Sham Foam Ltd IPO
Status: Closed
Overview
IPO date
11 Aug 2026 to 13 Aug 2026
Face value
₹ 10 per share
Price
₹ 130 to ₹130 per share
Issue Size
3,114,000 shares
(aggregating up to ₹ 40.48 Cr)
(aggregating up to ₹ 40.48 Cr)
Allotment Date
14 Aug 2026
Listing at
NSE
Issue type
Fixed Price - SME
Sector
Consumer Durables
Unlock Stock of the Month
T&C*
Strengths vs Risks of Sham Foam Ltd
Know the pros & cons
Strengths
- Leveraging the experience of the Promoter and employees.
- In-house manufacturing facility supported by technology driven process.
- Extensive and well-developed pan-India sales and distribution network.
- Long-standing relationship with its dealers.
- Focus on Quality and Timely Delivery.
Risks
- There are outstanding litigation proceedings involving the Company, its Promoters, an adverse outcome in which, may have an adverse impact on the company's reputation, business, financial condition, results of operations and cash flows.
- Registered Office cum manufacturing facility of the Company is located on leased premises. If the company is unable to renew such lease agreements or relocate on commercially suitable terms, it may have a material adverse effect on the company's business, results of operations and financial condition.
- The company's revenues has been significantly dependent on few customers and its inability to maintain such business may have an adverse effect on the company's results of operations.
- The company has experienced negative cash flows and any negative cash flows in the future could adversely affect its financial conditions and results of operations.
- Volatility in the supply and pricing of the company's raw materials, or failures by suppliers to meet their obligations, may have an adverse effect on its business, cash flows, financial condition and results of operations.
- The company's business operations is majorly concentrated in certain geographical regions and any adverse developments affecting its operations in these regions could have a significant impact on the company's revenue and results of operations.
- The company's business is dependent on its Manufacturing Facility. Any shutdown of operations of the company's Manufacturing Facility may have an adverse effect on its business and results of operations.
- In the event of any accident at its Manufacturing Facility, the Company may be held liable for damages and penalties which may impact the financials of the Company.
- Some of the brand names using by the Company has been registered under the name of its Promoter namely Sanjeev Kumar Jindal and Promoter Group member namely, Parwati Devi and they have given their NOC for use of such trademarks to the Company and one of the trademarks is not yet registered. Any discontinuance of such authorisation or non registration may impact its brand image and overall business of the Company.
- Sheela Foam Limited has instituted a civil case against the Company for of trademark infringement in respect of use of trademark `FEATHER FRESH', an adverse outcome of which, may have an adverse impact on the company's reputation, business, financial condition, results of operations and cash flows.
- The Company does not have any formal contracts with suppliers and disruption in the supply of raw materials may adversely affect its results of operations.
- The Company has taken the Registered Office cum manufacturing facility on lease from its Promoters and the same property has been used as security for loan taken by the Company for its machineries.
- Under-utilization of the company's manufacturing capacities and an inability to effectively utilize its expanded manufacturing capacities could have an adverse effect on the company's business, future prospects and future financial performance.
- Delays in Filing with Registrar of Companies, non-filing, or non-compliance with the requirements of certain statutory authorities and applicable regulatory provisions. Any penalty or action taken by any regulatory authorizes in future for non-compliance with provisions of corporate and other law could impact the financial position of the Company to that extent.
- The Company requires significant amounts of working capital for a continued growth. Its inability to meet the company's working capital requirements may have an adverse effect on its results of operations.
- The home comfort products and foam manufacturing industry is competitive and the company's inability to compete effectively may adversely affect its business, results of operations, financial condition and cash flows.
- The company derives significant portion of its revenues from production and selling of PU Foam and any reduction in demand or in the production of such products could have an adverse effect on the company's business, results of operations and financial condition.
- The company sells its foam-based home comfort products and PU foam through various dealers and any inability to expand or effectively manage the company's growing distribution and sales network may have an adverse effect on its business, results of operations and financial condition.
- There are certain instances of delays in payment of statutory dues. Any delay in payment of statutory dues or non-payment of statutory dues in dispute may attract financial penalties from the respective government authorities, which may have an adverse impact on the company's financial condition and cash flows.
- The company is susceptible to risks relating to fluctuations in currency exchange rates.
- The company's business may expose it to potential product liability claims and recalls, which could adversely affect its results of operation, goodwill and the marketability of the company's products.
- The company could be harmed by employee misconduct or errors that are difficult to detect and any such incidences could adversely affect its financial condition, results of operations and reputation.
- Fraud, theft, employee negligence or similar incidents may adversely affect the company's results of operations and financial condition.
- The Company is dependent on third party transportation providers for the delivery of its input materials and products and any disruption in their operations or a decrease in the quality of their services could affect the Company's reputation and results of operations.
- The company's inability to accurately forecast demand for its products, and accordingly manage the company's inventory, may have an adverse effect on its business, cash flows, financial condition and results of operations.
- The Company's failure to maintain the quality standards of the products or keep pace with the technological developments could adversely impact its business, results of operations and financial condition.
- If the company is unable to anticipate or respond to changing consumer preferences and trends pertaining to the home comfort products and PU Foam industry in a timely and effective manner, the demand for its products may decline, which may have an adverse effect on the company's business, results of operations and financial condition.
- The company is heavily dependent on its Promoters, Key Managerial Personnel and Senior Management for the continued success of the company's business through their continuing services and strategic guidance and support, the loss of any of the Promoter, KMP, SMP may adversely affect its business operations and financial results.
- The Company may not be successful in penetrating new geographical markets and expanding in any new geographical regions may lead to additional risks associated with establishing and conducting operations which may adversely affect its business operations and financial results.
- The company's results of operations and cash flows could be adversely affected, if the company is unable to collect its dues and receivables from, or invoice the company's unbilled services to, its clients.
- The company has entered into and may continue to enter into related party transactions and there can be no assurance that such transactions have been on favourable terms.
- Conflicts of interest may arise out of common business undertaken by the Company and its promoter Group Entities.
- Failures to effectively manage labour or failures to ensure availability of sufficient labour could affect the business operations of the Company.
- The average cost of acquisition of Equity Shares by the company's Promoter may be less than the Issue Price.
- The company's lenders has charge over its movable properties in respect of finance availed by it. Any delay or default in repayment may lead to forfeiture of property by the lender and it may adversely affect on business, financial condition or results of operations.
- The Company has unsecured loans which are repayable on demand. Any demand loan from lenders for repayment of such unsecured loans, may adversely affect its cash flows.
- The company is subject to the restrictive covenants of banks in respect of the Loans/Credit Limits and other banking facilities availed from them.
- The company's Promoters has extended mortgage over their properties along with personal guarantees with respect to various loan facilities availed by the Company. Revocation of any or all of these personal guarantees may adversely affect its business operations and financial condition.
- The company's Promoters will continue to retain significant control in the Company after the Issue which will allow them to influence the outcome of matters submitted to shareholders for approval. Such a concentration of ownership may also have the effect of delaying, preventing or deterring a change in control.
- Information relating to the company's production capacities and the historical capacity utilization of its production facilities included in this Prospectus is based on certain assumptions and has been subjected to rounding off, and future production and capacity utilization may vary.
- The company could become liable to customers and incur substantial costs as a result of defects in the company's products, which in turn could adversely affect the value of the company's brand, and its sales could be diminished if the company is associated with negative publicity.
- If the company fails to maintain and enhance its brand and reputation, its clients' recognition of, and trust in the company, and its business may be materially and adversely affected.
- Changes in technology may render the company's current technologies obsolete or requires it to make substantial investments. Inability to adopt emerging technologies could adversely affect its market position.
- Negative publicity could adversely affect the company's revenue model and profitability of the Company.
- If the company is unable to source business opportunities effectively, its may not achieve the company's financial objectives.
- Any delay or default in payment from the company's dealers could result in the reduction of its profits and affect the company's cash flows.
- The company's Promoters, Directors and Key Management Personnel or Senior Management have interest in the Company, other than reimbursement of expenses incurred or remuneration.
- The company intends to utilise a portion of the Net Proceeds for funding its capital expenditure requirements. The company is yet to place orders for such capital expenditure machinery.
- Any Penalty or demand raised by statutory authorities in future will affect its financial position of the Company.
- The company requires certain approvals, licenses, registrations and permits to operates its business, and failure to obtain or renew them in a timely manner or maintain the statutory and regulatory permits and approvals required to operates the company's business may adversely affect its operations and financial conditions.
- There is no guarantee that the Equity Shares issued pursuant to the Issue will be listed on the SME Platform of BSE Limited in a timely manner or at all.
- The company's insurance coverage may not adequately protect it against certain operating risks and this may have an adverse effect on the results of the company's business.
- The company has not made any dividend payments in the past and its ability to pay dividends in the future will depends upon future earnings, financial condition, cash flows, working capital requirements, capital expenditures and restrictive covenants in the company's financing arrangements.
- If the company is unable to manage its growth effectively or if the company's estimates or assumptions used in developing its strategic plan are inaccurate or the company is unable to execute its strategic plan effectively, the company's business and prospects may be materially and adversely affected.
- Certain key performance indicators of listed industry peers included in this Prospectus has been sourced from public sources and there is no assurance that such financial and other industry information is complete.
- There is no monitoring agency appointed by the Company and the deployment of funds are at the discretion of its Management and the company's Board of Directors, though it shall be monitored by the Audit Committee.
- The company has not identified any alternate source of funding and hence any failures or delay on its part to mobilize the required resources or any shortfall in the Issue proceeds may delay the implementation schedule.
- The Objects of the Issue for which funds are being raised, are based on the company's management estimates and any bank or financial institution or any independent agency has not appraised the same. The deployment of funds in the project is entirely at its discretion, based on the parameters as mentioned in the chapter titles "Objects of the Issue".
- The company has not independently verified certain data in this Prospectus.
- Any future issue of Equity Shares may dilute your shareholding and sales of the company's Equity Shares by its Promoters or other major shareholders may adversely affect the trading price of the Equity Shares.
- You may be subject to Indian taxes arising out of capital gains on the sale of the company's Equity Shares.
- The company's inability to manage growth could disrupt its business and reduce profitability. The company's Business strategy is to continuously grow by expanding the size and geographical scope of its businesses.
Sham Foam Ltd Peer Comparison
Understand the company’s industry standing
Sham Foam Ltd
Sheela Foam Limited
Wakefit Innovations Ltd
Face Value
10
5
1
Standalone / Consolidated
Standalone
Standalone
Standalone
Total Income Rs. Cr.
92.3192
2962.27
1488.943
EPS-Basis
10.33
11.96
6.03
EPS-Diluted
---
---
---
NAV Per Share
25.21
266.69
343
P/E-Basic EPS
12.58
64.50
21.22
P/E-Diluted EPS
---
---
---
RONW(%)
40.97
4.48
22.9
Latest NAV Period
---
---
---
Latest NAV
---
---
---
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The IPO opens on 11 Aug 2026 & closes on 13 Aug 2026.
Sham Foam Limited was originally incorporated at Haryana as 'Sham Foam Private Limited' on June 26, 2020 with the Central Registration Centre. Pursuant to the resolution passed by the shareholders at Extra-Ordinary General Meeting held on August 10, 2024, the Company was converted into a Public Limited Company, and the name was changed to 'Sham Foam Limited' vide fresh certificate of incorporation dated September 20, 2024 issued by the Central Processing Centre.
Company is primarily engaged in the business of manufacturing, distribution, marketing and selling of Polyurethane Foam, mattresses and other allied home comfort products targeted at Indian consumers. It manufacture Industrial grades of PU Foam that is used in a wide range of industries in India. The installed capacity for foam production in India is currently at 15,000 TPA.
The foam-based product line comprises mattresses, pillows, furniture-cushions, cushions as well as PU foam cores utilised for manufacturing finished home comfort products. Apart from this, Company specialize in manufacturing of customized Polyurethane (PU) Foam and Mattress to suit the specific requirements of customers. These mattresses are offered under the brand Featherfresh and Restivia range, combining spring and rebounded foam.. Further, pillow and cushions comprises PU Foam that constitutes upholstery material of different densities to ensure greater comfort and durability.
Company has filed a Draft Prospectus with SEBI and is planning to issue 31,25,000 Equity Shares of FV of Rs 10/- each.
Sham Foam Ltd IPO will close on 13 Aug 2026.
- Leveraging the experience of the Promoter and employees.
- In-house manufacturing facility supported by technology driven process.
- Extensive and well-developed pan-India sales and distribution network.
- Long-standing relationship with its dealers.
- Focus on Quality and Timely Delivery.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Rajinder Kumar Jindal | 826200 | 9.86 | 826200 | 7.19 |
| 2 | Sanjeev Kumar Jindal | 826200 | 9.86 | 826200 | 7.19 |
| 3 | Monica Jindal | 642600 | 7.67 | 642600 | 5.59 |
| 4 | Deepika Jindal | 642600 | 7.67 | 642600 | 5.59 |
| 5 | Charming Fashions Private Limi | 3786750 | 45.21 | 3786750 | 32.95 |
| 6 | Abhinav Jindal | 826200 | 9.86 | 826200 | 7.19 |
| 7 | Kunal Jindal | 826200 | 9.86 | 826200 | 7.19 |
- There are outstanding litigation proceedings involving the Company, its Promoters, an adverse outcome in which, may have an adverse impact on the company's reputation, business, financial condition, results of operations and cash flows.
- Registered Office cum manufacturing facility of the Company is located on leased premises. If the company is unable to renew such lease agreements or relocate on commercially suitable terms, it may have a material adverse effect on the company's business, results of operations and financial condition.
- The company's revenues has been significantly dependent on few customers and its inability to maintain such business may have an adverse effect on the company's results of operations.
- The company has experienced negative cash flows and any negative cash flows in the future could adversely affect its financial conditions and results of operations.
- Volatility in the supply and pricing of the company's raw materials, or failures by suppliers to meet their obligations, may have an adverse effect on its business, cash flows, financial condition and results of operations.
- The company's business operations is majorly concentrated in certain geographical regions and any adverse developments affecting its operations in these regions could have a significant impact on the company's revenue and results of operations.
- The company's business is dependent on its Manufacturing Facility. Any shutdown of operations of the company's Manufacturing Facility may have an adverse effect on its business and results of operations.
- In the event of any accident at its Manufacturing Facility, the Company may be held liable for damages and penalties which may impact the financials of the Company.
- Some of the brand names using by the Company has been registered under the name of its Promoter namely Sanjeev Kumar Jindal and Promoter Group member namely, Parwati Devi and they have given their NOC for use of such trademarks to the Company and one of the trademarks is not yet registered. Any discontinuance of such authorisation or non registration may impact its brand image and overall business of the Company.
- Sheela Foam Limited has instituted a civil case against the Company for of trademark infringement in respect of use of trademark `FEATHER FRESH', an adverse outcome of which, may have an adverse impact on the company's reputation, business, financial condition, results of operations and cash flows.
- The Company does not have any formal contracts with suppliers and disruption in the supply of raw materials may adversely affect its results of operations.
- The Company has taken the Registered Office cum manufacturing facility on lease from its Promoters and the same property has been used as security for loan taken by the Company for its machineries.
- Under-utilization of the company's manufacturing capacities and an inability to effectively utilize its expanded manufacturing capacities could have an adverse effect on the company's business, future prospects and future financial performance.
- Delays in Filing with Registrar of Companies, non-filing, or non-compliance with the requirements of certain statutory authorities and applicable regulatory provisions. Any penalty or action taken by any regulatory authorizes in future for non-compliance with provisions of corporate and other law could impact the financial position of the Company to that extent.
- The Company requires significant amounts of working capital for a continued growth. Its inability to meet the company's working capital requirements may have an adverse effect on its results of operations.
- The home comfort products and foam manufacturing industry is competitive and the company's inability to compete effectively may adversely affect its business, results of operations, financial condition and cash flows.
- The company derives significant portion of its revenues from production and selling of PU Foam and any reduction in demand or in the production of such products could have an adverse effect on the company's business, results of operations and financial condition.
- The company sells its foam-based home comfort products and PU foam through various dealers and any inability to expand or effectively manage the company's growing distribution and sales network may have an adverse effect on its business, results of operations and financial condition.
- There are certain instances of delays in payment of statutory dues. Any delay in payment of statutory dues or non-payment of statutory dues in dispute may attract financial penalties from the respective government authorities, which may have an adverse impact on the company's financial condition and cash flows.
- The company is susceptible to risks relating to fluctuations in currency exchange rates.
- The company's business may expose it to potential product liability claims and recalls, which could adversely affect its results of operation, goodwill and the marketability of the company's products.
- The company could be harmed by employee misconduct or errors that are difficult to detect and any such incidences could adversely affect its financial condition, results of operations and reputation.
- Fraud, theft, employee negligence or similar incidents may adversely affect the company's results of operations and financial condition.
- The Company is dependent on third party transportation providers for the delivery of its input materials and products and any disruption in their operations or a decrease in the quality of their services could affect the Company's reputation and results of operations.
- The company's inability to accurately forecast demand for its products, and accordingly manage the company's inventory, may have an adverse effect on its business, cash flows, financial condition and results of operations.
- The Company's failure to maintain the quality standards of the products or keep pace with the technological developments could adversely impact its business, results of operations and financial condition.
- If the company is unable to anticipate or respond to changing consumer preferences and trends pertaining to the home comfort products and PU Foam industry in a timely and effective manner, the demand for its products may decline, which may have an adverse effect on the company's business, results of operations and financial condition.
- The company is heavily dependent on its Promoters, Key Managerial Personnel and Senior Management for the continued success of the company's business through their continuing services and strategic guidance and support, the loss of any of the Promoter, KMP, SMP may adversely affect its business operations and financial results.
- The Company may not be successful in penetrating new geographical markets and expanding in any new geographical regions may lead to additional risks associated with establishing and conducting operations which may adversely affect its business operations and financial results.
- The company's results of operations and cash flows could be adversely affected, if the company is unable to collect its dues and receivables from, or invoice the company's unbilled services to, its clients.
- The company has entered into and may continue to enter into related party transactions and there can be no assurance that such transactions have been on favourable terms.
- Conflicts of interest may arise out of common business undertaken by the Company and its promoter Group Entities.
- Failures to effectively manage labour or failures to ensure availability of sufficient labour could affect the business operations of the Company.
- The average cost of acquisition of Equity Shares by the company's Promoter may be less than the Issue Price.
- The company's lenders has charge over its movable properties in respect of finance availed by it. Any delay or default in repayment may lead to forfeiture of property by the lender and it may adversely affect on business, financial condition or results of operations.
- The Company has unsecured loans which are repayable on demand. Any demand loan from lenders for repayment of such unsecured loans, may adversely affect its cash flows.
- The company is subject to the restrictive covenants of banks in respect of the Loans/Credit Limits and other banking facilities availed from them.
- The company's Promoters has extended mortgage over their properties along with personal guarantees with respect to various loan facilities availed by the Company. Revocation of any or all of these personal guarantees may adversely affect its business operations and financial condition.
- The company's Promoters will continue to retain significant control in the Company after the Issue which will allow them to influence the outcome of matters submitted to shareholders for approval. Such a concentration of ownership may also have the effect of delaying, preventing or deterring a change in control.
- Information relating to the company's production capacities and the historical capacity utilization of its production facilities included in this Prospectus is based on certain assumptions and has been subjected to rounding off, and future production and capacity utilization may vary.
- The company could become liable to customers and incur substantial costs as a result of defects in the company's products, which in turn could adversely affect the value of the company's brand, and its sales could be diminished if the company is associated with negative publicity.
- If the company fails to maintain and enhance its brand and reputation, its clients' recognition of, and trust in the company, and its business may be materially and adversely affected.
- Changes in technology may render the company's current technologies obsolete or requires it to make substantial investments. Inability to adopt emerging technologies could adversely affect its market position.
- Negative publicity could adversely affect the company's revenue model and profitability of the Company.
- If the company is unable to source business opportunities effectively, its may not achieve the company's financial objectives.
- Any delay or default in payment from the company's dealers could result in the reduction of its profits and affect the company's cash flows.
- The company's Promoters, Directors and Key Management Personnel or Senior Management have interest in the Company, other than reimbursement of expenses incurred or remuneration.
- The company intends to utilise a portion of the Net Proceeds for funding its capital expenditure requirements. The company is yet to place orders for such capital expenditure machinery.
- Any Penalty or demand raised by statutory authorities in future will affect its financial position of the Company.
- The company requires certain approvals, licenses, registrations and permits to operates its business, and failure to obtain or renew them in a timely manner or maintain the statutory and regulatory permits and approvals required to operates the company's business may adversely affect its operations and financial conditions.
- There is no guarantee that the Equity Shares issued pursuant to the Issue will be listed on the SME Platform of BSE Limited in a timely manner or at all.
- The company's insurance coverage may not adequately protect it against certain operating risks and this may have an adverse effect on the results of the company's business.
- The company has not made any dividend payments in the past and its ability to pay dividends in the future will depends upon future earnings, financial condition, cash flows, working capital requirements, capital expenditures and restrictive covenants in the company's financing arrangements.
- If the company is unable to manage its growth effectively or if the company's estimates or assumptions used in developing its strategic plan are inaccurate or the company is unable to execute its strategic plan effectively, the company's business and prospects may be materially and adversely affected.
- Certain key performance indicators of listed industry peers included in this Prospectus has been sourced from public sources and there is no assurance that such financial and other industry information is complete.
- There is no monitoring agency appointed by the Company and the deployment of funds are at the discretion of its Management and the company's Board of Directors, though it shall be monitored by the Audit Committee.
- The company has not identified any alternate source of funding and hence any failures or delay on its part to mobilize the required resources or any shortfall in the Issue proceeds may delay the implementation schedule.
- The Objects of the Issue for which funds are being raised, are based on the company's management estimates and any bank or financial institution or any independent agency has not appraised the same. The deployment of funds in the project is entirely at its discretion, based on the parameters as mentioned in the chapter titles "Objects of the Issue".
- The company has not independently verified certain data in this Prospectus.
- Any future issue of Equity Shares may dilute your shareholding and sales of the company's Equity Shares by its Promoters or other major shareholders may adversely affect the trading price of the Equity Shares.
- You may be subject to Indian taxes arising out of capital gains on the sale of the company's Equity Shares.
- The company's inability to manage growth could disrupt its business and reduce profitability. The company's Business strategy is to continuously grow by expanding the size and geographical scope of its businesses.
The Issue type of Sham Foam Ltd is Fixed Price - SME.
The minimum application for shares of Sham Foam Ltd is 2000.
The total shares issue of Sham Foam Ltd is 3114000.
Initial public offer of 31,14,000 equity shares of face value of Rs. 10/- each (Eequity Shares") of Sham Foam Limited
("Company" or the "Issuer") for cash at a price of Rs. 130 per equity share including a share premium of Rs. 120 per equity
share (the "Issue Price") aggregating to Rs. 40.48 Crores ("the Issue") of which upto 1,56,000 equity shares of face value of Rs.10/- each for cash at a price of Rs. 130 per equity share including a share premium of Rs. 120 per equity share aggregating to Rs. 2.03 Crores will be reserved for subscription by market maker to the issue (the "Market Maker Reservation Portion"). The issue less the market maker reservation portion i.e Net issue of 29,58,000 equity shares of face value of Rs. 10/- each at a price of Rs. 130 per equity share including a share premium of Rs. 120 per equity share aggregating to Rs. 38.45 Crores (the "Net Issue"). The issue and the net issue will constitute upto 27.10% and 25.74% respectively of the post issue paid up equity share capital of the company.
The face value of the equity shares is Rs. 10/- each.
Issue price: Rs. 130 per equity share of face value of Rs. 10/- each.
The issue price is 13 times the face value of equity shares.
Bids can be made for a minimum of 2,000 equity shares and in multiples of 1,000 equity shares thereafter.