Spinaroo Commercial, a Kolkata-based manufacturer of aluminum foil containers, paper cups, and related machinery, is set to launch its IPO on March 28, 2025. The IPO is a Fixed Price Issue, comprising a fresh issue of 19.94 lakh shares to raise ₹10.17 crore. The company will be listed on the BSE SME with a tentative listing date of April 08, 2025.

The IPO price is set at ₹51 per share, valuing the company at a market capitalization of ₹35.67 crore. Investors can subscribe with a lot size of 2,000 shares, requiring a minimum investment of ₹1,02,000 for retail investors and ₹2,04,000 for HNIs.

Key IPO Details:

• Issue Type: Fixed Price Issue

• Total Issue Size: ₹10.17 Crores (Fresh Issue)

• Share Price: ₹51 per share

• Lot Size: 2,000 shares

• Listing Exchange: BSE SME

• Market Capitalization: ₹35.67 Crore

Spinaroo Commercial IPO Subscription Status

As of April 02, 2025, 11:00 AM, the IPO had been subscribed 0.28 times on the third day of its subscription period. Investors can check the real-time subscription status on the BSE website.

Financial Performance of Spinaroo Commercial

Spinaroo Commercial has demonstrated steady financial performance over the years.

Revenue from operations (in ₹ Lakh):

• FY2022: ₹4,757.60

• FY2023: ₹5,319.30

• FY2024: ₹4,121.31

• H1 FY2025: ₹2,101.65

EBITDA (in ₹ Lakh):

• FY2022: ₹230.02

• FY2023: ₹226.02

• FY2024: ₹302.31

• H1 FY2025: ₹132.92

Profit After Tax (in ₹ Lakh):

• FY2022: ₹51.89

• FY2023: ₹93.06

• FY2024: ₹140.05

• H1 FY2025: ₹61.48

The company’s EPS for FY2024 stands at ₹2.8 (pre-issue) and ₹2.0 (post-issue). The P/E ratio post-issue is 25.47x, indicating a high valuation. Return on Capital Employed (ROCE) is 37.58%, while Return on Equity (ROE) is 23.23%.

Spinaroo Commercial IPO Objectives

The net proceeds from the IPO will be used as follows:

• ₹7.12 crore for working capital requirements.

• ₹5.00 crore for general corporate purposes.

Spinaroo Commercial IPO Allotment & Listing Details

• IPO Allotment Date: April 04, 2025

• Refund Initiation: April 05, 2025

• Credit of Shares to Demat: April 07, 2025

• Listing Date (Tentative): April 08, 2025

How to Check Spinaroo Commercial IPO Allotment Status

1. Visit the Registrar’s website (Cameo Corporate Services Ltd.) or BSE website.

2. Select "Spinaroo Commercial IPO" from the dropdown.

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

4. Click "Submit" to check your allotment status.

Spinaroo Commercial IPO Grey Market Premium (GMP)

As of March 25, 2025, the Grey Market Premium (GMP) for Spinaroo Commercial IPO is ₹0. This suggests no expected listing gains based on current demand. Investors should not rely solely on GMP for investment decisions.

Expert Opinion: Should You Invest?

Pros:

✅ Established business with a strong market presence in aluminum and paper cup manufacturing.
✅ Revenue and profitability have shown steady growth in recent years.
✅ High ROCE (37.58%) and ROE (23.23%), indicating efficient capital utilization.

Cons:

❌ High P/E ratio (25.47x post-issue), making it relatively overvalued.
❌ No Grey Market Premium (GMP), indicating weak market demand.
❌ SME IPOs carry higher risk, with limited liquidity post-listing.

Final Verdict: Avoid for Listing Gains or Long-Term Investment

Given the high valuation, lack of grey market demand, and risk associated with SME IPOs, experts recommend avoiding the Spinaroo Commercial IPO for both listing gains and long-term investment. Investors looking for SME exposure should explore alternative opportunities with better valuations and demand trends.

The Current active IPO are Infonative Solutions Limited,Spinaroo Commercial Limited,Retaggio Industries Limited.

The Closed IPOs are  Identixweb Limited, ATC Energies System Limited, Shri Ahimsa Naturals Limited.

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