | 3,90,000 |
| S-HNI (Max) | 7 | 7,000 | 9,10,000 |
| B-HNI (Min) | 8 | 8,000 | 10,40,000 |
Sham Foam IPO Reservation
The public issue comprised 31,14,000 equity shares, including 1,56,000 shares reserved for the market maker. The net issue of 29,58,000 shares was divided between Non-Institutional Investors and Retail Individual Investors, with 14,79,000 shares allocated to each category.
Sham Foam IPO Subscription
Sham Foam IPO was subscribed approximately 2.45 times overall at the close of bidding. The NII category was subscribed 2.28 times, while the Retail Individual Investor category was subscribed 2.62 times. QIB subscription was not applicable in the final public allocation structure reported for the issue.
| Category | Subscription (times) |
|---|---|
| QIB | N.A. |
| NII | 2.28x |
| RII | 2.62x |
| Total | 2.45x |
About Sham Foam
Sham Foam Limited is engaged in the manufacturing, distribution, marketing and sale of polyurethane foam, mattresses and other home-comfort products. The company was originally incorporated as Sham Foam Private Limited on June 26, 2020 and was subsequently converted into a public limited company in September 2024.
The company's product portfolio includes PU foam, mattresses, pillows, furniture cushions and PU foam cores. Its products are marketed for residential and commercial applications, while customised industrial-grade PU foam is supplied for applications such as furniture, sports products, seat covers, footwear and apparel.
The company operates a manufacturing facility in Haryana and follows an integrated business model covering manufacturing and distribution. Its distribution network extends across multiple Indian states and includes more than 1,300 dealers.
The company sells mattresses under brands including Featherfresh and Restivia and also supplies PU foam and other products for different home-comfort and industrial applications. Its business is supported by a network of dealers and customers across India.
Strengths
- In-house manufacturing facility supported by technology-driven processes.
- Integrated manufacturing and distribution capabilities.
- Established presence in the PU foam and home-comfort products segment.
- Pan-India sales and distribution network covering multiple states.
- Network of more than 1,300 dealers.
- Long-standing relationships with dealers.
- Product portfolio covering mattresses, pillows, cushions and PU foam.
- Ability to manufacture customised PU foam products for different applications.
- Experienced promoters and management.
- Focus on quality and timely delivery.
Risks to Consider
- Manufacturing operations are concentrated at a single facility in Haryana.
- The primary manufacturing facility operates on leased premises.
- Raw-material costs represent a significant portion of revenue and can fluctuate.
- The company has significant supplier concentration, with its top 10 suppliers accounting for a substantial portion of purchases.
- Working-capital requirements are significant, with trade receivables forming a material part of current assets.
- The company operates in a competitive PU foam and home-comfort products market.
- Customer demand may be affected by changing consumer preferences and economic conditions.
- The company does not have long-term supply agreements with all customers.
- The business may be affected by increases in raw-material prices.
- The company has disclosed ongoing legal proceedings, including a dispute involving Sheela Foam.
- Dependence on its manufacturing facility means operational disruption could adversely affect production.
- Expansion plans involve execution and capital-expenditure risks.
Sham Foam Financials (₹ Cr)
Sham Foam reported steady revenue growth between FY2024 and FY2026, while profitability increased substantially in FY2026. Revenue increased from approximately ₹73.89 crore in FY2024 to ₹92.39 crore in FY2026, while PAT increased from ₹2.97 crore to ₹8.65 crore. Net worth increased to ₹21.11 crore in FY2026.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2024 | 73.89 | 2.97 | 33.55 | 8.88 |
| FY2025 | 81.62 | 3.58 | 36.58 | 12.46 |
| FY2026 | 92.39 | 8.65 | 49.32 | 21.11 |
KPIs & Valuation
At the issue price of ₹130, Sham Foam reported pre-IPO EPS of ₹10.33 and post-IPO EPS of ₹7.53. The corresponding P/E ratios were approximately 12.58x and 17.26x. FY2026 RoNW was 40.97%, ROCE was 45.73% and NAV was ₹25.21 per share.
Objects of the Issue
The company proposed to utilise the Net Proceeds from the Fresh Issue primarily for capital expenditure at its existing manufacturing facility, working-capital requirements and general corporate purposes.
- The company proposed to utilise the IPO proceeds for:
- Capital expenditure for civil construction and purchase of machinery and equipment for the existing manufacturing facility – approximately ₹14.72 crore.
- Part-financing of working-capital requirements – approximately ₹14.25 crore.
- General corporate purposes – approximately ₹6.04 crore.
- Issue-related expenses were also provided for from the issue proceeds.
Promoters, Lead Managers & Registrar
Sham Foam Limited is promoted by Rajinder Kumar Jindal, Sanjeev Kumar Jindal, Monica Jindal, Deepika Jindal, Abhinav Jindal, Kunal Jindal and Charming Fashions Private Limited. Corporate Makers Capital Limited and Navigant Corporate Advisors Limited acted as the lead managers, while Alankit Assignments Limited acted as the Registrar to the Issue. JSK Securities & Services Private Limited acted as the market maker.
Promoters
Lead Managers (BRLM)
Registrar
| Name | Alankit Assignments Limited |
|---|---|
| Phone | 011-42541234 / 23541234 / 42541201 |
| mailto:info@alankit.com | |
| Website | https://www.alankit.com/ |
Sham Foam IPO Review
Sham Foam has an established operating presence in the PU foam and home-comfort products segment. Its product range covers mattresses, pillows, cushions and PU foam products, providing exposure to both consumer and industrial applications.
The company's manufacturing and distribution model provides control over production and market distribution. Its dealer network across multiple states gives the company a broad geographical presence, while its focus on customised products provides opportunities across different end-use industries.
Financial performance improved significantly in FY2026, particularly at the profit level. However, investors should consider raw-material costs, supplier concentration, working-capital requirements, manufacturing concentration and legal proceedings while evaluating the business.
At the issue price of ₹130, the reported pre-IPO EPS was ₹10.33 and the post-IPO EPS was approximately ₹7.53. The corresponding pre-IPO and post-IPO P/E ratios were approximately 12.58x and 17.26x respectively.
For FY2026, the company reported RoNW of 40.97%, ROCE of 45.73%, EBITDA margin of 11.91%, PAT margin of 9.37% and debt-to-equity of approximately 0.19x. NAV was ₹25.21 per share.
The IPO proceeds were intended to strengthen the company's manufacturing infrastructure and working-capital position. The ability to execute the planned expenditure, manage raw-material costs and improve operating scale will remain important factors for future performance.
How to Apply
Sham Foam IPO applications could be made through the applicable ASBA and UPI-supported IPO application process. Individual investors were required to apply for a minimum of 2 lots, or 2,000 shares, requiring ₹2,60,000 at the issue price of ₹130.
Through UPI
- Log in to your stockbroker app or website.
- Go to the IPO section.
- Select Sham Foam IPO.
- Enter the required number of lots.
- Enter the applicable IPO price of ₹130.
- Enter your valid UPI ID.
- Submit the IPO application.
- Open your UPI application after receiving the mandate request.
- Approve the mandate using your UPI PIN.
- The application amount will remain blocked in your bank account until the allotment process is completed.
Prospectus & Documents
Investors can refer to Sham Foam Limited's official website and IPO documents for information relating to the issue, business operations, financial statements, risk factors, objects of the issue, capital structure and other statutory disclosures. The company's official website provides investor-related documents, including the prospectus material.
Last updated Sep 1, 2026.