Sham Foam IPO GMP, Date, Price Band & Review

Sham Foam IPO Details

Sham Foam IPO is a fixed-price issue worth ₹40.62 crore, entirely a fresh issue of ₹38 crore and the rest, ₹2 crore, is reserved for market makers, with a face value of ₹10 per share. The company filed its DRHP with SEBI on February 23, 2026 and received approval on April 15, 2026.

The price band of the company for this issue is set at ₹130 per share and the lot size for an application is 1,000 shares. The minimum amount of investment required by an individual investor is ₹2,60,000 (2,000 shares). The IPO will open for subscription from August 11 to 13, 2026, on the BSE SME platform, with a tentative listing date fixed as August 18, 2026.

The book-running lead managers of the issue are Corporate Makers Capital Limited and Navigant Corporate Advisors Limited, while the registrar to the issue is Alankit Assignments Limited.

Sham Foam IPO Date & Timeline

The Sham Foam IPO is officially set to open for subscription on Aug 11, 2026 and will close on Aug 13, 2026. The company initially filed its Draft Red Herring Prospectus (DRHP) on February 23, 2026 and has now finalized its schedule following SEBI approval. Once the subscription window closes, allotment is expected on Aug 14, 2026. Following this, the firm will initiate refunds and credit shares to successful investors' demat accounts on Aug 17, 2026. Finally, shares of Sham Foam Ltd. are tentatively scheduled to list on the stock exchanges on Aug 18, 2026.

Company Background

Sham Foam Ltd. was incorporated as a private limited company in Haryana on June 26, 2020. The main purpose from the beginning was providing high-quality manufacturing, time-efficient distribution, marketing and selling services to clients. With all this, the company also manufactures industrial grades of PU foam, which was highly used in a range of industries in India.

Sham Foam mainly operates to target its Indian customer segment, with a goal to provide customised polyurethane (PU) foam and mattresses that will match their clients' requirements. Then, on September 20, 2024, the company was officially converted into a public limited company with a fresh incorporation certificate mainly to proceed with its public listing procedures.

Operations & Product Range

The operational structure of Sham Foam Ltd. covers 2 major segments: consumer home comfort products and industrial PU foam. The consumer line includes pure foam mattresses; hybrid mattresses combining spring and rebounded foam; pillows; furniture cushions; and upholstery padding, while the industrial grades of PU foam are manufactured in customised densities to serve external application areas, including footwear, apparel, automotive seating, innerwear and sports equipment.

Facilities & Capacity

Sham Foam Ltd. operates out of a single integrated manufacturing complex spread across 2,04,460 square feet in Ambala, Haryana. The company holds ISO 9001:2015 and Bureau of Indian Standards (BIS) IS 7933:2022 quality management certifications. The installed annual capacity for foam production is rated at 15,000 tonnes per annum (TPA). Production volume stood at 4,878 TPA in FY23, 4,692 TPA in FY24, 4,779 TPA in FY25 and 2,278 TPA during the six months ended September 30, 2025. The strategic proximity of the Ambala facility to major consumer centres in Northern India helps optimise delivery timelines and logistical costs.

Brands & Market Presence

The product portfolio of Sham Foam Ltd. is commercialised primarily under distinct registered brand names, including Featherfresh and Restivia for mattresses and home comfort solutions, alongside Decorwell and Springee for specialised foam ranges. Domestic reach spans multiple Indian states, with significant customer concentration in Northern and Western regions, including Delhi, Haryana, Punjab, Uttar Pradesh and Rajasthan. Revenue generation remains entirely focused on domestic markets through an extensive regional dealer and retail outlet network.

Revenue Streams & Business Model

Sham Foam Ltd. operates a structured business model focused on the manufacturing and distribution of polyurethane foam and comfort products. The company generates its primary revenue streams through the B2B sale of industrial foam blocks to furniture and bedding manufacturers, alongside sales of finished mattresses, pillows and home accessories. By combining bulk supply contracts with broader distribution channels, Sham Foam Limited maintains a diversified revenue portfolio that supports operational stability, scaled production and sustained market growth.

Financial Performance

Sham Foam Ltd. has shown consistent revenue growth and improved profitability in recent fiscal years. In FY26, the company reported total income of ₹92.39 crore compared to ₹81.62 crore in FY25. EBITDA rose from ₹4.69 crore in FY25 to ₹11 crore in FY26, achieving a margin of 11.91% in FY26. While the net profit after tax (PAT) grew from ₹3.58 crore in FY25 to ₹8.65 crore in FY26, with a PAT margin of 9.37%.

Management & Shareholding

Sham Foam Ltd. is promoted by Mr. Rajinder Kumar Jindal, Mr. Sanjeev Kumar Jindal, Ms. Monica Jindal, Ms. Deepika Jindal and Charming Fashions Private Limited. Before the IPO, the promoters held a 100% stake in the company, but after the IPO, the post-issue percentage of the promoters' shareholding will be marked at 72.90% from a 100% stake.

Board & Key Management

The leadership of Sham Foam Ltd. is led by a team of experts with many years of experience. Mr. Rajinder Kumar Jindal serves as the Chairman & Managing Director and gives strategic direction to the firm, as well as manages the daily operations, along with Whole-Time Directors Mr. Sanjeev Kumar Jindal, Ms. Monica Jindal, Mr. Abhinav Jindal and Mr. Kunal Jindal. To ensure good governance, the board includes Independent Directors Mr. Saurabh, Ms. Sapna and Mr. Munish Kumar for honest oversight. Together, this team uses its knowledge to help the company grow and stay successful.