Spinaroo Commercial, based in Kolkata, is a high-quality manufacturer of Aluminum Foil Containers, Aluminum Home Foil, and Paper Cups, among other products. Established in 2012, the company is known for its wide range of products, including raw materials for paper cups like paper coating, printing, and blanking, and paper cup-related machinery such as high-speed paper cup making machines, flexo printing machines, and automatic roll die-cutting machines. The company provides end-to-end support to its customers, ensuring high-quality products across the supply chain.

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. This offer opens for subscription on March 28, 2025, and will close on April 03, 2025. The allotment date is expected to be finalized on April 04, 2025, with shares likely to be listed on the BSE SME by April 08, 2025.

The share price for the Spinaroo Commercial IPO has been set at ₹51 per equity share, and the market capitalization of Spinaroo Commercial at this price is ₹35.67 Crores. The lot size for the IPO is 2,000 shares, with retail investors required to invest a minimum of ₹1,02,000 for one lot. High-Net-Worth Individuals (HNIs) are required to apply for a minimum of two lots (4,000 shares), totaling ₹2,04,000.

The book running lead manager for the Spinaroo Commercial IPO is FINSHORE MANAGEMENT SERVICES LIMITED, while CAMEO CORPORATE SERVICES LIMITED is the registrar for the issue. The market maker for this IPO is Black Fox Financial Private Limited.

As for the Grey Market Premium (GMP) of Spinaroo Commercial IPO, it is expected to be ₹0, reflecting no significant demand in the unorganized market. This means no real trading based on GMP can be relied upon for price discovery before the listing on the stock exchange. Grey Market Premium is entirely driven by demand and supply in an unofficial market, and it’s crucial to remember that GMP figures are provided only for educational purposes.

Spinaroo Commercial IPO Subscription Status

As of 10:00 AM on April 01, 2025, the live subscription status for the Spinaroo Commercial IPO shows that the IPO is subscribed 0.16 times on its second day of the subscription period. This status can be checked live on the BSE website.

Spinaroo Commercial IPO Day Wise GMP Trend

• March 25, 2025: IPO Price ₹51, Expected Listing Price ₹51, GMP ₹0 (0.00%)

• Date Updated: 02:00 PM, March 25, 2025

How to Check Spinaroo Commercial IPO Allotment Status

The allotment date for Spinaroo Commercial IPO is April 04, 2025. Investors can check their allotment status by following these simple steps:

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

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

3. Enter your application number, PAN, or DP Client ID and submit the details.

The allotment status will be available on the registrar's website once the final allotment is done, allowing investors to proceed accordingly.

Objectives of Spinaroo Commercial IPO

The net proceeds from the IPO will be utilized for the following purposes:

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

• ₹500.00 Lakhs will be allocated for general corporate purposes.

Spinaroo Commercial IPO Financials and Valuation

Spinaroo Commercial has demonstrated steady growth in its financial performance, with revenues from operations for the fiscal year ending September 30, 2024 at ₹2,101.65 Lakh, showing consistency over the years. The company’s EBITDA for the same period stands at ₹132.92 Lakh, while the Profit After Tax (PAT) is ₹61.48 Lakh.

For investors, key performance metrics are as follows:

• Pre-issue EPS: ₹2.8

• Post-issue EPS: ₹2.0

• Pre-issue P/E ratio: 18.21x

• Post-issue P/E ratio: 25.47x

• ROCE for FY24: 37.58%

• ROE for FY24: 23.23%

• RoNW for FY24: 23.23%

These metrics suggest that the IPO is priced fairly, considering the company's growth potential and market conditions.

IPO Review and Recommendation

Based on the company’s financial performance, valuation, and grey market trends, experts recommend avoiding the Spinaroo Commercial IPO for both listing gains and long-term investment purposes. The GMP of ₹0 and the P/E ratio indicate that there might be limited listing gains, and the company’s financial performance is average compared to its peers. Hence, the recommendation is to avoid the IPO for short-term gains but to consider a deeper look if seeking a long-term investment.

This IPO offers a chance for retail investors to diversify into the manufacturing sector, but its valuation and market performance should be closely monitored before making an investment decision.

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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