Shares of Sham Foam are set to make their stock market debut on Tuesday, August 18, on the BSE SME platform. Ahead of the listing, the company’s shares are commanding a modest premium in the grey market, suggesting a largely flat opening.
The Rs 40.48 crore Sham Foam IPO, which remained open for subscription from August 11 to August 13, received a muted-to-moderate response from investors. The issue was subscribed 2.40 times overall, while the individual investors’ portion was subscribed 2.62 times and the non-institutional investors’ category saw 2.17 times subscription.
The public issue was entirely a fresh issue of 31 lakh shares, with the final issue price fixed at Rs 130 per share.
Corporate Makers Capital Ltd. acted as the book-running lead manager, while Alankit Assignments Ltd. served as the registrar to the issue.
Sham Foam GMP today
The latest grey market premium (GMP) for the Sham Foam SME IPO stands at around Rs 1.50, or 1%, over the issue price of Rs 130.
Based on the current GMP, the estimated listing price is around Rs 131.50 per share. If the grey market trend holds through the listing, investors could see a relatively subdued debut, with the stock potentially opening only marginally above its IPO price. However, GMP is an unofficial indicator and can change before listing. It should not be treated as a guaranteed indication of the actual listing price.
Sham Foam financial performance
Sham Foam delivered a strong improvement in profitability during FY26, even as revenue growth remained moderate. The company’s total income increased 13% to Rs 92.39 crore in FY26, compared with Rs 81.62 crore in FY25. More significantly, profit after tax (PAT) jumped 142% to Rs 8.65 crore, from Rs 3.58 crore a year earlier. The sharp rise in profit, which significantly outpaced revenue growth, indicates a notable improvement in the company’s bottom line and operating performance.
About Sham Foam
Incorporated in 2020, Sham Foam Ltd. manufactures, distributes, markets and sells polyurethane foam (PU foam), mattresses and other home-comfort products, primarily catering to the Indian market.
The company also manufactures industrial-grade PU foam used across sectors such as furniture, apparel, sports goods and automotive applications.
Its product portfolio includes mattresses, pillows, cushions, furniture cushioning and PU foam cores used in home-comfort products. Sham Foam also offers customised PU foam and mattress solutions based on specific customer requirements.
Its mattresses are marketed under the Featherfresh and Restivia brands and include pure-foam as well as hybrid variants featuring spring and rebonded foam. The company also sells pillows and cushions under the Featherfresh brand, with different foam densities aimed at providing comfort and durability.
Sham Foam operates as a vertically integrated business, managing activities across the value chain—from product design and engineering to manufacturing, distribution and customer engagement.
