Sham Foam's IPO debut drops 24% amid weak sentiment
Business
Sham Foam's stock had a rough first day, opening at ₹104, already 20% down from its IPO price of ₹130, and quickly sliding to ₹98.80, down 24% from the issue price.
This came as a surprise since the gray market expected at least a small gain, but weak market vibes took over.
Sham Foam SME IPO raises ₹40.48cr
The SME IPO raised ₹40.48 crore by selling 31.14 lakh shares and was subscribed 2.4 times earlier this month. The money is set for manufacturing upgrades and general business needs.
Sham Foam makes things like mattresses and industrial foam, and despite today's rocky start, its revenue has grown from ₹73.73 crore in FY24 to ₹92.32 crore in FY26, with profits jumping from ₹2.97 crore to ₹8.65 crore in that time.