Spinaroo Commercial, established in 2012 and based out of Kolkata, is a leading manufacturer specializing in high-quality aluminum foil containers, paper cups, and raw materials such as paper coating, printing, and blanking. The company also deals in a variety of paper cup machinery including high-speed paper cup making machines, flexo printing machines, and automatic roll die-cutting machines. Spinaroo offers full end-to-end support in their operations, making them a prominent player in their industry.

IPO Overview

The Spinaroo Commercial IPO is a Fixed Price Issue amounting to ₹ 10.17 Crores, consisting entirely of a Fresh Issue of 19.94 Lakh shares. The subscription period for the IPO opens on March 28, 2025, and closes on April 03, 2025. The allotment will be finalized on or about April 04, 2025, and the shares are expected to list on the BSE SME on April 08, 2025. The IPO price is set at ₹ 51 per equity share, with the market capitalization of Spinaroo Commercial Limited at an IPO price of ₹ 51 per share reaching ₹ 35.67 Crores.

The lot size of the IPO is 2,000 shares. Retail investors are required to make a minimum investment of ₹ 1,02,000, while High-Net-Worth Individuals (HNIs) must invest in a minimum of 2 lots (4,000 shares), amounting to ₹ 2,04,000.

Grey Market Premium (GMP)

The Grey Market Premium (GMP) for the Spinaroo Commercial IPO is expected to be ₹ 0 as of the latest reports. GMP indicates the difference between the issue price and the expected listing price in the unofficial market before the shares are listed on the stock exchange. However, no real trading occurs on this basis, and GMP varies based on the demand and supply of shares. Given the steady financial performance of the company, the current GMP trend reflects 0.00% change as of March 25, 2025. It is crucial to note that the GMP data is for informational purposes only.

Live Subscription Status

As of April 03, 2025, 7:00 PM, the Spinaroo Commercial IPO has been subscribed 1.49 times on its final day of subscription. Investors can access real-time updates on the subscription status on the BSE website.

IPO Allotment Date & How to Check Allotment Status

The allotment for the Spinaroo Commercial IPO will be finalized on April 04, 2025. Investors can check the allotment status online through the following steps:

1. Visit the IPO allotment status page on the registrar's website.

2. Select Spinaroo Commercial Limited IPO from the list.

3. Enter your application number, PAN, or DP Client ID.

4. Submit the details to view the allotment status.

Objectives of the IPO

The company intends to use the net proceeds from the IPO for the following objectives:

1. ₹ 712.84 Lakhs will be utilized to meet the working capital requirements.

2. ₹ 500.00 Lakhs will be used for general corporate purposes.

Company Overview & Financial Performance

Spinaroo Commercial is managed by experienced promoters:

• Mr. Amit Sultania, with over 16 years of experience in the industry.

• Mr. Aditya Todi, who has 10 years of experience in manufacturing disposable products.

• Mrs. Mridula Todi, a key member of the leadership team.

The revenues from operations for the fiscal years ending September 30, 2024 were:

• ₹ 2,101.65 Lakh (FY 2024).

• ₹ 4,121.31 Lakh (FY 2023).

• ₹ 5,319.30 Lakh (FY 2022).

• ₹ 4,757.60 Lakh (FY 2021).

The EBITDA for the period ended September 30, 2024 was ₹ 132.92 Lakh, compared to ₹ 302.31 Lakh in FY 2023, ₹ 226.02 Lakh in FY 2022, and ₹ 230.02 Lakh in FY 2021. The Profit After Tax (PAT) for FY 2024 stood at ₹ 61.48 Lakh.

Key Financial Ratios

• Pre-issue EPS for FY24: ₹ 2.8.

• Post-issue EPS for FY24: ₹ 2.0.

• Pre-issue P/E ratio: 18.21x.

• Post-issue P/E ratio: 25.47x.

• Return on Capital Employed (ROCE): 37.58%.

• Return on Equity (ROE): 23.23%.

These financial metrics suggest that the IPO is fairly priced relative to the company's performance, with a PE ratio of 20.73x based on annualized EPS.

Recommendation

Based on the financial performance and the valuation of the IPO, we recommend investors avoid the Spinaroo Commercial Limited IPO for short-term listing gains or long-term investment purposes. The absence of GMP movement and modest financial growth make it less attractive for speculative investments.

The Upcoming IPOs in this week and coming weeks are Aten Papers & Foam.

The Closed IPOs are  Infonative Solutions Limited, Spinaroo Commercial Limited,Retaggio Industries Limited.

Start your Stock Market Journey and Apply in IPO by Opening Free Demat Account in .Choice Broking FinX

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