The Largest Rebonded PU Foam Player & Exporter from India
Sarva Foam Industries Limited Files DRHP for IPO
POSTED BY : ANAGHA SAKPAL DATED ON : 01/09/2026 (9004379946)
(RMN) : Bhopal-based Sarva Foam Industries Limited has filed its Draft Red Herring Prospectus (DRHP) with capital markets regulator, Securities and Exchange Board of India (SEBI) for its Initial Public Offering (IPO).
The IPO, with a face value of ₹ 5, is a fresh issue for up to 5,400,000 equity shares and an offer-for-sale for up to 1,350,000 by promoter, Mr. Kunal Giani.
The company, in consultation with the book-running lead manager, may consider a Pre-IPO Placement prior to filing of the Red Herring Prospectus with the RoC. If the pre-IPO placement is completed, the amount raised pursuant will be reduced from the Fresh Issue.
The proceeds from its fresh issuance worth ₹ 900.00 million will be utilised for funding capital expenditure requirement of the Company for setting up of a new manufacturing facility of Rebonded Polyurethane foam products (“Proposed Project”). ₹ 300.00 million will be utilized towards repayment and/or pre-payment, in part or full, of certain borrowings availed by the Company, and general corporate purposes.
The Offer is being made through the book-building process, wherein not more than 50% of the offer is allocated to qualified institutional buyers, and not less than 15% and 35% of the offer is assigned to non-institutional bidders and retail individual bidders respectively.
Incorporated in 2018, the company is a specialized manufacturer and trader of Rebonded polyurethane (PU) foam, operating a circular-economy business model that converts PU foam trims and off-cuts into value-added Rebonded foam products. We are the largest Rebonded Polyurethane (PU) Foam player in India (with an estimated market share of around 33% (FY 2026) and also the largest exporter of Rebonded PU foam products in India. (Source: D&B Report)
The Company operates under three product segments: (i) Rebonded Foam Sheets which are precision-cut sheets for mattresses, furniture and flooring; (ii) Rebonded Foam Blocks which are high-density engineered blocks for industrial conversion and (iii) Rebonded Carpet Underlays which are continuous rolls for carpet, sports & acoustic flooring.
The company operates out of its four existing strategically located manufacturing units with one unit in Dadri, Uttar Pradesh, one unit in Silvassa, Dadra & Nagar Haveli and two units in Krishnagiri, Tamil Nadu. Its aggregate manufacturing capacity as of March 31, 2026 is 15,500 metric tonnes per annum.
It also operates one foreign subsidiary, Sarva Global Ventures Ltd and one foreign step down subsidiary, Sarva Foam UK Ltd which are both incorporated under the Companies Act, 2006 (England and Wales). It produces specialised foam grades such as memory foam, high resilience (HR) rebonded foam and fire-retardant foam. Its rebonded foam sheets offerings are of varying densities in the range of 60 kg/m3 to 120 kg/m3. Further, its rebonded carpet underlays are available in varying thickness in the range of 3.5 mm to 11 mm. It has also developed in-house capabilities to deliver customised products based on requirements of its customers.
The Company has supplied its products outside India to countries such as United Kingdom, Australia, Qatar and Ireland. Its revenue from operations grew to Rs 2,061.21 million during FY26 as compared to ₹ 1,748.42 million during FY25.
Beeline Capital Advisors Private Limited is the book-running lead manager, and Bigshare Services Private Limited is the registrar of the issue. The equity shares are proposed to be listed on the National Stock Exchange of India Limited and BSE Limited.
