We have seen robust demand for CPS Shapers IPO on the first day of bidding, August 29. The public issue has subscribed 15.32 times, getting in bids for 91.9 lakh shares against the offer size of 6 lakh shares.
Retail investors seem gung-ho on the SME issue, buying 27.34 times the allotted quota, while the reserved portion of high networth individuals was booked 4.97 times, as per the subscription data available on the exchange.
The shapewear maker intends to mop up Rs 11.1 crore via maiden public issue of 6 lakh shares, at a price of Rs 185 per share, comprising only fresh issue. It is a fixed price issue.
The company has reserved 31,200 equity shares for the market maker, which is 5.2 percent of total issue size. The remaining 5,68,800 shares are divided equally (2,84,400 shares each) between retail investors and high networth individuals.
Also read: Shoora Designs with nearly 100% rally becomes third biggest gainer among SMEs on debut in August
The Dermawear brand operator in the apparel industry 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.
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The offer will close on August 31.
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