Spinaroo Commercial SME IPO: A Comprehensive Analysis IPO 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 |
About 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.
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%) |
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.
Spinaroo Commercial SME IPO: A Comprehensive Analysis Financial Information
Latest Revenue
21.02
₹ Crore
Profit After Tax
0.61
₹ Crore
Net Worth
6.64
₹ Crore
Total Borrowing
7.43
₹ Crore
| Period Ended | Assets | Revenue From Operations | 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 | |||||||||
Spinaroo Commercial SME IPO: A Comprehensive Analysis 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 |
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Competitive Strengths
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Spinaroo Commercial SME IPO: A Comprehensive Analysis IPO Timeline
| 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 |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Retail (Min) | 1 | 2000 | ₹1,02,000 |
| Retail (Max) | 1 | 2000 | ₹1,02,000 |
| HNI (Min) | 2 | 4000 | ₹2,04,000 |