C P S Shapers Limited IPO - Review, Price, Valuation & GMP Today

C P S Shapers Limited - Complete Overview

Founded in 2012, C P S Shapers Limited specializes in manufacturing Shapewear for both men and women, offering products such as V-Shaper, Saree Shapewear, Active Pants, ShapeX Denim, and more.

Recognized by its brand name "Dermawear" and the mottos "Shape up with Confidence" and "YDIS" ("Your Dress Is Shapewear"), the company has established a prominent identity in the apparel market.

The company operates across both online and offline markets, presenting a product range that currently encompasses Saree Shapewear, Mini Shaper, Sports Bra, All Mini Corset, Tummy Reducer, All Zenrik, Slimmer, Active Pants, Denim, Masks, and other Shapewear items.

With a presence in both domestic and international markets, the company's distribution network spans 28 states and 8 Union territories across India. It has also ventured into exports, supplying its products to Canada, Germany, Australia, the United Kingdom, and the United States of America.

In terms of revenue, for the fiscal years 2023, 2022, and 2021, the company achieved domestic sales revenues of Rs.3,594.63 Lakhs, Rs.2,668.35 Lakhs, and Rs.1,439.12 Lakhs, respectively.

The company operates from a manufacturing facility in Meerut, alongside two warehouses situated in Vasai, Maharashtra, and Tiruppur, Tamil Nadu. Additionally, it has a branch office in Tiruppur, Tamil Nadu and a virtual office in Bengaluru.

 

What does the company do?

C P S Shapers Limited is engaged in the business of manufacturing and selling Shapewear for men and women through both online and offline models.

 

 

Company Products

The company's range of products comprises Saree Shapewear, Mini Shaper, Sports Bra, All Mini Corset, Tummy Reducer, All Zenrik, Slimmer, Active Pants, Denim, Masks, and various other Shapewear options.

 

IPO Overview

The upcoming SME IPO of C P S Shapers Limited is planned for listing from August 29 to August 31, 2023, on NSE SME. 

The C P S Shapers Limited share price is established at Rs.185 per share. The IPO's total issue size amounts to Rs.11.10 Cr. 

Within this, 50% of the shares are reserved for retail investors, while the remaining 50% is allocated for other investors. The anticipated listing date for the IPO is September 8, 2023.

 

C P S Shapers Limited IPO timetable (Tentative)

EVENTS	DATE
IPO Opening Date	29 August 2023
IPO Closing Date	31 August 2023
IPO Allotment Date	5 September 2023
Refund initiation	7 September 2023
IPO Listing Date	8 September 2023

 

C P S Shapers Limited IPO Details

IPO Opening & Closing Date	29 August to 31 August 2023
Face Value	Rs. 10 per share
Issue Price	Rs. 185 per share
Lot Size	600 Shares
Price of 1 Lot	Rs. 111,000
Issue Size	6,00,000 Shares (aggregating up to Rs.11.10 Cr)
Offer for Sale	NA
Fresh Issue	6,00,000 Shares (aggregating up to Rs.11.10 Cr)
Listing at	NSE SME
Issue Type	Fixed Price Issue IPO
Registrar	Bigshare Services Pvt. Ltd.

 

C P S Shapers Limited IPO Lot Details

Minimum Lot Investment (Retail)	1 Lot
Maximum Lot Investment (Retail)	1 Lot
Minimum Lot Investment (HNI)	2 Lot

 

C P S Shapers Limited IPO Reservation

Other Investors Share Portion	50%
Retail Share Portion	50%

 

Company Financial

Amount in Lakhs

Period	FY 21	FY 22	FY 23
Total Assets	1102.02	1275.48	1751.20
Total Revenue	1441.71	2668.84	3696.16
PAT	38.05	157.06	246.09
Net Worth	-228.03	-70.97	175.12
Reserve & Surplus	-278.03	-120.97	125.12
Total Borrowings	947.57	935.57	1043.66

 

Product-wise Revenue

Amount in Lakhs

Products	FY 23	FY 22	FY 21
Saree Shapewear	1,559.90	1,041.06	369.30
Other Shapewear	617.83	457.33	263.00
Mini Shaper	380.69	293.77	150.74
All Mini Corset	352.45	292.62	118.47
All Zenrik	283.86	176.15	103.70
Tummy Reducer	139.67	140.00	107.03
Sports Bra	95.14	116.66	145.07
Slimmer	80.93	45.88	89.64
Active Pants As	38.56	55.04	48.23
Denim	123.67	50.23	38.63
Women T-shirt	8.75	-	5.31
Total	3681.45	2668.74	1439.12

 

Objective of the Issue

The company intends to employ the Net Proceeds from the Issue to fulfil the following objectives:

• Procurement of Plant and Machinery for its current Manufacturing facility.
• Acquisition of a Commercial Vehicle.
• Support for capital expenditure needs related to purchasing a Solar Power System.
• Enhancement of existing IT Software at both the manufacturing facility and registered office.
• Repayment or partial prepayment of borrowings obtained from banks and financial institutions.
• Provision of funds for the Company's Working Capital Requirements.
• Serving general corporate objectives.

 

Promoters and Management of C P S Shapers Limited

Mr Abhishek Kamal Kumar and Mr Rajendra Kumar are the promoters of the company.

Pre-issue Promoters Holding	99.80%
Post-issue Promoters Holding

 

Peer Comparison

The following are the listed peers of the company

Company Name	CMP (Rs.)	Basic EPS (Rs.)	PE Ratio (times)
C P S Shapers Limited	185.00	16.41	11.28
Page Industries Limited	40,382.55	512.15	78.85
Lux Industries Limited	1478.15	48.80	30.29
Dollar Industries Ltd	427.75	10.27	41.65
K.P.R Mill Limited	731.20	18.57	39.38
Arvind Limited	166.80	13.26	12.58

 

IPO's Valuations

The IPO valuation of C P S Shapers Limited can be determined using the data provided by the company in its DRHP. With an EPS of Rs.16.41 per share and a PE ratio of 11.28, the derived share price is Rs.185.

 

Dividend Policy

The company has not adopted any formal dividend policy in the past. However, the company may adopt a dividend policy in the future based on its financial performance.

 

IPO's Strengths

• Diverse customer base spanning various regions.
• Robust e-retailing and online distribution network.
• An extensive product portfolio coupled with strong brand equity.
• The business model centred around customer needs.
• A quality-centric company led by experienced promoters and a skilled management team.

 

IPO Weaknesses

• The company is currently facing certain unresolved legal disputes.
• The company's manufacturing operations are centralized within a single geographical area.
• There are no long-term agreements with suppliers.
• The ongoing e-retail market trend of "Turn Back Cash-On-Delivery Orders" may result in revenue loss for the company.
• The company is exposed to payment-related risks, encompassing challenges linked to cash on delivery and payment processing.

 

 

IPO GMP Today

The Latest GMP of C P S Shapers Limited IPO is Rs.60

 

Conclusion

The company operates in a highly competitive segment; however, its earnings demonstrate superior performance. With a strong brand image and customer trust, investors may consider applying for this IPO to potentially reap long-term rewards after conducting a thorough analysis for optimal results.

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

 

To Read the Prospectus of the Company Click Here to Download the DRHP

 

 

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