In 2005, it acquired the polyurethane and polystyrene foam business of Australia-based Joyce Foam which has five manufacturing facilities and claims to have 35% market share in the polyurethane foam business in that country. Ltd, which sells mattresses under the Sleepwell brand, plans to raise as much as Rs.500 crore through an initial public offering (IPO) by March, according to two people aware of the development. Sheela Foam has 12 manufacturing facilities and a nationwide network of more than 100 distributors and around 5,000 dealers. A strong home-grown consumer story, such as Sleepwell, may generate interest from investors as seen in the recent public market offerings, experts say. Sleepwell in India competes with other home-grown brands such as Kurlon Enterprise Ltd, Springfit, and Springwel Mattresses Pvt.

Source: Mint June 12, 2016 20:15 UTC