Spinaroo Commercial IPO is a fixed price issue, raising ₹10.17 crore through a fresh issue of 19.94 lakh shares. The IPO subscription period began on March 28, 2025, and closes soon on April 3, 2025. The allotment is expected to be finalised on April 4, 2025, with the listing set for April 8, 2025, on the BSE SME.
The IPO is priced at ₹51 per share, with a minimum lot size of 2,000 shares. Retail investors need to invest at least ₹1,02,000, while High Net-Worth Individuals (HNI) must apply for a minimum of 2 lots (4,000 shares), requiring an investment of ₹2,04,000.
Finshore Management Services Limited is managing the IPO as the book-running lead manager, while Cameo Corporate Services Limited is handling the registrar duties. Black Fox Financial Private Limited is the designated market maker for the issue.
For complete details regarding financials, risk factors, and company information, refer to the Spinaroo Commercial IPO Draft Red Herring Prospectus (DRHP).
Industry Outlook
- The Indian manufacturing industry, which contributed 16-17% to the pre-pandemic GDP, is on track to become one of the fastest-growing sectors. With the government's goal to increase manufacturing's share to 25% of GDP by 2025, the sector is set for strong expansion. This growth creates new opportunities for Spinaroo Commercial Limited, allowing it to cater to the increasing demand for manufacturing solutions.
- The Indian paper cups market is projected to grow from 22.7 billion units in 2023 to 28.7 billion units by 2032 at a CAGR of 2.64%. The shift toward sustainable packaging and rising demand from quick-service restaurants (QSRs) offer significant growth potential. Spinaroo Commercial Limited can benefit from this trend by expanding its presence in the eco-friendly packaging segment.
Spinaroo Commercial IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- The IPO proceeds will be used to meet working capital needs, ensuring smooth operations and business expansion.
- The remaining funds will be used for general corporate purposes.
About Spinaroo Commercial Limited
Spinaroo Commercial Limited is a leading manufacturer of aluminium foil containers, home foil, paper cups, paper plates, and paper bowls. The company also specialises in semi-processed materials for paper cup production, including paper coating, printing, and blanking.
In addition, it supplies a range of high-speed paper cup making machines, flexo printing machines, and automatic roll die-cutting machines with comprehensive end-to-end support.
Operating from two strategically located manufacturing facilities within the Jalan Industrial Complex in Kolkata, the company benefits from efficient logistics and cost-effective operations. The facilities are equipped with advanced machinery, ensuring smooth manufacturing, quality testing, storage, and packaging. Regular upgrades and maintenance help sustain high production rates, and adherence to ISO 9001:2015 certification reflects a commitment to superior product quality at competitive prices.
The company has a strong domestic presence across 12 states and 2 Union Territories, including key regions like West Bengal, Delhi, Gujarat, and Rajasthan. Expanding beyond the Indian market, it has successfully entered Bhutan, marking the beginning of international expansion. Plans are in place to further extend its reach to other global markets, leveraging in-house capabilities in coating, laminating, and printing to provide cost-effective solutions that enhance client efficiency.
With a focus on innovation, quality, and expansion, Spinaroo Commercial Limited is positioned as a key player in the packaging and manufacturing sector, catering to diverse industries with reliable and sustainable solutions.
How To Check the Allotment Status of Spinaroo Commercial IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
How To Apply for the Spinaroo Commercial IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Spinaroo Commercial IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
Contact Details of Spinaroo Commercial IPO
Registered office: Jalan Industrial Complex Gate-1, Right Lane-6, P.O. Jangalpur, Begri Gram Panchayat, Howrah711 411, West Bengal, India
Phone: +91 96747 03249
E-mail: compliance@spino.co.in
Spinaroo Commercial IPO Reservation
|
Investor Category |
Shares Offered |
|
Retail Shares Offered |
50% of the Net Issue |
|
Other Shares Offered |
50% of the Net Issue |
Spinaroo Commercial IPO Lot Size
|
Application |
Lots |
Shares |
Amount |
|
Retail (Min) |
1 |
2,000 |
₹1,02,000 |
|
Retail (Max) |
1 |
2,000 |
₹1,02,000 |
|
HNI (Min) |
2 |
4,000 |
₹2,04,000 |
Spinaroo Commercial IPO Promoter Holding
The promoters of the company are Mr. Amit Sultania, Mr. Aditya Todi, and Mrs. Mridula Todi.
|
Share Holding Pre-Issue |
66.67% |
|
Share Holding Post Issue |
47.66% |
Note: Equity dilution will be determined by subtracting the Share Holding Post Issue from the Share Holding Pre Issue.
Key Performance Indicators for Spinaroo Commercial IPO
|
KPI |
Value |
|
RoE (%) |
23.23 |
|
RoCE (%) |
37.58 |
|
Debt/Equity |
1.25 |
|
PAT Margin |
3.40 |
|
Particulars |
Pre IPO |
Post IPO |
|
EPS (₹) |
2.80 |
1.76 |
|
P/E (x) |
18.21 |
29.01 |
Note: The Pre-IPO EPS is based on the pre-issue shareholding as per the RHP and the latest FY earnings as of March 31, 2024. The Post-Issue EPS is calculated using the post-issue shareholding and annualised FY earnings as of September 30, 2024, as stated in the RHP.
Spinaroo Commercial IPO Prospectus
Spinaroo Commercial IPO Registrar and Lead Managers
Spinaroo Commercial IPO Lead Managers
- Finshore Management Services Limited
Spinaroo Commercial IPO Market Marker
- Black Fox Financial Private Limited
Registrar for Spinaroo Commercial IPO
Cameo Corporate Services Limited
- Contact Number:+91-44-28460390
- Email Address: ipo@cameoindia.com
Spinaroo CommercialIPO Registrar
Financial Performance of Spinaroo Commercial Limited
| Particulars | Year ending on March 31, 2024 | Year ending on March 31, 2023 |
|---|---|---|
| Revenue from Operation (in ₹ lakh) | 4,083.68 | 5,312.50 |
| Profit After Tax (PAT) (in ₹ lakh) | 140.05 | 93.06 |
| Return on Equity (%) | 23.23 | 20.10 |
| Debt-Equity Ratio (x) | 1.25 | 1.82 |
| Return on Capital Employed (%) | 37.58 | 27.47 |
| Total Borrowings (₹ in lakh) | 751.74 | 843.48 |
| EBITDA (in ₹ lakh) | 264.50 | 219.22 |
Know before investing
Strengths
8Spinaroo Commercial operates two manufacturing units for efficient scaling and logistics.
Experienced leadership drives innovation, strategic growth, and competitive industry positioning.
R&D efforts led to 15% cost savings and product expansion.
ISO 9001:2015 certification ensures stringent quality control and product excellence.
Strong client relationships drive repeat business and long-term market trust.
Backward integration boosts margins and mitigates supply chain risks.
Domestic presence spans 12 states and 2 UTs, with export potential.
Strategic raw material imports reduce costs and enhance production efficiency.
Risks
8Legal proceedings involving directors and promoters may impact business operations.
Aluminium reel procurement challenges affect production and sales performance.
Failure to adapt to consumer trends may reduce market competitiveness.
Sustained negative cash flow could weaken financial stability and growth.
Promoters acquired shares at a lower price than the issue price.
The machinery trading segment contributes minimally due to infrequent transactions.
High inventory levels increase financial burden compared to industry peers.
Related party transactions may impact financial terms and business transparency.
