CPS Shapers IPO subscribed 15.32 times on first bidding day

CPS Shapers IPO subscribed 15.32 times on debut. The public issue has subscribed 15.32 times, getting in bids for 91.9 lakh shares against the offer size of 6 lakh shares.

According to subscription data accessible on the exchange, retail investors were enthusiastic about the SME issue, purchasing 27.34 times the authorised quota, while the allocated amount for high net worth persons was only reserved 4.97 times.

The shapewear manufacturer plans to raise Rs 11.1 crore through a first-ever public offering of 6 lakh shares at a price of Rs 185 per share, comprising only fresh issue. It is a fixed price issue.

For the market maker, the corporation has set aside 31,200 equity shares, or 5.2 percent of the entire issue size. Retail investors and high net worth persons each receive 2,84,400 shares of the remaining 5,68,800 shares.

It is going to utilise net fresh proceeds for the purchase of plant and machinery, commercial vehicle, and solar power systems. The company will also upgrade its existing IT software, repay debts and fulfill its working capital requirements through fresh issue proceeds. The remaining funds will be used for general corporate purposes.

Source: Media Reports