Mumbai, India – Listed Indian PU foam manufacturer Sheela Foam has made a further 11.85% of the business public. The shares were placed in a secondary offering on the Bombay Stock Exchange at the end of March.
The shares were sold to comply with requirements of the initial listing. This was to ensure that 25% of the shares of the company are available to the public, said Rahul Gutam, managing director.
In the third quarter of 2018, Sheela Foam grew consolidated sales by 12% to INR 5.96 bn ($84m) in the third quarter of 2018. In the 2017 quarter, sales were INR 5.32 bn.
Additionally, the company announced that it has added more than 200 Exclusive branded outlets for its products. This means that it now has more than 3800 of these outlets across India.