While institutional investors stayed away on the first day of the IPO, non-institutional investors bid for a negligible number of shares. Ltd, the company that controls Sheela Foam, will sell a part of its holding worth Rs510 crore through the issue. Sheela Foam had filed papers with the capital markets regulator Securities and Exchange Board of India (Sebi) on 29 July and received regulatory approval for the IPO on 2 November. Sheela Foam has 11 manufacturing facilities in India and five in Australia. Ltd.ICICI Securities Ltd and Edelweiss Financial Services Ltd are managing the share sale for Sheela Foam.

Source: Mint November 29, 2016 14:41 UTC