Minerva Capital Research Solutions

Sham Foam

ListedListed 18 Aug 2026BSE SMENSE: SHAMFOAMCheck allotment
Current price₹ 85−34.62% since issue
Listing day−20%
Issue price
₹ 130
Issue size
₹ 40.48 Cr.
Min. investment
₹ 1,30,000
Listing price
₹ 104
Subscribed
2.33x
Lot size
1,000 shares
P/E
17.26
RoNW
40.97%
RoCE
45.73%
PAT margin
9.37%
EPS
₹ 7.53
Promoter stake
72.9%

About

Sham Foam Limited was started in 2020. The company makes and sells polyurethane foam, that is PU foam, along with mattresses, pillows, cushions and other home comfort products. It also makes industrial grade PU foam that is used in furniture, clothing, sports goods and automobiles. The company sells mattresses under the brands Featherfresh and Restivia, in pure foam as well as hybrid versions using spring and rebonded foam. Pillows and cushions are sold mainly under the Featherfresh brand. It also makes customised foam as per customer requirement. The company is vertically integrated, which means it handles design, manufacturing, distribution and customer service on its own. Its factory at Ambala in Haryana is spread over 2,04,460 square feet with a foam production capacity of 15,000 tonnes per year, and it holds ISO 9001:2015 and BIS certification. It currently supplies to 13 states including Punjab, Haryana, Delhi, Uttar Pradesh, Rajasthan, Gujarat, Maharashtra and Madhya Pradesh.

Timeline

  1. Opens
    11 Aug
    done
  2. Closes
    13 Aug
    done
  3. Allotment
    14 Aug
    done
  4. Refunds
    17 Aug
    done
  5. Demat credit
    17 Aug
    done
  6. Listing
    18 Aug
    done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest
₹ 9 on 12 Aug 2026
Lowest
₹ 0 on 8 Aug 2026
First quoted
₹ 0 on 8 Aug 2026

Subscription

How many times each investor group bid for its share, as of 26 Aug 2026, 08:33 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)11,000₹ 1,30,000
Retail (Max)11,000₹ 1,30,000
HNI (Min)22,000₹ 2,60,000

Company overview

Financials

Financials by year
Assets49.3236.5833.55
Total Income92.3981.6273.89
Profit After Tax8.653.582.97
EBITDA114.694.43
NET Worth21.1112.468.88
Reserves and Surplus12.744.258.7
Total Borrowing3.999.2210.11

Strengths

  • Profit has grown strongly. Profit after tax went from Rs 2.97 crore in FY2024 to Rs 3.58 crore in FY2025 and Rs 8.65 crore in FY2026, a rise of 142% in the last year.
  • The company reduced its debt. Total borrowing came down from Rs 10.11 crore in FY2024 to Rs 3.99 crore in FY2026, while net worth rose from Rs 8.88 crore to Rs 21.11 crore.
  • EBITDA more than doubled in the last year, from Rs 4.69 crore to Rs 11.00 crore.
  • The company is vertically integrated and runs the full chain from design to distribution, which helps it protect margin.
  • It has its own brands, Featherfresh and Restivia, instead of only doing job work for others.
  • The Ambala factory is large at 2,04,460 square feet with 15,000 tonnes per year capacity and holds ISO 9001:2015 and BIS certification.
  • Sales are spread across 13 states rather than one region.
  • It sells both home comfort products and industrial grade foam, so it is not dependent on the mattress market alone.

Risks

  • The company was started only in 2020, so it has a short track record of about six years.
  • Sales growth is slow. Total income rose only 13% in FY2026, from Rs 81.62 crore to Rs 92.39 crore, while profit rose 142%. This means the profit jump came from margin improvement, which may not repeat.
  • PU foam is made from chemicals linked to crude oil. Any sharp rise in raw material prices will directly reduce margin.
  • The entire manufacturing is at one plant in Ambala, Haryana, so there is single location risk.
  • The mattress market has strong national brands with large advertising budgets, and competing with them on brand pull is difficult.
  • This is a fixed price issue at Rs 130 per share, so there is no price discovery through bidding as happens in a book built issue.
  • Promoter holding will come down from 100% to 72.90% after the issue.
  • This is an SME issue. One lot is 1,000 shares, which is Rs 1.30 lakh at the issue price, and SME shares usually trade in low volume after listing.

What the money is for

Objects of the issue
To finance the Capital expenditure requirements for civil construction and purchase of Machineries and Equipments for existing manufacturing facility14.72
To part finance the requirement of Working Capital14.25
To meet General Corporate Purposes6.04

Promoters

  • Rajinder Kumar Jindal
  • Sanjeev Kumar Jindal
  • Monica Jindal
  • Deepika Jindal
  • Abhinav Jindal
  • Kunal Jindal
  • Charming Fashions Pvt.Ltd
Promoter holding100%→72.9%before → after the issue · down 27.1 points

Registrar, lead managers and documents

Listing on
BSE SME
Face value
₹ 10 a share
Registrar
Alankit Assignments Limited
Lead managers
Corporate Makers Capital Ltd.
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.