Mumbai: Bhopal-based Sarva Foam Industries Limited has filed its Draft Red Herring Prospectus (DRHP) with market regulator SEBI for an initial public offering (IPO).
The proposed IPO comprises a fresh issue of up to 54 lakh equity shares and an offer-for-sale (OFS) of up to 13.50 lakh shares by promoter Kunal Giani. The shares have a face value of Rs 5 each.
Rs 90 Crore For New Facility
Sarva Foam plans to use Rs 90 crore from the fresh issue to set up a new manufacturing facility for rebonded polyurethane (PU) foam products.
Another Rs 30 crore will be used to repay or prepay certain borrowings, while the remaining proceeds will be deployed for general corporate purposes.
The company may also undertake a pre-IPO placement before filing its Red Herring Prospectus. Any amount raised through the placement will reduce the fresh issue accordingly.
India's Largest Rebonded PU Foam Player
Incorporated in 2018, Sarva Foam manufactures and trades rebonded PU foam. According to a D&B report cited by the company, it held an estimated 33% share of India's rebonded PU foam market in FY26 and was the country's largest exporter in the segment.
Its products include rebonded foam sheets, blocks and carpet underlays used across mattresses, furniture, industrial conversion, carpets, sports and acoustic flooring.
Sarva Foam operates four manufacturing units — one each in Dadri and Silvassa and two in Krishnagiri. Its total manufacturing capacity stood at 15,500 metric tonnes per annum as of March 31, 2026.
Revenue Crosses Rs 206 Crore
Revenue from operations increased to Rs 206.12 crore in FY26 from Rs 174.84 crore in FY25.
The company exports products to markets including the UK, Australia, Qatar and Ireland. It also produces specialised grades such as memory foam, high-resilience rebonded foam and fire-retardant foam.
Beeline Capital Advisors is the book-running lead manager, while Bigshare Services is the registrar. The shares are proposed to be listed on the NSE and BSE.
