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Sheela Foam IPO - To Invest or Avoid

We all are aware the havoc demonetization of notes has created in the financial market and the first casualty in IPO segment is GreenSignal Bio Pharma Ltd whose IPO has been withdrawn.

Now it is the Sheela Foam Ltd which is entering in the capital markets with an initial public offering, IPO to raise Rs 510 crore. The price band for the issue has been fixed at Rs 680 at lower level and Rs 730 at upper level. Sheela Foam Ltd is a leading manufacturer of mattresses and other foam-based home comfort products in India.

They sell their products under the brand Sleepwell, Feather Foam, and Lamiflex. The issue opens on Nov 29, 2016 and closes for subscription on Dec 01, 2016. The equity shares of the issue are proposed to be list on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

We are of the opinion that this issue is worth going as Sleepwell is an established name and investors like to invest in consumer driven stocks. However, only spoil sport can be the demonetisation move of Rs 500 and Rs 1000 currency notes.

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