Sham Foam IPO was a fixed-price SME public issue of Sham Foam Limited. The company offered 31,14,000 equity shares with a face value of ₹10 each at a fixed issue price of ₹130 per share. The total issue size was ₹40.48 crore. The issue included a market maker reservation of 1,56,000 shares, while the net issue available to public investors comprised 29,58,000 shares.
The IPO opened for subscription on August 11, 2026, and closed on August 13, 2026. The basis of allotment was finalised on August 14, refunds were scheduled for August 17, and shares were credited to eligible demat accounts on August 17. The shares were listed on the BSE SME platform on August 18, 2026.
Sham Foam Limited operates in the polyurethane foam, mattress and home-comfort products business. The company manufactures and sells PU foam, mattresses, pillows, cushions and other products used in home and furniture applications. Its mattress brands include Featherfresh and Restivia. The company’s manufacturing facility is located in Ambala, Haryana.
The company was incorporated in 2020 and has developed its business around manufacturing, distribution, marketing and sale of PU foam and finished comfort products. Its manufacturing operations include PU foam production, while its consumer-facing portfolio includes mattresses and related products.
For FY2026, Sham Foam reported revenue from operations of ₹92.39 crore and profit after tax of ₹8.65 crore, compared with revenue of ₹81.62 crore and PAT of ₹3.58 crore in FY2025.
Sham Foam IPO Details
| Information | Details |
|---|---|
| IPO Name | Sham Foam IPO |
| Company Name | Sham Foam Limited |
| IPO Type | Fixed Price Issue |
| IPO Category | SME IPO |
| Face Value | ₹10 Per Equity Share |
| Issue Price | ₹130 Per Share |
| Issue Size | ₹40.48 Crore |
| Fresh Issue | 31,14,000 Equity Shares |
| Offer for Sale | Nil |
| Market Maker Reservation | 1,56,000 Equity Shares |
| Net Issue | 29,58,000 Equity Shares |
| IPO Open Date | 11 August 2026 |
| IPO Close Date | 13 August 2026 |
| Basis of Allotment | 14 August 2026 |
| Refund Date | 17 August 2026 |
| Demat Credit | 17 August 2026 |
| Listing Date | 18 August 2026 |
| Listing Exchange | BSE SME |
| Lot Size | 1,000 Shares |
| Minimum Retail Application | 2 Lots / 2,000 Shares |
| Minimum Investment | ₹2,60,000 |
| Registrar | Alankit Assignments Limited |
| Lead Managers | Corporate Makers Capital Limited and Navigant Corporate Advisors Limited |
The issue consisted entirely of a fresh issue. At ₹130 per share, the 31.14 lakh shares represented an issue size of ₹40.48 crore.
Sham Foam IPO Dates
| IPO Event | Date |
|---|---|
| IPO Opening Date | 11 August 2026 |
| IPO Closing Date | 13 August 2026 |
| Basis of Allotment | 14 August 2026 |
| Refund Initiation | 17 August 2026 |
| Shares Credited to Demat | 17 August 2026 |
| Listing Date | 18 August 2026 |
The issue followed a three-day subscription window and subsequently moved through allotment, refund and demat-credit stages before listing on BSE SME.
Sham Foam IPO Reservation
The net issue was divided between retail individual investors and non-institutional investors, with the market maker reservation forming a separate portion.
| Investor Category | Shares Offered | Approx. Allocation |
|---|---|---|
| Retail Individual Investors | 14,79,000 | 50% of Net Issue |
| Non-Institutional Investors | 14,79,000 | 50% of Net Issue |
| Market Maker | 1,56,000 | Separate Reservation |
| Total Issue | 31,14,000 | 100% |
There was no separate anchor-investor allocation in the issue structure.
Sham Foam IPO Lot Size
The market lot was 1,000 shares. At the fixed issue price of ₹130 per share, one lot represented ₹1,30,000. The minimum retail application required two lots, or 2,000 shares, resulting in a minimum application amount of ₹2,60,000.
| Application | Lots | Shares | Amount at ₹130 |
|---|---|---|---|
| Retail Minimum | 2 Lots | 2,000 Shares | ₹2,60,000 |
| Retail Maximum | 2 Lots | 2,000 Shares | ₹2,60,000 |
| S-HNI Minimum | 3 Lots | 3,000 Shares | ₹3,90,000 |
| S-HNI Maximum | 7 Lots | 7,000 Shares | ₹9,10,000 |
| B-HNI Minimum | 8 Lots | 8,000 Shares | ₹10,40,000 |
About Sham Foam Limited
Sham Foam Limited is a manufacturer and supplier of polyurethane foam, mattresses and home-comfort products. The business was established in 2020 and has developed manufacturing and distribution capabilities in the PU foam and mattress segment.
The company’s product portfolio includes mattresses, pillows, cushions and PU foam products. Its consumer mattress brands include Featherfresh and Restivia. The company also offers different mattress categories, including foam and hybrid products.
The company operates its manufacturing facility in Ambala, Haryana. Its website states that the company has an annual PU foam production capacity of 15,000 tonnes.
Sham Foam has also developed ISI-registered foam products complying with IS 7933:2022 standards for applications including mattresses, sofas, cushions, seating systems and furniture.
Business Operations
Sham Foam operates across several areas of the sleep and comfort-products industry:
- PU Foam Manufacturing: Production of polyurethane foam for multiple applications.
- Mattress Manufacturing: Manufacturing of foam and hybrid mattresses.
- Pillows and Cushions: Products designed for home and comfort applications.
- Furniture Cushioning: PU foam products used in furniture and seating.
- Home Comfort Products: Products catering to residential and commercial requirements.
- Consumer Brands: Mattresses and comfort products marketed under brands including Featherfresh and Restivia.
- Distribution: Distribution and marketing of products across different markets.
- Customisation: Mattress products are offered in different configurations and comfort categories.
Industry Overview
The Indian mattress and sleep-products market is supported by demand from households, hotels, furniture manufacturers, healthcare establishments and other institutional users.
PU foam is widely used in mattresses, furniture, seating and cushioning applications. Increasing consumer awareness about sleep quality, comfort and mattress durability has created opportunities for organised manufacturers.
The market is also becoming more competitive as traditional mattress manufacturers compete with new-age mattress brands and online-first businesses. Consumers have greater access to different mattress technologies, price points and comfort options.
Manufacturers therefore need to maintain product quality, control input costs, develop distribution networks and respond to changing consumer preferences.
Business Strategy
Sham Foam’s strategy is based on combining PU foam manufacturing with finished consumer comfort products.
The company’s manufacturing capabilities allow it to participate in the value chain from foam production to finished mattress and comfort products. This can provide greater control over product development and manufacturing requirements.
The company is also developing consumer-facing brands such as Featherfresh and Restivia. Its product portfolio covers different comfort requirements, allowing it to target multiple customer segments.
The IPO proceeds are intended to strengthen the existing manufacturing facility through civil construction and machinery and equipment purchases. A portion of the proceeds is also planned for working capital requirements and general corporate purposes.
Sham Foam IPO Financial Information
Sham Foam recorded growth in revenue and profitability during FY2026.
Revenue from operations increased from ₹73.89 crore in FY2024 to ₹81.62 crore in FY2025 and ₹92.39 crore in FY2026.
Profit after tax increased from ₹2.97 crore in FY2024 to ₹3.58 crore in FY2025 and ₹8.65 crore in FY2026.
Sham Foam Financial Summary
| Particulars | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from Operations | ₹73.89 Crore | ₹81.62 Crore | ₹92.39 Crore |
| Expenses | ₹70.26 Crore | ₹77.19 Crore | ₹81.94 Crore |
| Profit After Tax | ₹2.97 Crore | ₹3.58 Crore | ₹8.65 Crore |
| Total Assets | ₹33.55 Crore | ₹36.58 Crore | ₹49.32 Crore |
| EBITDA | ₹4.71 Crore | ₹5.31 Crore | ₹11.24 Crore |
The company recorded a substantial improvement in PAT and EBITDA during FY2026 compared with FY2025.
Sham Foam IPO Key Performance Indicators
| KPI | FY2026 |
|---|---|
| ROE | 51.53% |
| ROCE | 45.73% |
| EBITDA Margin | 11.91% |
| PAT Margin | 9.37% |
| Debt-to-Equity | 0.19 |
| EPS | ₹10.33 |
| P/E Ratio | 12.58x |
| RoNW | 40.97% |
| NAV | ₹25.21 |
The FY2026 figures show a significant improvement in profitability and return ratios compared with the preceding periods.
Sham Foam IPO Valuation
Sham Foam’s fixed issue price was ₹130 per share. Based on FY2026 EPS of ₹10.33, the issue was priced at approximately 12.58 times earnings. The reported NAV was ₹25.21 per share.
| Particular | Details |
|---|---|
| Issue Price | ₹130 |
| Face Value | ₹10 |
| FY2026 EPS | ₹10.33 |
| P/E Ratio | 12.58x |
| NAV | ₹25.21 |
| Price-to-Book | Approx. 5.16x |
| Debt-to-Equity | 0.19 |
Valuation should be considered together with the company’s recent earnings growth, manufacturing capacity, working-capital requirements and competitive position.
Objects of the Sham Foam IPO
The company proposed using the IPO proceeds for manufacturing expansion, working capital and general corporate requirements.
| Purpose | Amount |
|---|---|
| Civil Construction and Machinery & Equipment | ₹14.72 Crore |
| Working Capital Requirements | ₹14.25 Crore |
| General Corporate Purposes & Issue Expenses | ₹11.52 Crore |
| Total | ₹40.48 Crore |
The planned capital expenditure is intended for civil construction and the purchase of machinery and equipment at the existing manufacturing facility. The company also plans to use part of the proceeds to support working capital requirements.
Sham Foam IPO GMP
Grey Market Premium is an unofficial indicator and should not be considered a guaranteed listing price or investment return.
The available GMP data for Sham Foam did not provide a consistent premium during the issue period. Some unofficial market tracking showed movement between ₹0 and ₹9 before listing, but these figures should be treated only as indicative.
| Date | GMP |
|---|---|
| 7 August 2026 | ₹0 |
| 8 August 2026 | ₹0 |
| 9 August 2026 | ₹0 |
| 10 August 2026 | ₹0 |
| 11 August 2026 | ₹0 |
| 12 August 2026 | ₹9 |
| 13 August 2026 | ₹4 |
| 14 August 2026 | ₹4 |
| 15 August 2026 | ₹6.5 |
| 16 August 2026 | ₹9 |
| 17 August 2026 | ₹4 |
| 18 August 2026 | Not Available |
GMP values are not official exchange prices and can change independently of the actual listing performance.
Sham Foam IPO Subscription Status
The Sham Foam IPO received total subscription of approximately 2.40 times.
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers | 0.00x |
| Non-Institutional Investors | 2.17x |
| Retail Individual Investors | 2.62x |
| Total Subscription | 2.40x |
The retail category recorded higher demand than the NII category, while there was no QIB allocation in the reported subscription structure.
Sham Foam IPO Listing Performance
Sham Foam shares were listed on the BSE SME platform on August 18, 2026.
The issue price was ₹130 per share. The shares opened at a discount to the issue price, with the pre-open indicative price reported at around 20% below the offer price. The stock was admitted to trading in the MT group on the exchange.
| Particular | Value |
|---|---|
| Listing Exchange | BSE SME |
| Listing Date | 18 August 2026 |
| Issue Price | ₹130 Per Share |
| Pre-Open Indicative Price | Approx. ₹104 |
| Indicative Listing Difference | Approx. -20% |
The weak opening despite 2.40x overall subscription demonstrates that subscription levels and unofficial GMP indicators do not guarantee listing performance.
Sham Foam IPO Review
Sham Foam operates in the PU foam and mattress industry, with activities covering manufacturing, distribution and sale of foam and home-comfort products. The company has developed both manufacturing capabilities and consumer-facing mattress brands.
One of its key strengths is its integrated product portfolio. Instead of focusing exclusively on raw PU foam, the company also manufactures finished mattresses, pillows, cushions and other comfort products.
The company recorded strong financial improvement in FY2026. Revenue increased to ₹92.39 crore from ₹81.62 crore in FY2025, while PAT rose to ₹8.65 crore from ₹3.58 crore. EBITDA increased to ₹11.24 crore.
The proposed use of IPO proceeds also provides a clear expansion objective. The company intends to invest in civil construction and machinery and equipment for its existing manufacturing facility while allocating funds toward working capital.
However, investors should also consider the risks. The company operates in a competitive industry where raw-material costs, demand conditions and consumer preferences can affect profitability. Working capital is another important factor for a manufacturing business.
The company’s trade receivables and working-capital requirements deserve monitoring as the business expands. The company’s outstanding legal proceedings and other risk factors disclosed in its offer documents should also be evaluated before making an investment decision.
The IPO received 2.40x overall subscription, with retail investors subscribing 2.62x. Nevertheless, the shares opened at a substantial discount to the issue price on listing day.
Overall, Sham Foam combines improving financial performance, manufacturing capacity and a growing mattress and comfort-products portfolio. At the same time, investors should carefully evaluate valuation, working capital, competition, execution of the planned expansion and SME-stock volatility.
Sham Foam IPO Strengths
- Operates in the PU foam and mattress industry.
- Manufacturing and distribution capabilities.
- Product portfolio includes mattresses, pillows, cushions and PU foam.
- Consumer brands include Featherfresh and Restivia.
- Manufacturing facility located in Ambala, Haryana.
- Annual PU foam production capacity stated at 15,000 tonnes.
- ISI-registered foam products compliant with IS 7933:2022.
- Revenue increased from ₹81.62 crore in FY2025 to ₹92.39 crore in FY2026.
- PAT increased from ₹3.58 crore to ₹8.65 crore.
- EBITDA increased to ₹11.24 crore in FY2026.
- IPO proceeds support manufacturing expansion and working capital.
- Debt-to-equity ratio was 0.19 in FY2026.
Sham Foam IPO Risk Factors
- The mattress and PU foam industry is highly competitive.
- Raw-material price fluctuations can affect margins.
- Consumer preferences in mattresses and home-comfort products can change.
- Working-capital requirements may increase as the business expands.
- Planned manufacturing expansion involves execution and capacity-utilisation risks.
- The company has outstanding legal proceedings disclosed in its offer documents.
- The company has a relatively short corporate operating history compared with some established industry players.
- SME-listed shares can experience higher volatility and lower liquidity.
- The stock listed at a discount to the issue price, demonstrating listing-price risk.
- Future profitability may not grow at the same rate as FY2026.
Sham Foam IPO Promoters
The promoters of Sham Foam Limited are Rajinder Kumar Jindal, Sanjeev Kumar Jindal, Monica Jindal, Deepika Jindal and Charming Fashion Private Limited.
| Promoter | Status |
|---|---|
| Rajinder Kumar Jindal | Promoter |
| Sanjeev Kumar Jindal | Promoter |
| Monica Jindal | Promoter |
| Deepika Jindal | Promoter |
| Charming Fashion Private Limited | Promoter |
The promoters and promoter group held the entire issued share capital before the IPO, while the post-issue promoter and promoter-group holding was expected to reduce to approximately 72.9%.
Sham Foam IPO Management Team
Rajinder Kumar Jindal and Sanjeev Kumar Jindal are among the key individuals associated with the company’s leadership and business development.
| Name | Position |
|---|---|
| Rajinder Kumar Jindal | Chairperson & Managing Director |
| Sanjeev Kumar Jindal | Promoter / Key Management |
| Monica Jindal | Promoter |
| Deepika Jindal | Promoter |
Rajinder Kumar Jindal is identified as the company’s Chairperson and Managing Director.
Sham Foam IPO Registrar Details
| Particular | Details |
|---|---|
| Registrar | Alankit Assignments Limited |
| Role | Registrar to the Issue |
| Phone | 011-42541234 / 23541234 / 42541201 |
| [email protected] |
Alankit Assignments Limited acted as the registrar responsible for IPO application and allotment-related processes.
Sham Foam IPO Lead Manager Details
| Particular | Details |
|---|---|
| Lead Manager 1 | Corporate Makers Capital Limited |
| Lead Manager 2 | Navigant Corporate Advisors Limited |
| Role | Lead Managers to the Issue |
| Listing Platform | BSE SME |
Both Corporate Makers Capital Limited and Navigant Corporate Advisors Limited were appointed as lead managers for the IPO.
Sham Foam Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | Sham Foam Limited |
| Registered Office | Khasra No. 18/16/2, Village Rajpura, Tehsil Shahzadpur, Ambala, Haryana – 134202 |
| Phone | +91-8572071526 |
| [email protected] | |
| Website | https://shamfoam.com/ |
The company’s registered office and contact information are provided at its Ambala, Haryana location.
How to Check Sham Foam IPO Allotment Status
Investors who applied for the Sham Foam IPO can check the allotment status through the registrar or the stock exchange.
Through Alankit Assignments
- Open the IPO allotment facility.
- Select Sham Foam Limited.
- Choose the relevant search method.
- Enter the PAN, application number or demat details.
- Complete the verification process.
- Submit the information to view the allotment status.
Through BSE
Investors can also use the BSE IPO application-status facility and enter the required application details.
The basis of allotment was scheduled for August 14, 2026, while refunds and demat credit were scheduled for August 17, 2026.
Sham Foam IPO Conclusion
Sham Foam IPO offered investors exposure to a manufacturer operating in the PU foam, mattress and home-comfort products segment. The company has manufacturing capabilities in Ambala and sells products across categories including mattresses, pillows, cushions and PU foam.
The company showed strong financial improvement in FY2026. Revenue increased to ₹92.39 crore from ₹81.62 crore in FY2025, while PAT increased to ₹8.65 crore from ₹3.58 crore. EBITDA also more than doubled during the same period.
The IPO proceeds were intended to strengthen the existing manufacturing facility, purchase machinery and equipment, fund working capital and meet general corporate requirements. This gives the company an opportunity to increase its operating capabilities and support future business growth.
The IPO was priced at ₹130 per share and received overall subscription of 2.40 times. Retail investors subscribed 2.62 times, while NII demand stood at 2.17 times.
However, the shares opened at a substantial discount to the issue price on BSE SME, highlighting the volatility associated with SME listings. Investors should therefore evaluate the company’s fundamentals independently rather than relying solely on subscription figures or GMP.
For long-term evaluation, investors should monitor revenue growth, profitability, manufacturing capacity utilisation, working-capital management, raw-material costs, debt levels and the company’s ability to expand its branded mattress and PU foam business.
Sham Foam IPO FAQs
What is Sham Foam IPO?
Sham Foam IPO was a fixed-price SME public issue of Sham Foam Limited comprising 31,14,000 fresh equity shares at ₹130 per share.
What was the Sham Foam IPO price?
The fixed issue price was ₹130 per equity share.
What was the Sham Foam IPO issue size?
The total issue size was ₹40.48 crore.
What was the Sham Foam IPO lot size?
The lot size was 1,000 shares. The minimum retail application was two lots, or 2,000 shares, requiring ₹2,60,000 at the issue price.
When was the Sham Foam IPO allotment date?
The basis of allotment was finalised on August 14, 2026.
When was the Sham Foam IPO listing date?
Sham Foam shares were listed on the BSE SME platform on August 18, 2026.
What was the Sham Foam IPO subscription status?
The IPO was subscribed approximately 2.40 times overall, with NII subscription of 2.17x and retail subscription of 2.62x.
What was the Sham Foam IPO GMP?
Unofficial GMP data fluctuated during the IPO period and was not a guaranteed indicator of listing performance. The reported GMP reached ₹9 at some points before falling again.
What does Sham Foam Limited do?
Sham Foam Limited manufactures and sells PU foam, mattresses, pillows, cushions and other home-comfort products. Its consumer mattress brands include Featherfresh and Restivia.
Is Sham Foam IPO suitable for long-term investment?
The company reported strong FY2026 revenue and profit growth, but investors should independently assess its valuation, working-capital needs, competition, expansion execution, legal risks and SME-stock volatility before making an investment decision.
