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Spinaroo Commercial SME IPO: A Comprehensive Analysis
Spinaroo Commercial SME IPO: A Comprehensive Analysis
Spinaroo Commercial Limited is a manufacturing company with a focused presence in the packaging and disposable products industry. Incorporated on August 17, 2012, the company has established itself as a reliable manufacturer of aluminum-based packaging solutions and paper products. Its product portfolio spans a range of items including aluminum foil containers, aluminum home foils, paper cups, plates, bowls, and semi-processed materials for paper cups. The company also supports the packaging sector by providing specialized machinery for paper cup production, such as high-speed cup-making machines, printing machines, and automatic roll die-cutting machines.
Company History and Evolution
Since its inception in 2012, Spinaroo Commercial has grown from a modest enterprise into a company with multiple manufacturing units and a broad customer base. Based in West Bengal, the company has leveraged its strategic location to enhance operational efficiency and logistics. With an early focus on quality and innovation, Spinaroo Commercial has steadily built a reputation for excellence within the competitive packaging market.
Business Segments and Product Range
Spinaroo Commercial operates across several key business segments:
1. Manufacturing
The company manufactures a wide array of products:
- Aluminum Foil Containers & Home Foils: These are used extensively in food packaging and storage. The products are manufactured using high-grade aluminum, ensuring durability and safety.
- Paper Cups, Plates, and Bowls:Catering to the disposable food service industry, these products are produced with food-grade materials and are designed for both functionality and eco-friendliness.
- Semi-Processed Materials: The company offers materials used for paper cup production, including paper coating, printing, and blanking. This segment supports downstream processing and value addition in the paper products market.
Market Presence and Geographic Reach
Spinaroo Commercial Limited has built a strong domestic footprint by serving clients across 12 states and 2 Union Territories. Some key markets include:
- West Bengal & Delhi:Core markets where the company’s products are widely used.
- Gujarat, Rajasthan, and Bihar: Regions where demand for cost-effective and high-quality packaging solutions continues to grow.
- Chhattisgarh, Assam, and Beyond: Extending even to remote locations such as the Andaman & Nicobar Islands, reflecting the company’s commitment to reaching a broad customer base.
Manufacturing Facilities and Infrastructure
The company benefits from having dual manufacturing units located within the Jalan Industrial Complex in Howrah, West Bengal. This clustering offers significant operational and logistical advantages:
- Operational Scale: The presence of two closely situated facilities allows for increased production capacity and better resource utilization.
- Logistics Efficiency: A consolidated location minimizes transportation costs and ensures faster delivery times to customers across various regions.
- Quality Control: In-house capabilities for processes such as coating, laminating, and printing are maintained under stringent ISO 9001:2015 standards, ensuring consistent quality and compliance with industry norms.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
Spinaroo Commercial SME IPO: A Comprehensive Analysis
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
Spinaroo Commercial SME IPO: A Comprehensive Analysis Details
| Detail | Description |
|---|---|
| IPO Date | March 28, 2025 to April 3, 2025 |
| Listing Date | April 8, 2025 |
| Face Value | ₹10 per share |
| Issue Price | ₹51 per share |
| Lot Size | 2,000 Shares |
| Total Issue Size | 19,94,000 shares (aggregating up to ₹10.17 Cr) |
| Fresh Issue | 19,94,000 shares (aggregating up to ₹10.17 Cr) |
| Issue Type | Fixed Price IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 50,00,000 shares |
| Share Holding Post Issue | 69,94,000 shares |
Spinaroo Commercial SME IPO: A Comprehensive Analysis Timeline
| Detail | Description |
|---|---|
| IPO Open Date | Fri, Mar 28, 2025 |
| IPO Close Date | Thu, Apr 3, 2025 |
| Tentative Allotment | Fri, Apr 4, 2025 |
| Initiation of Refunds | Mon, Apr 7, 2025 |
| Credit of Shares to Demat | Mon, Apr 7, 2025 |
| Tentative Listing Date | Tue, Apr 8, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on April 3, 2025 |
Spinaroo Commercial SME IPO: A Comprehensive Analysis Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 2000 | ₹1,02,000 |
| Retail (Max) | 1 | 2000 | ₹1,02,000 |
| HNI (Min) | 2 | 4000 | ₹2,04,000 |
EnNutrica IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| Anchor Investor Shares Offered | - |
| Market Maker Shares Offered | 1,00,000 (5.02%) |
| Other Shares Offered | 9,47,000 (47.49%) |
| Retail Shares Offered | 9,47,000 (47.49%) |
Spinaroo Commercial SME IPO: A Comprehensive Analysis Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| 66.67% | 47.66% |
Competitive Strength:
- -
Spinaroo Commercial SME IPO: A Comprehensive Analysis Financial Information
| Period Ended | Assets | Revenue | Profit After Tax | Net Worth | Total Borrowing | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 30 Sep 2024 | 21.94 | 21.02 | 0.61 | 6.64 | 7.43 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 19.05 | 41.21 | 1.4 | 6.03 | 7.52 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 19.48 | 53.19 | 0.93 | 4.63 | 8.43 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2022 | 17.82 | 47.58 | 0.52 | 3.7 | 8.99 | |||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 23.23% |
| ROCE | 37.58% |
| Debt/Equity | 1.25 |
| RoNW | 23.23% |
| PAT Margin | 3.40 |
| Price to Book Value | 0.85 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 2.80 | 1.76 |
| P/E (x) | 18.21 | 29.01 |
Objectives of Spinaroo Commercial Limited’s SME IPO:
- Working Capital Requirements:
A significant portion of the funds raised is earmarked to bolster the company’s working capital. This includes ensuring smooth day-to-day operations, managing inventory and production costs, and maintaining efficient supply chain and vendor relationships. - General Corporate Purposes:
The IPO proceeds will also be used to cover general corporate expenses. This involves activities such as marketing, administrative functions, and strategic business development initiatives that support the company’s long-term growth plans. - Expansion and Operational Efficiency:
By raising fresh capital, the company aims to invest in new technologies and processes to improve production capacity. This objective is closely tied to leveraging its dual manufacturing units and enhancing logistics within its operational framework. - Strengthening Market Position:
The additional capital will support initiatives to solidify the company’s presence across its target markets. Investments in quality improvements and customer service enhancements are expected to foster stronger client relationships and drive repeat business.
These objectives are designed to provide the financial flexibility needed to support Spinaroo Commercial’s growth strategy, ensuring that it continues to innovate and meet the evolving demands of the packaging and disposable products industry.
Conclusion
Spinaroo Commercial Limited has evolved into a notable player in the packaging and disposable products market through strategic investments in quality, innovation, and operational efficiency. With its diversified product portfolio, robust manufacturing capabilities, and a management team focused on growth, the company is well positioned to meet the dynamic demands of the domestic market. As it continues to navigate market challenges and capitalize on its competitive strengths, Spinaroo Commercial remains a key contributor to the evolving landscape of the packaging industry in India.
RHP:
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Frequently asked Questions (FAQs )
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What industry does Spinaroo Commercial operate in?
Spinaroo Commercial is a manufacturing company specializing in the packaging and disposable products industry. It is well known for producing aluminum-based packaging solutions as well as a variety of paper products.
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When was the company established?
The company was incorporated on August 17, 2012, and has since grown significantly in terms of production capacity and market reach.
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What are the primary products offered by the company?
Spinaroo Commercial manufactures aluminum foil containers, aluminum home foils, paper cups, plates, and bowls. It also produces semi-processed materials for paper cups and provides specialized machinery, such as high-speed cup-making machines, printing machines, and automatic roll die-cutting machines.
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What are the main objectives of the SME IPO?
The SME IPO is intended to raise funds to support the company’s working capital requirements and general corporate purposes. The additional capital will also be used to invest in new technologies and production processes, ultimately enhancing production capacity and operational efficiency, while strengthening its market position.
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When is the IPO scheduled to open and close, and what are the key dates?
The IPO opens on March 28, 2025, and closes on April 3, 2025. Allotment is expected on April 4, 2025, with refunds and crediting of shares to demat accounts on April 7, 2025. The tentative listing date is April 8, 2025, with a UPI mandate cut-off at 5 PM on April 3, 2025.
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What is the pricing structure of the IPO?
The issue price for the IPO is set at ₹51 per share, with a face value of ₹10 per share. Investors are required to subscribe in lots of 2,000 shares.
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How many shares are being offered in the IPO, and what is the total issue size?
The IPO consists of 19,94,000 shares, which aggregates to a total issue size of approximately ₹10.17 Crore, and it is a fresh issue with no offer for sale component.
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What is the geographic reach of Spinaroo Commercial’s products?
The company has a strong domestic presence, serving clients in 12 states and 2 Union Territories across India. Key markets include West Bengal, Delhi, Gujarat, Rajasthan, and Bihar, along with extended reach to regions like Chhattisgarh, Assam, and even remote areas such as the Andaman & Nicobar Islands.
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What are some of the key financial performance indicators of the company?
The financial highlights include a healthy return on equity (ROE) of around 23.23% and a return on capital employed (ROCE) of approximately 37.58%. Additionally, its profit after tax, net worth, and operating metrics have shown promising trends, supporting its growth and market position.
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Who are the key promoters, and how does their shareholding change after the IPO?
The promoters of Spinaroo Commercial include Mr. Amit Sultania, Mr. Aditya Todi, and Mrs. Mridula Todi. Before the IPO, the promoters hold 66.67% of the shares; however, their shareholding is expected to adjust to 47.66% post-IPO as new equity is issued.
