Sham Foam
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Big non-institutionalbNII · above ₹10 lakh
- 0.37×
- Retail individualRII · up to ₹2 lakh
- 2.06×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 12 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 18 Aug 2026 | ₹1.50 | +1.15% | ₹1,100 | ₹131.50 | ₹1,500 |
| 17 Aug 2026 | ₹1.50 | +1.15% | ₹1,100 | ₹131.50 | ₹1,500 |
| 16 Aug 2026 | ₹6 | +4.62% | ₹4,600 | ₹136 | ₹6,000 |
| 15 Aug 2026 | ₹9 | +6.92% | ₹6,800 | ₹139 | ₹9,000 |
| 14 Aug 2026 | ₹4 | +3.08% | ₹3,000 | ₹134 | ₹4,000 |
| 13 Aug 2026 | ₹4 | +3.08% | ₹3,000 | ₹134 | ₹4,000 |
| 12 Aug 2026 | ₹9 | +6.92% | ₹6,800 | ₹139 | ₹9,000 |
| 11 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹130 | ₹0 |
| 10 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹130 | ₹0 |
| 09 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹130 | ₹0 |
| 08 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹130 | ₹0 |
| 07 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹130 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Non-institutional | 14,79,000 | 32,10,000 | ₹41.73 Cr | 2.17× |
| Retail individual | 14,79,000 | 38,74,000 | ₹50.36 Cr | 2.62× |
| Total | 29,58,000 | 70,91,000 | ₹92.18 Cr | 2.40× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 13 Aug, 05:11 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 11 Aug 2026 – 13 Aug 2026
- Listing date
- 18 Aug 2026
- Face value
- ₹10 per share
- Price band
- ₹130
- Issue price
- ₹130 per share
- Lot size
- 1,000 shares
- Sale type
- Fresh capital
- Issue type
- Fixed Price issue
- Listing at
- BSE
- Total issue size
- ₹40.48 Cr
- Fresh issue
- ₹38.45 Cr 29,58,000 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹149 Cr
- Promoter holding
- 100.00% → 72.90% pre-issue → post-issue
- ISIN
- INE0Z9N01013
- CIN
- U36104HR2020PLC087011
- Registrar
- Alankit Assignments Ltd.
- Lead managers
- Corporate Makers Capital Ltd.
- Registered office
- Khasra No. 18/16/2, Shahzadpur Yamunanager Road, NH-344, Village Rajpura, Tehsil Shahzadpur, Ambala City, Haryana-134202
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 0 | 0.00% | 0.00% |
| Anchor investor · within QIB | 0 | — | 0.00% |
| NII (HNI) | 14,79,000 | 50.00% | 47.50% |
| bNII > ₹10L · within NII | 14,79,000 | — | 47.50% |
| sNII < ₹10L · within NII | 0 | — | 0.00% |
| Retail (RII) | 14,79,000 | 50.00% | 47.50% |
| Employee | 0 | — | 0.00% |
| Market maker | 1,56,000 | — | 5.01% |
| Total issue | 31,14,000 | — | 100.00% |
Net offer to the public of 29,58,000 shares, out of a total issue of 31,14,000. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 1,000 shares per lot, in multiples, at ₹130
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,30,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,60,000 |
| S-HNI (max) | 7 | 7,000 | ₹9,10,000 |
| B-HNI (min) | 8 | 8,000 | ₹10,40,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹130 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 10.33 | 7.53 |
| P/E (×) | 12.58 | 17.26 |
| Price to book (×) | 5.16 | — |
| Market cap | — | ₹149 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 40.97%
- ROCE
- 46.00%
- Debt / equity
- 0.19
- PAT margin
- 9.37%
- EBITDA margin
- 11.91%
- NAV per share
- ₹25.21
- Price to book
- 5.16
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 92.39 | 81.62 | 73.89 |
| Revenue from operations | 92.32 | 81.15 | 73.73 |
| Other income | 0.07 | 0.47 | 0.16 |
| Total expenses | 81.94 | 77.19 | 70.26 |
| Operating profit | 10.45 | 4.43 | 3.63 |
| Operating margin | 11.31% | 5.43% | 4.91% |
| Profit before tax | 10.44 | 4.43 | 3.63 |
| Profit after tax | 8.65 | 3.58 | 2.97 |
| PAT margin | 9.36% | 4.39% | 4.02% |
| Balance sheet | |||
| Total assets | 49.32 | 36.58 | 33.55 |
| Current assets | 43.26 | 32.07 | 28.69 |
| Current liabilities | 24.37 | 15.19 | 14.9 |
| Total liabilities | 28.21 | 24.12 | 24.66 |
| Net worth | 21.11 | 12.46 | 8.88 |
| Current ratio | 1.78× | 2.11× | 1.93× |
| Return on equity | 40.98% | 28.73% | 33.45% |
| Cash flow | |||
| Operating cash flow | 12.78 | 0.22 | 7.3 |
| Investing cash flow | -2.1 | -0.31 | -0.72 |
| Financing cash flow | -5.28 | -0.96 | -4.4 |
| Net cash flow | 5.39 | -1.05 | 2.18 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 To finance the Capital expenditure requirements for civil construction and purchase of Machineries and Equipment for existing manufacturing facility ₹14.72 Cr
The company intends to purchase additional machinery and equipment to be installed at a shed structure to be constructed at the existing manufacturing unit. This aims to enhance manufacturing capabilities, improve operational efficiencies, leverage economies of scale, and reduce operational costs while maintaining tighter control over delivery schedules.
2 To part finance the requirement of Working Capital ₹14.25 Cr
The company requires additional working capital for investment in trade receivables, inventories, and payment to trade payables to fund day-to-day operations. The expansion of business operations and increased manufacturing capacities necessitate additional working capital requirements to handle higher volumes of orders and strengthen market presence.
3 To meet General corporate purposes ₹6.04 Cr
The company intends to deploy funds towards strategic initiatives including investments or acquisitions, brand building and promotional activities, strengthening infrastructure and systems, repayment of loans, pre-operative expenses, provision for contingencies, and ongoing general corporate purposes as approved by the Board.
About Sham Foam
Sham Foam Limited, formerly Sham Foam Private Limited, was incorporated in Haryana on June 26, 2020, and converted to a public limited company on September 20, 2024. The company operates a manufacturing facility in Ambala, Haryana with an installed capacity of 15,000 TPA. It manufactures and sells PU foam, mattresses, pillows, and other home comfort products through a dealer distribution network across India. For FY 2026, PU foam sales represented 86.22% of revenue from operations (₹7,960.10 lakhs). The company sells through retail dealers who distribute products at multi-branded outlets. Revenue from operations grew from ₹7,372.86 lakhs in FY 2024 to ₹9,231.92 lakhs in FY 2026.
Management
Mr. Rajinder Kumar Jindal
MD
Mr. Sanjeev Kumar Jindal
CEO
Ms. Monica Jindal
COO
Mr. Abhinav Jindal
CFO
Strengths
As stated in the offer document
Leveraging the experience of Promoters and employees
The company's promoters have proven background and experience in the foam industry, providing key competitive advantage and enabling business expansion while exploring new growth avenues.
In-house manufacturing facility supported by technology driven process
The company operates a state-of-art manufacturing facility with ISO 9001:2015 and BIS Certification, spanning 2,04,460 sq. feet with 15,000 TPA installed capacity and QR code integration for transparency.
Extensive and well-developed pan-India sales and distribution network
The company has established a strong sales and distribution network spanning 13 states with robust dealer base, providing natural entry barriers and conducting periodic training programs for dealers.
Long-standing relationship with dealers
The company has developed long-standing relationships with dealers across pan-India basis, ensuring uninterrupted supplies and retaining dealers through strong relationships and product quality.
Focus on Quality and Timely Delivery
The company maintains high-quality standards with ISO 9001:2015 and BIS Certification no. IS 7933:2022, emphasizing regular composition checks, in-process inspections, and final product testing.
Risk factors
As stated in the offer document
Outstanding litigation proceedings involving the Company and Promoters
The company, its promoters, and directors are involved in various legal proceedings pending at different levels of adjudication. Total amount involved across all litigation is Rs. 536.42 lakhs, with potential adverse outcomes impacting the company's reputation, business operations, and financial condition.
Registered office and manufacturing facility located on leased premises
The company's registered office and manufacturing facility is located on a 30-year lease from August 2025 to July 2055. If the lease agreements cannot be renewed or relocated on commercially suitable terms, it may cause significant operational disruptions and relocation costs.
Significant dependence on few customers
The company's top 10 customers contributed 25.06%, 26.83%, and 28.02% of revenue from operations for fiscal years 2026, 2025, and 2024 respectively. The company has no long-term agreements with customers, exposing it to risks from order reductions, cancellations, or customer loss.
Negative cash flows experienced in certain periods
The company reported negative net cash flows of Rs. 105.37 lakhs in FY 2024-25, primarily due to negative cash flows from financing activities of Rs. 96.47 lakhs and investing activities of Rs. 30.55 lakhs. Future negative cash flows could adversely affect financial conditions and operations.
Volatility in supply and pricing of raw materials
Raw material costs represented 78.75% of revenue from operations in FY 2025-26 (Rs. 7,270.04 lakhs). The company's top 10 suppliers constitute 78.56% of total purchases, and the company has no long-term supply agreements, exposing it to supply disruptions and price volatility.
Geographic concentration of operations and revenue
The company's manufacturing operations are concentrated in Haryana, with major domestic sales from customers in Delhi (11.45%), Haryana (12.98%), Punjab (21.13%), and Uttar Pradesh (27.34%). This geographic concentration heightens exposure to regional economic and demographic changes.
Company Analysis
from PROSPECTUSSham Foam Limited manufactures and sells polyurethane (PU) foam, home comfort products (mattresses, pillows), and commercial foams for the Indian home comfort and industrial sectors.
Sham Foam Limited, formerly Sham Foam Private Limited, was incorporated in Haryana on June 26, 2020, and converted to a public limited company on September 20, 2024. The company operates a manufacturing facility in Ambala, Haryana with an installed capacity of 15,000 TPA. It manufactures and sells PU foam, mattresses, pillows, and other home comfort products through a dealer distribution network across India. For FY 2026, PU foam sales represented 86.22% of revenue from operations (₹7,960.10 lakhs). The company sells through retail dealers who distribute products at multi-branded outlets. Revenue from operations grew from ₹7,372.86 lakhs in FY 2024 to ₹9,231.92 lakhs in FY 2026.
Objects of the Issue
- Funding capital expenditure for expansion of existing manufacturing facility p.45
- General corporate purposes
- To finance the Capital expenditure requirements for civil construction and purchase of Machineries and Equipment for existing manufacturing facility Rs. 1,471.65 lakhs p.88
- To part finance the requirement of Working Capital Rs. 1,425.00 lakhs p.88
- To meet General corporate purposes Rs. 603.85 lakhs p.88
- Not explicitly stated in this part of the document - objects of the issue are referenced as being in a different chapter p.279
Issue Structure
- Total Issue
- Upto 31,14,000 Equity Shares aggregating Rs. 4,048.20 Lakhs
- Fresh Issue
- Upto 31,14,000 Equity Shares of face value of Rs. 10/- each at the Issue Price of Rs. 130/- per Equity Share (including premium of Rs. 120/- per share) aggregating to Rs. 4,048.20 Lakhs
- Offer for Sale
- Nil
- Price Band
- Rs. 130/- per Equity Share (Fixed Price Issue)
- Lot Size
- The Market lot and Trading lot for the Equity Share is 1,000 and in multiples of 1,000 thereafter; subject to a minimum allotment of 2,000 Equity Shares to the successful applicants
- Face Value
- Rs. 10/- per Equity Share
Business Model
The company manufactures PU foam and home comfort products at its facility in Haryana and sells them through a dealer distribution network. Revenue is generated from the sale of PU foam to dealers and the sale of foam-based home comfort products (mattresses, pillows) to end-consumers through retail dealers. The company does not have formal long-term agreements with customers or suppliers.
Business Segments
SWOT Analysis
- • In-house manufacturing with ISO 9001:2015 and BIS certification(p.90)
- • Established pan-India sales and distribution network with long-standing dealer relationships(p.105)
- • Strong financial performance with significant revenue growth(p.99)
- • High return on net worth demonstrating operational efficiency(p.106)
- • Focus on quality and timely delivery as competitive advantage(p.105)
- • Experienced promoter leadership in foam industry(p.127)
- • ISO certified state-of-the-art manufacturing facility with integrated operations(p.128)
- • Extensive pan-India distribution network across 13 states with 1300+ dealers(p.128)
- • Long-standing dealer relationships ensuring supply consistency(p.129)
- • Full-stack vertical integration enabling cost control and product customization(p.125)
- • Strong financial growth with improving profitability margins(p.126)
- • ISO 9001:2015 and BIS certified manufacturing facility with strategic location(p.244)
- • Diversified product portfolio and vertical integration(p.243)
- • Customization capability and specialization in PU foam production(p.244)
- • Strong revenue growth and improved profitability margins(p.246)
- • Positive return on equity and capital employed(p.244)
- • Heavy dependence on single major customer (Charming Fashions)(p.76)
- • Limited existing installed capacity relative to market opportunity(p.90)
- • Significant related party transactions indicate family-controlled operations(p.57)
- • High revenue concentration in two states (Punjab and Uttar Pradesh account for 48.47% of FY 2025-26 revenue)(p.129)
- • Top 10 customers represent 25.06% of FY 2025-26 revenue, indicating customer concentration risk(p.140)
- • Top 10 suppliers represent 78.56% of purchases, creating supply concentration dependency(p.140)
- • Small employee base of only 85 personnel, limiting operational scale and redundancy(p.142)
- • Capacity utilization at 87.62% indicates limited headroom for growth without capex expansion(p.143)
- • PU Foam products dominate revenue at 86.22% in FY 2025-26, indicating product concentration(p.137)
- • Significant dependence on few suppliers(p.256)
- • Litigation regarding trademark infringement(p.260)
- • Promoter involved in ongoing civil litigation regarding land transaction(p.265)
- • Contingent liability from civil suit regarding trademark(p.260)
- • Company lacks gratuity policy and leave encashment provisions(p.201)
- • Expansion of installed manufacturing capacity through capex deployment(p.90)
- • India mattress market growing at 8.80% CAGR and forecast to reach USD 3.65 billion by 2030(p.121)
- • Rising sleep-health awareness and premiumization trends in mattress market(p.121)
- • Significant growth opportunity in commercial/hospitality segment(p.122)
- • Urbanization driving real estate boom and incremental housing demand(p.122)
- • Leverage omnichannel retail expansion including e-commerce penetration(p.123)
- • Geographic expansion into Tier-II and Tier-III cities with limited organized retail penetration(p.124)
- • Expansion into adjacent product segments like smart mattresses and subscription models(p.124)
- • Growing market demand for personalized and ergonomic home-comfort products(p.130)
- • Planned expansion of geographic reach and deepening presence in existing markets(p.129)
- • Opportunity to improve cost efficiency and margins through increased capacity utilization and economies of scale(p.130)
- • Trend toward health-focused, sustainable products and value-added services for differentiation(p.124)
- • Geographic expansion into high-population states(p.247)
- • Surge in domestic demand for PU foam and related products(p.247)
- • Expansion into new customer segments and industries(p.247)
- • Growth in significant states with high consumption demand(p.248)
- • Significant unorganized sector competition at 30-40% lower price points(p.122)
- • Intense competition in organized segment compressing margins(p.123)
- • Narrowing quality gaps enabling local competitors to capture market share(p.122)
- • Global economic slowdown and reduced international demand(p.116)
- • Working capital intensity with extended receivable cycles (93 days)(p.100)
- • VOC emissions and recyclability concerns for polyurethane foam production creating environmental compliance risks(p.124)
- • Price volatility in polyol and isocyanate raw materials (15-20% fluctuations) affecting margins(p.124)
- • Rising competition from hybrid mattresses capturing 35% of mid-price segment(p.124)
- • Direct-to-consumer brands offering 25-50% lower prices while maintaining quality through vertical integration(p.124)
- • Enforcement variations across states creating inconsistent and unpredictable competitive environments(p.124)
- • Consumer perception challenges associating poly-foam mattresses with lower quality vs. latex or hybrid options(p.124)
- • Significant customer concentration(p.256)
- • Intense competition from organized and unorganized players(p.257)
- • Sensitivity to raw material price fluctuations(p.256)
- • GST compliance and tax-related proceedings(p.260)
- • Economic sensitivity and external shocks(p.245)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Rajinder Kumar Jindal | Promoter | — | — |
| Sanjeev Kumar Jindal | Promoter | — | — |
| Monica Jindal | Promoter | — | — |
| Deepika Jindal | Promoter | — | — |
| Abhinav Jindal | Promoter | — | — |
| Kunal Jindal | Promoter | — | — |
| Charming Fashions Private Limited | Promoter | — | — |
| Rajinder Kumar Jindal | Promoter | 9.86% | 7.19% |
| Sanjeev Kumar Jindal | Promoter | 9.86% | 7.19% |
| Monica Jindal | Promoter | 7.67% | 5.59% |
| Deepika Jindal | Promoter | 7.67% | 5.59% |
| Kunal Jindal | Promoter | 9.86% | 7.19% |
| Abhinav Jindal | Promoter | 9.86% | 7.19% |
| Charming Fashion Private Limited | Promoter | 45.21% | 32.95% |
| Mr. Rajinder Kumar Jindal | Promoter and Managing Director | 9.86% | — |
| Mr. Sanjeev Kumar Jindal | Promoter and Whole Time Director | 9.86% | — |
| Ms. Monica Jindal | Promoter and Executive Director | 7.67% | — |
| Ms. Deepika Jindal | Promoter | 7.67% | — |
| Mr. Abhinav Jindal | Promoter and Executive Director | 9.86% | — |
| Mr. Kunal Jindal | Promoter and Executive Director | 9.86% | — |
| Charming Fashions Private Limited | Promoter Group Entity | — | — |
| Rajinder Kumar Jindal | Promoter | — | — |
| Sanjeev Kumar Jindal | Promoter | — | — |
Leadership
Auto-extracted from the company's PROSPECTUS using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official PROSPECTUS before relying on it.
Offer documents
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Sham Foam Ltd. THIS ISSUE | 10.33 | 25.21 | 17.26, computed at the offer price | 5.16, computed at the offer price | 40.97% |
| 11.96 | 266.69 | 64.50 | 2.90 | 4.48% | |
| 6.03 | 343.00 | 21.22 | 0.37 | 22.90% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.