Sham Foam
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Big non-institutionalbNII · above ₹10 lakh
- 0.37×
- Retail individualRII · up to ₹2 lakh
- 2.06×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 12 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 18 Aug 2026 | ₹1.5 | +1.15% | ₹1,100 | ₹131.5 | ₹1,500 |
| 17 Aug 2026 | ₹1.5 | +1.15% | ₹1,100 | ₹131.5 | ₹1,500 |
| 16 Aug 2026 | ₹6 | +4.62% | ₹4,600 | ₹136 | ₹6,000 |
| 15 Aug 2026 | ₹9 | +6.92% | ₹6,800 | ₹139 | ₹9,000 |
| 14 Aug 2026 | ₹4 | +3.08% | ₹3,000 | ₹134 | ₹4,000 |
| 13 Aug 2026 | ₹4 | +3.08% | ₹3,000 | ₹134 | ₹4,000 |
| 12 Aug 2026 | ₹9 | +6.92% | ₹6,800 | ₹139 | ₹9,000 |
| 11 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹130 | ₹0 |
| 10 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹130 | ₹0 |
| 09 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹130 | ₹0 |
| 08 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹130 | ₹0 |
| 07 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹130 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 11 Aug 2026 – 13 Aug 2026
- Listing date
- 18 Aug 2026
- Face value
- ₹10 per share
- Price band
- ₹130
- Lot size
- 1,000 shares
- Sale type
- Fresh capital
- Issue type
- Fixed Price issue
- Listing at
- BSE
- Total issue size
- ₹40.48 Cr
- Fresh issue
- ₹38.45 Cr 29,58,000 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹149 Cr
- Promoter holding
- 100.00% → 72.90% pre-issue → post-issue
- ISIN
- INE0Z9N01013
- CIN
- U36104HR2020PLC087011
- Registrar
- Alankit Assignments Ltd.
- Lead managers
- Corporate Makers Capital Ltd.
- Registered office
- Khasra No. 18/16/2, Shahzadpur Yamunanager Road, NH-344, Village Rajpura, Tehsil Shahzadpur, Ambala City, Haryana-134202
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 0 | 0.00% | 0.00% |
| Anchor investor · within QIB | 0 | — | 0.00% |
| NII (HNI) | 14,79,000 | 50.00% | 47.50% |
| bNII > ₹10L · within NII | 14,79,000 | — | 47.50% |
| sNII < ₹10L · within NII | 0 | — | 0.00% |
| Retail (RII) | 14,79,000 | 50.00% | 47.50% |
| Employee | 0 | — | 0.00% |
| Market maker | 1,56,000 | — | 5.01% |
| Total issue | 31,14,000 | — | 100.00% |
Net offer to the public of 29,58,000 shares, out of a total issue of 31,14,000. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 1,000 shares per lot, in multiples, at ₹130
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,30,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,60,000 |
| S-HNI (max) | 7 | 7,000 | ₹9,10,000 |
| B-HNI (min) | 8 | 8,000 | ₹10,40,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹130 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 10.33 | 7.53 |
| P/E (×) | 12.58 | 17.26 |
| Price to book (×) | 5.16 | — |
| Market cap | — | ₹149 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 40.97%
- ROCE
- 46.00%
- Debt / equity
- 0.19
- PAT margin
- 9.37%
- EBITDA margin
- 11.91%
- NAV per share
- ₹25.21
- Price to book
- 5.16
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 92.39 | 81.62 | 73.89 |
| Revenue from operations | 92.32 | 81.15 | 73.73 |
| Other income | 0.07 | 0.47 | 0.16 |
| Total expenses | 81.94 | 77.19 | 70.26 |
| Operating profit | 10.45 | 4.43 | 3.63 |
| Operating margin | 11.31% | 5.43% | 4.91% |
| Profit before tax | 10.44 | 4.43 | 3.63 |
| Profit after tax | 8.65 | 3.58 | 2.97 |
| PAT margin | 9.36% | 4.39% | 4.02% |
| Balance sheet | |||
| Total assets | 49.32 | 36.58 | 33.55 |
| Current assets | 43.26 | 32.07 | 28.69 |
| Current liabilities | 24.37 | 15.19 | 14.9 |
| Total liabilities | 28.21 | 24.12 | 24.66 |
| Net worth | 21.11 | 12.46 | 8.88 |
| Current ratio | 1.78× | 2.11× | 1.93× |
| Return on equity | 40.98% | 28.73% | 33.45% |
| Cash flow | |||
| Operating cash flow | 12.78 | 0.22 | 7.3 |
| Investing cash flow | -2.1 | -0.31 | -0.72 |
| Financing cash flow | -5.28 | -0.96 | -4.4 |
| Net cash flow | 5.39 | -1.05 | 2.18 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 To finance the Capital expenditure requirements for civil construction and purchase of Machineries and Equipment for existing manufacturing facility ₹14.72 Cr
The company intends to purchase additional machinery and equipment to be installed at a shed structure to be constructed at the existing manufacturing unit. This aims to enhance manufacturing capabilities, improve operational efficiencies, leverage economies of scale, and reduce operational costs while maintaining tighter control over delivery schedules.
2 To part finance the requirement of Working Capital ₹14.25 Cr
The company requires additional working capital for investment in trade receivables, inventories, and payment to trade payables to fund day-to-day operations. The expansion of business operations and increased manufacturing capacities necessitate additional working capital requirements to handle higher volumes of orders and strengthen market presence.
3 To meet General corporate purposes ₹6.04 Cr
The company intends to deploy funds towards strategic initiatives including investments or acquisitions, brand building and promotional activities, strengthening infrastructure and systems, repayment of loans, pre-operative expenses, provision for contingencies, and ongoing general corporate purposes as approved by the Board.
About Sham Foam
Sham Foam Limited is primarily engaged in manufacturing, distribution, marketing and selling of polyurethane foam (PU Foam), mattresses and other allied home comfort products targeted at Indian consumers. The company also manufactures industrial grades of PU Foam used across various industries in India. The company operates as a full-stack vertically integrated entity, controlling operations from conceptualizing and designing products to manufacturing, distributing and customer engagement. The company operates from a state-of-art manufacturing facility in Haryana with an installed capacity of 15,000 TPA for foam production and serves customers across 13 states through a pan-India dealer network of over 1,300 dealers.
Management
Mr. Rajinder Kumar Jindal
MD
Mr. Sanjeev Kumar Jindal
CEO
Ms. Monica Jindal
COO
Mr. Abhinav Jindal
CFO
Strengths
As stated in the offer document
Leveraging the experience of Promoters and employees
The company's promoters have proven background and experience in the foam industry, providing key competitive advantage and enabling business expansion while exploring new growth avenues.
In-house manufacturing facility supported by technology driven process
The company operates a state-of-art manufacturing facility with ISO 9001:2015 and BIS Certification, spanning 2,04,460 sq. feet with 15,000 TPA installed capacity and QR code integration for transparency.
Extensive and well-developed pan-India sales and distribution network
The company has established a strong sales and distribution network spanning 13 states with robust dealer base, providing natural entry barriers and conducting periodic training programs for dealers.
Long-standing relationship with dealers
The company has developed long-standing relationships with dealers across pan-India basis, ensuring uninterrupted supplies and retaining dealers through strong relationships and product quality.
Focus on Quality and Timely Delivery
The company maintains high-quality standards with ISO 9001:2015 and BIS Certification no. IS 7933:2022, emphasizing regular composition checks, in-process inspections, and final product testing.
Risk factors
As stated in the offer document
Outstanding litigation proceedings involving the Company and Promoters
The company, its promoters, and directors are involved in various legal proceedings pending at different levels of adjudication. Total amount involved across all litigation is Rs. 536.42 lakhs, with potential adverse outcomes impacting the company's reputation, business operations, and financial condition.
Registered office and manufacturing facility located on leased premises
The company's registered office and manufacturing facility is located on a 30-year lease from August 2025 to July 2055. If the lease agreements cannot be renewed or relocated on commercially suitable terms, it may cause significant operational disruptions and relocation costs.
Significant dependence on few customers
The company's top 10 customers contributed 25.06%, 26.83%, and 28.02% of revenue from operations for fiscal years 2026, 2025, and 2024 respectively. The company has no long-term agreements with customers, exposing it to risks from order reductions, cancellations, or customer loss.
Negative cash flows experienced in certain periods
The company reported negative net cash flows of Rs. 105.37 lakhs in FY 2024-25, primarily due to negative cash flows from financing activities of Rs. 96.47 lakhs and investing activities of Rs. 30.55 lakhs. Future negative cash flows could adversely affect financial conditions and operations.
Volatility in supply and pricing of raw materials
Raw material costs represented 78.75% of revenue from operations in FY 2025-26 (Rs. 7,270.04 lakhs). The company's top 10 suppliers constitute 78.56% of total purchases, and the company has no long-term supply agreements, exposing it to supply disruptions and price volatility.
Geographic concentration of operations and revenue
The company's manufacturing operations are concentrated in Haryana, with major domestic sales from customers in Delhi (11.45%), Haryana (12.98%), Punjab (21.13%), and Uttar Pradesh (27.34%). This geographic concentration heightens exposure to regional economic and demographic changes.
Offer documents
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Sham Foam Ltd. THIS ISSUE | 10.33 | 25.21 | 17.26, computed at the offer price | 5.16, computed at the offer price | 40.97% |
| 11.96 | 266.69 | 64.50 | 2.90 | 4.48% | |
| 6.03 | 343.00 | 21.22 | 0.37 | 22.90% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.