The ₹40.48 crore initial public offering of Sham Foam Ltd opened for subscription on Tuesday, receiving bids for 2 per cent of the total offer size on the first day. The IPO, which comprises a fresh issue of 31.14 lakh shares, received bids for 57,000 shares on the BSE SME platform, exchange data showed. The company's total revenue stood at ₹92.39 crore in FY26, up from ₹81.62 crore in FY25, while PAT increased to ₹8.65 crore from ₹3.58 crore. Corporate Makers Capital Ltd and Navigant Corporate Advisors are book-running lead managers for the issue. Sham Foam is engaged in manufacturing, distribution, marketing and sale of polyurethane foam (PU foam), mattresses and related home comfort products.