Sham Foam SME IPO
Sham Foam IPO — date, price band, GMP & allotment 2026
Sham Foam Limited makes polyurethane foam, mattresses, pillows and cushions under the Featherfresh and Restivia brands. Its Ambala plant in Haryana has a capacity of 15,000 tonnes per year, and the company supplies to 13 states across north and west India.
Stock price
Sham Foam is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 21 September.
- Open 11 Aug 2026
- Close 13 Aug 2026
- Allotment 14 Aug 2026
- Refund/credit 17 Aug 2026
- Listing 18 Aug 2026
Issue summary
The terms of the offer, as filed.
| IPO Dates | 11 to 13 Aug, 2026 |
|---|---|
| Price Band | ₹130 |
| Face Value | ₹10 |
| Lot Size | 1000 Shares |
| Issue Size | ₹40.48 Cr |
| Sale Type | Fresh capital only |
| Listing On | BSE SME |
| Registrar | Alankit Assignments Limited |
| Min Investment | ₹ 2,60,000 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 1000 shares at the ₹130 cut-off. The SME retail application is a fixed 2 lots; HNI starts at 3.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 2 | 2,000 | ₹2,60,000 |
| Retail (max) | 2 | 2,000 | ₹2,60,000 |
| HNI (min) | 3 | 3,000 | ₹3,90,000 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 8
- 01Profit 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.
- 02The 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.
- 03EBITDA more than doubled in the last year, from Rs 4.69 crore to Rs 11.00 crore.
- 04The company is vertically integrated and runs the full chain from design to distribution, which helps it protect margin.
- 05It has its own brands, Featherfresh and Restivia, instead of only doing job work for others.
- 06The 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.
- 07Sales are spread across 13 states rather than one region.
- 08It sells both home comfort products and industrial grade foam, so it is not dependent on the mattress market alone.
Risks · 8
- 01The company was started only in 2020, so it has a short track record of about six years.
- 02Sales 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.
- 03PU foam is made from chemicals linked to crude oil. Any sharp rise in raw material prices will directly reduce margin.
- 04The entire manufacturing is at one plant in Ambala, Haryana, so there is single location risk.
- 05The mattress market has strong national brands with large advertising budgets, and competing with them on brand pull is difficult.
- 06This 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.
- 07Promoter holding will come down from 100% to 72.90% after the issue.
- 08This 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.
Three years of numbers
All figures in ₹ crore, as reported in the Sham Foam offer document.
| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 49.32 | 36.58 | 33.55 |
| Total Income | 92.39 | 81.62 | 73.89 |
| Profit After Tax | 8.65 | 3.58 | 2.97 |
| EBITDA | 11.00 | 4.69 | 4.43 |
| NET Worth | 21.11 | 12.46 | 8.88 |
| Reserves and Surplus | 12.74 | 4.25 | 8.70 |
| Total Borrowing | 3.99 | 9.22 | 10.11 |
See how this IPO compares — view listing performance of all SME IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Sham Foam RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Sham Foam IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Post-Issue |
|---|---|
| EPS (₹) | ₹7.53 |
| P/E Ratio (x) | 17.26 |
| Market Cap at Offer Price (₹ Cr) | ₹149.34 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹130 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹35.01 Cr of the issue is earmarked to named objects.
About the company
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.
Interested in this IPO? Check the live subscription status or browse all upcoming SME IPOs.
+91-8572071526
The bankers & the filings
Who is running the book, and the documents this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Corporate Makers Capital Ltd.
9 issues handledBest listing: Kwick Forensic Solutions (+66.7%). Weakest: Fly-Hi Maritime Travels (-20.0%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Sham Foam?
The current Grey Market Premium is ₹1.5, or 1.15% over the issue price.
What is the Sham Foam IPO price band?
₹130, on a face value of ₹10.
When is the allotment?
The basis of allotment is 14 August 2026, with listing on 18 August 2026.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — Alankit Assignments Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every SME and Mainboard issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
