Sheela Foam Pvt Ltd, which sells mattresses under the Sleepwell brand and is one of the two top brands in the market, has filed its draft red herring prospectus (DRHP) with capital markets regulator SEBI to float its initial public offer (IPO). The proposed issue will entirely comprises of offer for sale by its promoters and the firm shall not get any money from the IPO. It is one of the few private firms that are looking to go public and are not already backed by a private equity investor. Last year, Motilal Oswal Private Equity Advisors Pvt Ltd (MOPE), the PE arm of Motilal Oswal Financial Services Ltd, invested Rs 90 crore (about $13.5 million) in the country's top mattress maker Kurlon Ltd, that sells products under the brand Kurl-on. That deal also included RS 20 crore worth of shares sold by Kurlon promoters. Here's a snapshot of Sleepwell and the issue Size: Issue comprises offer for sale by its promoters to raise Rs 510 crore. Bankers: Edelweiss Financial Services Ltd and ICICI Securities Ltd
CompanySheela Foam sells foam, coir and spring mattresses under the Sleepwell brand and industrial application mattresses under the Feather Foam brand. It operates in a highly fragmented market where two thirds of the market is under unorganised sector. In the organised sector, it competes with Kurlon, Duroflex and Coirfoam besides international brands like Raha, Hastens, Simmons and SpringAir among others. Launched in 1971, the company has 11 manufacturing facilities in India. Though all these facilities are utilised for manufacturing home comfort products, five of them also produces PU foam. It claims to have a foam production capacity of 1,23,000 tonnes per annum(TPA). The mattress maker also has an international presence through its wholly owned subsidiary, Joyce Foam Pty Ltd in Australia. Joyce operates five manufacturing facilities that exclusively manufacture PU foam and has a total installed production capacity of 10,500 TPA in fiscal year 2015-16. It also exports technical foams to countries in the Middle East, South Asia, Europe, US, Brazil and Argentina.
As of March 31, 2016, exclusive Sleepwell outlets comprised 218 Sleepwell Worlds, 402 Sleepwell Galleries and 819 Sleepwell Shoppes. The home-comfort products are also being sold by over 2,500 multi-branded outlets. Sheela Foam boasts of a pan-India distribution network. As of March 31, 2016, the company had over 100 distributors and over 2,000 retail dealers. FinancialsThe company churned out a 9.4% growth in net sales to Rs 1,550 crore but saw net profit zoom to Rs 104.7 crore in 2015-16 compared to Rs 42.6 crore the previous year.Sign up for our daily newsletter to get our top reports.January 10, 2014Paytm ties up with the biggest Australian cosmetic brand NatioJanuary 23, 2015Jaipur global trade hub for gems on eBay IndiaSeptember 27, 2007R Krishna Das | January 19, 2017 Last Updated at 15:45 IST Kurlon to expand presence; make furniture, sofas in Odisha Carnation to enter private label spare parts segment Emami Group to invest Rs 8,500 cr in cement arm
Chhattisgarh may opt or manual mining in Naxal infested areas Kurlon Enterprises Limited, country’s leading mattress company, is eyeing a major expansion in Chhattisgarh. The company will soon increase its Kurlon Mattress Xpress (KMX) outlet to five from the existing two located in Raipur and Bhilai. The KMX is a one-stop shop focused on shopping experience for its customer's comfort needs. Managing Director of Kurlon Enterprises Limited T Sudhakar Pai said the company had planned to increase the number of KMX outlets in Chhattisgarh to 20 in the financial year 2017-18. The focus in Chhattisgarh is part of company’s Pan-India expansion programme. Kurlon's future plans include adding over 200 KMXs outlets on FOFO model, over 200 Kurlon Korners on SIS model and over 70 Kurlon Home Komforts or COCO outlets following the successful launch of its first COCO outlet in Bangalore. Pai added that to support the retail expansion, Kurlon is also enhancing production in its manufacturing facilities.
Currently, the company has nine manufacturing units across the country panning five states - Karnataka, Odisha, Gujarat, Madhya Pradesh and Uttarakhand. The work on setting up a unit in Maharashtra has been sped up, he added. The company has earlier announced that it plans to invest Rs 500 crore in the next five years to expand capacity. It would invest Rs 100 crore a year on an average for the next five years. Who does not enjoy that relaxing sleep after a long tiring day? Surely everyone does, one cannot compromise on comfort while relishing those moments. Revamp your sleeping space with comfortable mattresses that will cater to your needs. Paytm presents an exhaustive range of mattresses online from top-notch brands like Kurlon, Nilkamal, Coirfit, Eden, Sleepwell, Springwel & many more to choose from. The mattress over the bed is extremely significant for enjoying a great sleep every day. Bring home a perfect mattress that does not hamper your relaxation process. Paytm offers a wide variety of mattresses online, pick the right one on the basis of softness & thickness as per your preference.
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