CPS Shapers lists strong on NSE with nearly 150% premium
What's the story
CPS Shapers Ltd., a leading manufacturer of shapewear for men and women, made a remarkable debut in the Indian stock market today.
The company's shares were listed at Rs. 450 apiece, a premium of 147.56% to the issue price of Rs. 185 per share.
The initial public offering (IPO) received an overwhelming response from investors, with a total subscription of nearly 254 times.
Details
About CPS Shapers
CPS Shapers specializes in designing comfortable and supportive shapewear that enhances body shape for both men and women.
The company offers a wide range of products catering to different body types and sizes, made from high-quality materials for durability and longevity.
With a presence throughout India, they have a distributor network in 28 states and eight union territories.
Additionally, they export their products to Canada, Germany, Australia, the United Kingdom, and the US.
What Next?
Overwhelming investor response to IPO
The CPS Shapers IPO was open from August 29 to August 31. By issuing 6,00,000 equity shares, the company has raised Rs. 11.1 crore.
The public issue was subscribed 301.03 times in the retail category and 198.17 times in the Other category, with shares sold at a fixed price of Rs. 185 apiece.
The strong investor response reflects confidence in the company's growth potential and market position.
Insights
The company intends to use IPO proceeds for expansion, upgrades
CPS Shapers plans to use the gross proceeds from its IPO for various purposes, including upgrading existing IT software at its manufacturing facility and registered office.
The capital will also be used for purchasing plant and machinery, acquiring commercial vehicles, funding capital expenditures for a solar power system, and repaying or prepaying borrowings.