Spinaroo Commercial Limited, based in Kolkata, is known for manufacturing aluminum foil containers, aluminum home foils, paper cups, and related machinery. Established in 2012, the company has carved a niche in the disposable products market. With a focus on quality and end-to-end support for its product range, Spinaroo is now aiming to expand its reach through its Initial Public Offering (IPO). This IPO opens on March 28, 2025, and closes on April 3, 2025, with a price set at ₹51 per share. The total issue size amounts to ₹10.17 Crores, consisting entirely of a fresh issue of 19.94 lakh shares.

Financial Overview and Key Metrics
The financial performance of Spinaroo Commercial shows a steady growth trajectory, with increasing revenues and profitability. The company reported revenues of ₹2,101.65 Lakh for the period ended September 30, 2024, up from ₹4,121.31 Lakh in 2023. The EBITDA for the same period was ₹132.92 Lakh, a significant drop from ₹302.31 Lakh in 2023. The profit after tax (PAT) for FY24 stood at ₹61.48 Lakh, a marked increase from ₹51.89 Lakh in FY22. These figures reflect Spinaroo's resilience in a competitive industry.

IPO Objectives and Utilisation of Proceeds
Spinaroo Commercial aims to utilize the net proceeds from the IPO for two main purposes:

• ₹712.84 Lakhs will be allocated to meet the working capital requirements.

• ₹500.00 Lakhs will be used for general corporate purposes, which will help in business expansion and growth initiatives.

The promoters, Mr. Amit Sultania, Mr. Aditya Todi, and Mrs. Mridula Todi, bring a wealth of experience to the company, with combined experience of over 36 years in the manufacturing sector.

Key Financial Ratios and Performance Metrics
For the fiscal year 2024, Spinaroo Commercial has a pre-issue earnings per share (EPS) of ₹2.8, with a post-issue EPS expected to drop to ₹2.0. The price-to-earnings (P/E) ratio stands at 18.21x pre-issue and is expected to rise to 25.47x post-issue. These ratios suggest that the IPO is fairly priced based on the company's financial health and growth prospects.

Grey Market Premium (GMP) and Listing Expectations
As of now, the Grey Market Premium for Spinaroo Commercial's IPO stands at ₹0, indicating a neutral sentiment among investors. It's important to note that the Grey Market Premium is not a reliable indicator of the listing price, as it is based on informal trading and does not reflect the actual market dynamics.

Subscription and Allotment Process
The Spinaroo Commercial IPO has had a slow start in terms of subscriptions, with a current live subscription status of 0.20x as of April 1, 2025. The allotment is expected to be finalized on April 4, 2025, and investors can check their status by visiting the registrar’s website. The IPO will be listed on the BSE SME with a tentative listing date of April 8, 2025.

Investment Considerations and Recommendations
Given the company's solid track record and the relatively low market capitalization at the IPO price, Spinaroo Commercial’s IPO could offer long-term growth potential. However, the Grey Market Premium and current subscription trends suggest a cautious approach. Investors are advised to carefully evaluate the financial performance and growth prospects before making an investment decision.

In conclusion, while Spinaroo Commercial’s IPO offers a fair entry price and solid business fundamentals, the current subscription trends and lack of significant Grey Market Premium suggest it may not be the best choice for short-term listing gains. Investors looking for a steady, long-term investment may find value in the company, but those seeking quick returns should proceed with caution.

Conclusion and Final Thoughts
Spinaroo Commercial’s IPO offers an exciting opportunity for investors looking to enter the growing disposable products market. With a strategic focus on quality manufacturing and product diversification, the company holds strong potential for future growth. However, given the subdued Grey Market Premium and current subscription trends, investors should consider the risks before committing their funds. The company's strong management team and established presence in the industry offer a promising outlook for the future, but due diligence remains crucial for potential investors.

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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