Ambala-based Sham Foam Ltd has launched a Rs. 40.48 crore IPO on the BSE SME platform, targeting capacity expansion and financial strengthening as its recent earnings show significant improvement.
Sham Foam Ltd has opened its initial public offering on the BSE SME platform, seeking to raise about Rs. 40.48 crore as it looks to expand capacity and strengthen its balance sheet. According to the company’s prospectus and IPO materials, the issue opened on August 11 and closes on August 13, with shares priced at Rs. 130 each and a lot size of 1,000 shares. The fresh issue comprises 31,14,000 equity shares, and the company says the money will go towards civil construction, new machinery, working capital and general corporate purposes.
The Ambala-based company, founded in 2020, makes polyurethane foam, mattresses and related home comfort products for the Indian market. It also produces industrial-grade PU foam for use in sectors such as furniture, apparel, sports goods and automotive applications. Kotak Neo’s IPO note describes Sham Foam as a vertically integrated business that handles design, engineering, manufacturing, distribution and customer engagement in-house. Its brands include Featherfresh and Restivia, with products ranging from pure foam and hybrid mattresses to pillows, cushions and furniture cushioning.
The company says it operates from a 2,04,460-square-foot manufacturing unit in Haryana that is ISO 9001:2015 and BIS-certified, with an installed foam capacity of 15,000 tonnes a year. Business Standard reported that the issue is intended to support expansion at the existing facility and fund day-to-day working capital needs. The company supplies products across 13 states, has a dealer network of more than 1,300 outlets and employs more than 80 people.
Sham Foam’s financial performance has improved sharply in recent years. Company data cited in the prospectus shows revenue rising to Rs. 92.39 crore in FY26 from Rs. 81.62 crore in FY25, while profit after tax climbed to Rs. 8.65 crore from Rs. 3.58 crore over the same period. The company reported a PAT margin of 9.37% in FY26. The promoter group is led by Rajinder Kumar Jindal, who serves as managing director and chairman, alongside Sanjeev Kumar Jindal, Monica Jindal and Deepika Jindal. Corporate Makers Capital Ltd is acting as lead manager to the offer.
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