Spinaroo Commercial Limited, a packaging material manufacturer, is preparing to enter the public market through an initial public offering (IPO) valued at ₹10.17 crores. The company will issue 19.94 lakh fresh shares, with the subscription period running from March 28 to April 3, 2025. Investors can anticipate the company's listing on the BSE SME platform on Tuesday, April 8, 2025.
The IPO is priced at ₹51 per share (with a ₹10 face value), offering different entry points for investors. Retail investors can participate with a minimum investment of ₹102,000 for one lot of 2,000 shares, while High Net-worth Individuals (HNIs) can subscribe with a minimum of ₹204,000 covering two lots. The company has outlined a streamlined post-subscription process, with share allotment notifications planned for April 4, 2025, and the subsequent market debut on April 8, 2025, presenting an emerging opportunity in India's dynamic packaging sector.
Spinaroo Commercial Limited IPO is a fundraise worth ₹10.17 crores comprising purely of a fresh issue with 100,000 shares reserved for the market maker Black Fox Financial Private Limited. 50% of the net issue is reserved for Retail investors while the remaining will be offered to other investors. The IPO will be available for subscription from March 28, 2025, to April 3, 2025, providing an opportunity for investors looking to gain a stake in the packaging segment.
| Spinaroo Commercial IPO date | March 28, 2025 - April 3, 2025 |
| Fixed price | ₹51 per share |
| Face value | ₹10 per share |
| Lot size | 2,000 shares |
| Issue type | Fixed Price IPO |
| Fresh issue size | 19,94,000 shares amounting to ₹10.17 crores |
| Total issue size | 19,94,000 shares amounting to ₹10.17 crores |
| Listing at | BSE SME |
| Market maker portion | 100,000 - Black Fox Financial Pvt Ltd |
| Shareholding post-issue | 69,94,000 shares |
| Shareholding pre-issue | 50,00,000 shares |
The Spinaroo Commercial Limited IPO opens for subscription on March 28, 2025, and closes on April 3, 2025, with allotment scheduled for April 4, 2025.
| IPO open date | March 28, 2025 (Friday) |
| IPO close date | April 3, 2025 (Thursday) |
| Basis of allotment | April 4, 2025 (Friday) |
| Initiation of refunds | April 7, 2025 (Monday) |
| Credit of shares to Demat account | April 7, 2025 (Monday) |
| Listing date on BSE SME | April 8, 2025 (Tuesday) |
| Cut-off time for UPI mandate confirmation | 5 PM on April 3, 2025 (Thursday) |
Spinaroo Commercial Limited, established on August 17, 2012, is a versatile manufacturing company specializing in aluminum and paper-based products. Their comprehensive product lineup includes aluminum foil containers, home foils, paper cups, plates, bowls, and semi-processed materials for paper cup production, with capabilities spanning coating, printing, and blanking processes.
The company distinguishes itself by offering not just finished products but also manufacturing machinery and end-to-end support. With a focus on high-quality, food-grade materials and expert manufacturing guidance, Spinaroo provides customers with superior products characterized by exceptional performance, competitive pricing, and reliable delivery. Their business model encompasses manufacturing, trading, and specialized job work services, catering to diverse client needs with 35 employees as of October 31, 2024.
Spinaroo Commercial IPO plans to utilize the net proceeds from the issue to meet its working capital requirements and cover general corporate expenses, supporting the company’s operational growth and financial stability.
The Spinaroo Commercial Limited IPO’s key performance indicators, as on March 31, 2024, reflect the company's financial health with a Return on Equity of 23.23%, Return on Capital Employed (ROCE) at 37.58% and a Debt-to-Equity ratio of 1.25. The Return on Net-Worth (RoNW) stands at 23.23%, and the PAT Margin was 3.40%. The Price to Book Value was 0.85. The company’s market capitalisation is ₹35.67 crores.
| Period Ended | September 30, 2024 | March 31, 2024 | March 31, 2023 | March 31, 2022 |
| Revenue | 21.02 | 41.21 | 53.19 | 47.58 |
| Assets | 21.94 | 19.05 | 19.48 | 17.82 |
| Net Worth | 6.64 | 6.03 | 4.63 | 3.70 |
| Profit After Tax | 0.61 | 1.40 | 0.93 | 0.52 |
| Reserves & Surplus | 1.64 | 5.03 | 3.63 | 2.70 |
| Total Borrowing | 7.43 | 7.52 | 8.43 | 8.99 |
Amount in ₹ crores
The pre-IPO EPS is at ₹2.80 while the post-IPO EPS will be ₹1.76. Similarly, the pre-IPO Price to Earnings ratio is 18.21 and will become 29.01 post-IPO.
Spinaroo Commercial Limited benefits from its dual manufacturing units within the same industrial complex, enhancing operational efficiency, reducing logistics costs, and improving supply chain management. The company’s vertical integration, from raw material sourcing to manufacturing, ensures cost efficiency, quality control, and scalability. With a strong R&D team, Spinaroo has achieved significant cost savings while expanding its product portfolio.
Additionally, its commitment to quality assurance, backed by ISO 9001:2015 certification, and long-term client relationships help drive repeat business and strengthen market trust. Experienced leadership further supports innovation and strategic growth, positioning the company competitively in the packaging industry.
The company faces challenges such as commodity price volatility, particularly in aluminum and paper, which can impact production costs and profitability. Its working capital-intensive nature requires substantial liquidity for inventory and operations.
The company is also highly dependent on the food service industry's trends, making it vulnerable to market fluctuations. Legal proceedings involving directors and promoters, procurement challenges in securing aluminum reels, and sustained negative cash flow could weaken financial stability. Additionally, concerns arise from promoters acquiring shares at a lower price than the issue price, which may affect investor confidence.
Investing early in Spinaroo Commercial Limited's IPO offers a chance to be part of its growth journey in the packaging sector. However, investors should thoroughly evaluate the company’s operational history, financial health, market position, and expansion plans while aligning the investment with their own goals and risk tolerance. Reviewing the offer document and seeking professional advice can help in making an informed decision about participating in this IPO.
What is the Spinaroo Commercial Limited IPO?
The Spinaroo Commercial Limited IPO is an BSE SME offering consisting of 19.94 equity shares with a face value of ₹10, aiming to raise ₹10.17 crores. The fixed price has been set at ₹51 per share, with a minimum order quantity of 2,000 shares. This IPO will be open for subscription from March 28, 2025, to April 3, 2025. Finshore Management Services Limited is the book-running lead manager, Cameo Corporate Services Limited is the registrar while Black Fox Financial Private Limited is the market maker.
When will the Spinaroo Commercial IPO open?
The Spinaroo Commercial Limited IPO will open for subscription on March 28, 2025, and will close on April 3, 2025.
When is the Spinaroo Commercial IPO listing date?
The tentative listing date for the Spinaroo Commercial Limited IPO is Tuesday, April 8, 2025.
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