In line with the robust subscription numbers, CPS Shapers has managed to more than double investors' wealth on listing. The stock made a debut at a 143 percent premium to its issue price after the initial public offering was subscribed 236.67 times.
The stock started trading on NSE Emerge at Rs 450, against the issue price of Rs 185. After listing, it fell 3 percent and was quoting at Rs 435 on the NSE at 11:15 am.
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CPS Shapers is engaged in the business of manufacturing shapewear for men and women with a Dermawear brand.
Its product portfolio, which is distributed by e-retail and offline model, currently includes saree shapewear, mini shaper, sports bra, all mini corset, tummy reducer, all zenrik, slimmer, active pants, denim, mask and other shapewears.
CPS Shapers recorded healthy financial performance in FY23 with net profit increasing by 57 percent on-year to Rs 2.46 crore and revenue rising 38 percent YoY to Rs 36.96 crore.
It plans to utilise issue proceeds of Rs 11 crore for the purchase of plant and machinery, commercial vehicles, and solar power systems.
Further, the company is going to upgrade its existing IT software as well as repay debts through IPO proceeds.
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