Shipivishta is a name. The word Shipi means a person who has no hair on his body. He who pervades all things in the form of Shipi passes by the name of Shipivishta.
शिपिविष्टेति चाख्यायां हीनरोमा च यो भवेत्। तेनाविष्टं तु यत्किचिच्छिपिविष्टेति च स्मृतः॥