Sarva Foam Industries IPO

Sarva Foam Industries Limited's Initial Public Offering is a Book Building Issue of 67.50 lakh equity shares, consisting of a fresh issue of up to 54.00 lakh equity shares and an offer for sale of up to 13.50 lakh equity shares.

The equity shares are proposed to be listed on the National Stock Exchange of India Limited and BSE Limited. Beeline Capital Advisors Private Limited is the book running lead manager, and Bigshare Services Private Limited is the registrar of the issue. Key details, including the initial public offering dates, price band, and lot size, are yet to be announced.

About Sarva Foam Industries Limited

Sarva Foam Industries Limited was incorporated as Sarva Foam Industries Private Limited at Bhopal, Madhya Pradesh, on October 8, 2018, under the Companies Act, 2013. The company was subsequently converted into a public limited company following a shareholders’ special resolution dated February 5, 2025. A fresh certificate of incorporation reflecting its present name, Sarva Foam Industries Limited, was issued on February 22, 2025. The company’s registered office is located at Aakriti Eco City, Bhopal, Madhya Pradesh.

The company is engaged in the manufacturing and trading of rebonded polyurethane foam products and allied products. It follows a circular-economy business model, wherein discarded polyurethane foam trims and off-cuts are processed and converted into value-added rebonded foam products. Its products cater to several end-use industries, including mattresses, furniture, flooring, footwear, automotive seating, and industrial applications.

The company operates in India's rebonded polyurethane foam industry, offering products manufactured by upcycling post-industrial polyurethane foam trims and off-cuts using different grades of binders. Rebonded polyurethane foam is a dense and durable material used in applications requiring cushioning, support, and insulation. The company operates across three major product segments: rebonded foam sheets, rebonded foam blocks, and rebonded carpet underlays.

Its product portfolio comprises rebonded foam sheets, which are precision-cut sheets used in mattresses, furniture, and flooring; rebonded foam blocks, which are high-density engineered blocks used for industrial conversion; and rebonded carpet underlays, which are supplied in continuous rolls for carpet, sports, and acoustic flooring applications. The company also trades in finished products, including rebonded foam sheets and blocks, as well as raw materials such as foam trims, foam binders, and rebonded carpet underlay accessories.

As of March 31, 2026, the company operated four manufacturing facilities across India, comprising one unit at Dadri, Uttar Pradesh, one unit at Silvassa, Dadra and Nagar Haveli, and two units at Krishnagiri, Tamil Nadu. These facilities provide geographical coverage across northern, eastern, western, and southern India.

The company's aggregate installed manufacturing capacity stood at 15,500 metric tonnes per annum as of March 31, 2026. It is also planning to expand its manufacturing capacity by setting up a proposed manufacturing facility at Bhopal, Madhya Pradesh, using a portion of the proceeds from the fresh issue.

The company procures raw materials, including polyurethane foam trims, off-cuts, and various grades of binders, from domestic manufacturers and international suppliers. Its manufacturing facilities are strategically located close to key customers and transportation infrastructure, including ports, which the company believes helps reduce transportation costs, improve supply efficiency, and support timely deliveries. The company also undertakes trading of raw materials and finished products, including rebonded foam sheets, blocks, foam trims, foam binders, and carpet underlay accessories.

As of August 31, 2026, the company had four employees in its quality control team, with dedicated quality control personnel at each manufacturing unit. Its facilities are equipped with product-testing equipment to analyze raw materials and finished products through tests such as hardness testing and moisture testing. The company also manufactures products in accordance with customer-specified quality standards and specifications.

Industry Outlook

• The global rebonded polyurethane (PU) foam market grew from approximately USD 865 million in CY2021 to USD 1,114 million in CY2025, registering a CAGR of around 6.6%. It is projected to reach approximately USD 1,560 million by CY2030, growing at around 7% CAGR between CY2025 and CY2030.
• The organised rebonded PU foam market in India increased from approximately ₹275 crore in FY2022 to an estimated ₹400 crore in FY2026. It is projected to reach around ₹650 crore by FY2031, registering a CAGR of approximately 10.2% between FY2026 and FY2031.
• The mattress industry is a key end-use market for rebonded PU foam. Growing urbanization, rising disposable incomes, increasing mattress replacement rates, health awareness, and hospitality-sector expansion are supporting demand for cushioning materials.
• Rebonded PU foam is used in residential, commercial, and institutional furniture, particularly in seating and support applications. Its durability, load-bearing capacity, and cost-effectiveness make it suitable for value-oriented furniture products.
• Rebonded PU foam is used in vehicle seats, headrests, armrests, acoustic insulation, door panels, and flooring systems. Growing automobile production and increasing focus on durable, cost-effective, and sustainable materials are supporting demand from this segment.
• Rebonded PU foam finds applications in footwear components such as insoles, comfort inserts, padding, and shock-absorption layers. India's position as the world's second-largest footwear producer, accounting for approximately 11.6% of global production, provides an additional demand opportunity.
• The industry benefits from the reuse of PU foam trims and off-cuts generated by mattress, furniture, and automotive manufacturers. Rebonding converts this waste into value-added products, helping reduce landfill waste, virgin polymer consumption, and the environmental impact of foam production.
• India's exports of flexible polyurethane products, including rebonded PU foam, increased from ₹16 crore in FY2022 to ₹86.12 crore in FY2026. The significant increase in FY2026 indicates growing international demand and improving competitiveness among Indian manufacturers. The UK, USA, and Australia were among the leading export destinations.

Sarva Foam Industries IPO Objectives

The company proposes to utilize the net proceeds from the Issue towards the following objectives:

• Funding capital expenditure requirement of the Company.
• Repayment and/or pre-payment, in part or full, of certain borrowings availed by the Company.
• Towards general corporate purposes.

Financial Performance of Sarva Foam Industries Limited

Sarva Foam Industries Limited Peer Details Comparison