Spinaroo Commercial Limited, based in Kolkata, is a leading manufacturer of Aluminum Foil Containers, Aluminum Home Foil, Paper Cups, and Raw Materials for Paper Cups such as paper coating, printing, and blanking. Established in 2012, the company also offers a wide range of Paper Cup-related Machinery including High-Speed Paper Cup Making Machines, Flexo Printing Machines, and Automatic Roll Die Cutting Machines with comprehensive end-to-end support.

Spinaroo Commercial IPO Overview

Spinaroo Commercial is launching an Initial Public Offering (IPO) with a Fixed Price Issue amounting to ₹ 10.17 Crores, comprising an entirely Fresh Issue of 19.94 Lakh Shares. The subscription period for the IPO will begin on March 28, 2025, and will close on April 03, 2025. The allotment of shares is expected to be finalized on or about April 04, 2025, with the shares being listed on the BSE SME on or about April 08, 2025.

Spinaroo Commercial IPO Key Financials

The share price of Spinaroo Commercial IPO is set at ₹ 51 per equity share. The market capitalisation of the company at the IPO price will be ₹ 35.67 Crores. The lot size is fixed at 2,000 shares, with a minimum investment requirement of ₹ 1,02,000 for Retail Investors and ₹ 2,04,000 for High-Net-Worth Individuals (HNIs) who need to apply for 2 lots (4,000 shares).

Key Financial Metrics

The revenues from operations for the period ended September 30, 2024, and for the fiscal years ending 2024, 2023, and 2022 were ₹ 2,101.65 Lakh, ₹ 4,121.31 Lakh, ₹ 5,319.30 Lakh, and ₹ 4,757.60 Lakh, respectively. The EBITDA for the corresponding periods stood at ₹ 132.92 Lakh, ₹ 302.31 Lakh, ₹ 226.02 Lakh, and ₹ 230.02 Lakh. The Profit after Tax (PAT) was ₹ 61.48 Lakh, ₹ 140.05 Lakh, ₹ 93.06 Lakh, and ₹ 51.89 Lakh, indicating a steady growth in financial performance.

Promoters and Management Team

The company is led by experienced promoters:

• Mr. Amit Sultania – 16 years of experience in manufacturing and business development.

• Mr. Aditya Todi – 10 years of experience in handling manufacturing operations of disposable products.

• Mrs. Mridula Todi – Supports business operations and management.

Objectives of Spinaroo Commercial IPO

The company plans to utilize the Net Proceeds from the IPO as follows:

• ₹ 712.84 Lakhs to meet Working Capital Requirements.

• ₹ 500.00 Lakhs for General Corporate Purposes.

IPO Lead Managers and Registrars

FINSHORE MANAGEMENT SERVICES LIMITED is the Book Running Lead Manager for the Spinaroo Commercial IPO, while CAMEO CORPORATE SERVICES LIMITED is the Registrar for the issue. Black Fox Financial Private Limited is acting as the Market Maker for this IPO.

Spinaroo Commercial IPO Grey Market Premium (GMP)

The Grey Market Premium (GMP) of Spinaroo Commercial IPO is currently ₹ 0, indicating no significant demand in the grey market. Since the GMP reflects the unregulated market sentiment, it is not an indicator of the actual listing price. No real trading is being done based on the GMP, and investors should base their decisions on the company’s financials rather than relying on grey market trends.

IPO Subscription and Live Status Updates

As of 10:30 AM on March 28, 2025, the live subscription status of Spinaroo Commercial IPO shows that the issue has been subscribed 0.01 times on the first day of the subscription period. Investors can check the Spinaroo Commercial IPO Live Subscription Status on the BSE website.

IPO Allotment and Listing Dates

The IPO allotment date is set for April 04, 2025, with allotment results expected to be available on the Registrar’s Website. Investors can check their allotment status using the following steps:

1. Navigate to the IPO allotment status page.

2. Select Spinaroo Commercial Limited IPO from the dropdown list of IPOs.

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

4. Submit the details to check the allotment status.

Day-wise GMP Trend of Spinaroo Commercial IPO

Spinaroo Commercial IPO Review: Should You Subscribe?

The pre-issue EPS for FY24 is ₹ 2.8 and the post-issue EPS is ₹ 2.0. The pre-issue P/E ratio is 18.21x, while the post-issue P/E ratio stands at 25.47x. The ROCE for FY24 is 37.58%, and the ROE and RoNW are both 23.23%. The Annualized EPS based on the latest financial data is ₹ 2.46 with a PE ratio of 20.73x.

Despite reasonable valuations, the IPO does not offer any premium in the Grey Market, indicating zero listing gains. Given the current financial performance and future growth potential, it is advisable to avoid subscribing to the Spinaroo Commercial IPO for listing gains or long-term investment purposes.

Conclusion

Spinaroo Commercial Limited IPO offers investors an opportunity to invest in a manufacturing company with a strong product portfolio and experienced promoters. However, given the current Grey Market Premium (GMP) trends and financial metrics, the IPO may not provide significant gains on listing. Investors should assess the financials and valuations before making an informed decision.

The Current active IPO are Aten Papers & Foam Limited, Infonative Solutions Limited,Spinaroo Commercial Limited,Retaggio Industries Limited,Identixweb Limited.

The Closed IPOs are  ATC Energies System Limited, Shri Ahimsa Naturals Limited, Desco Infratech Limited

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