Spinaroo Commercial
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 28 Mar 2025 – 03 Apr 2025
- Listing date
- 08 Apr 2025
- Face value
- ₹1 per share
- Issue price
- ₹51 per share
- Lot size
- 2,000 shares
- Issue type
- Fixed Price issue
- Listing at
- BSE
- Total issue size
- ₹10.17 Cr
- Market cap at offer price
- ₹35.67 Cr
- Promoter holding
- 66.67% → 47.66% pre-issue → post-issue
- ISIN
- INE10XX01012
- Registrar
- Cameo Corporate Services Ltd.
- Lead managers
- Finshore Management Services Ltd.
- Registered office
- Jalan Industrial Complex Gate-1, Right Lane-6, P.O.Jangalpur, Begri Gram Panchayat, West Bengal
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 0 | — | — |
| Market maker | 1,00,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹51
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,02,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,04,000 |
| S-HNI (max) | 9 | 18,000 | ₹9,18,000 |
| B-HNI (min) | 10 | 20,000 | ₹10,20,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 2.80 | 1.76 |
| P/E (×) | 18.21 | 28.98 |
| Price to book (×) | 0.85 | — |
| Market cap | — | ₹35.67 Cr |
Key performance indicators
- Return on net worth
- 23.23%
- ROCE
- 37.58%
- Debt / equity
- 1.25
- PAT margin
- 3.40%
- NAV per share
- ₹12.06
- Price to book
- 0.85
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Spinaroo Commercial
Spinaroo Commercial Limited, incorporated in August 2012 and converted to a public company in August 2024, is engaged in manufacturing aluminium foil containers, aluminium home foil, paper cups, paper plates, paper bowls, and semi-processed materials for paper products. The company operates two manufacturing facilities within the Jalan Industrial Complex in Howrah, West Bengal. It manufactures finished products while also selling semi-finished raw materials and engages in job work services for client-specific customization. Additionally, the company trades in paper cup-related machinery including high-speed paper cup making machines, extrusion coating lamination machines, flexo printing machines, and die punching machines. The company has established a domestic presence across 12 states and 2 Union Territories, and has begun international expansion into Bhutan.
Company Analysis
from DRHPSpinaroo Commercial Limited manufactures and trades in aluminium foil containers, home foils, paper cups, plates, and bowls alongside paper cup-related machinery across the packaging and paper products industries.
Spinaroo Commercial Limited, incorporated in August 2012 and converted to a public company in August 2024, is engaged in manufacturing aluminium foil containers, aluminium home foil, paper cups, paper plates, paper bowls, and semi-processed materials for paper products. The company operates two manufacturing facilities within the Jalan Industrial Complex in Howrah, West Bengal. It manufactures finished products while also selling semi-finished raw materials and engages in job work services for client-specific customization. Additionally, the company trades in paper cup-related machinery including high-speed paper cup making machines, extrusion coating lamination machines, flexo printing machines, and die punching machines. The company has established a domestic presence across 12 states and 2 Union Territories, and has begun international expansion into Bhutan.
Objects of the Issue
- Working Capital Requirements ₹712.84 lakhs p.73
- General Corporate Purposes ₹200.00 lakhs p.79
Issue Structure
- Total Issue
- ₹1,016.94 lakhs
- Fresh Issue
- 19,94,000 Equity Shares of ₹10/- face value aggregating to ₹1,016.94 lakhs
- Offer for Sale
- Nil
- Price Band
- ₹51/- per Equity Share (fixed price)
- Lot Size
- 2,000 Equity Shares
- Face Value
- ₹10/- per Equity Share
Business Model
The company operates through three primary revenue-generating segments: Manufacturing (98.97% of FY 2024-25 H1 revenue), where it produces aluminium containers, home foils, paper cups, plates, bowls, and coated/uncoated paper products; Trading (negligible in recent periods), involving machinery sales; and Job Work (0.59% of FY 2024-25 H1 revenue), providing customized processing, printing, and coating services. Revenue is also generated from semi-finished product sales. The company employs backward integration by converting raw uncoated paper into raw materials for final product manufacturing.
Business Segments
SWOT Analysis
- • Established manufacturing capabilities with dual facilities in same complex providing cost efficiencies(p.107)
- • ISO 9001:2015 certified with strong quality assurance systems(p.107)
- • Experienced management team and workforce with industry expertise(p.117)
- • Backward integration enabling higher profit margins across value chain(p.117)
- • Strong established customer relationships driving repeat business(p.117)
- • Dedicated R&D team delivering innovation and cost savings(p.117)
- • Significant dependence on limited number of suppliers for raw materials(p.29)
- • Heavy concentration of customer base with top 10 customers accounting for significant revenue(p.28)
- • No long-term contracts with clients leaving business vulnerable to immediate termination(p.33)
- • High inventory requirements straining working capital and creating obsolescence risk(p.27)
- • Concentration of manufacturing operations in single geographic region(p.29)
- • Procuring raw materials from overseas countries with high dependence on advance payments(p.118)
- • Expansion to untapped domestic markets across India(p.118)
- • Growing global demand for eco-friendly and disposable products with export potential(p.118)
- • India paper cups market projected to grow at 2.64% CAGR through 2032(p.105)
- • Government encouragement of paper cups adoption for environmental sustainability(p.105)
- • Diversification of product offerings to capture emerging market trends(p.119)
- • Strategic sourcing of raw materials from competitive international suppliers(p.118)
- • Significant raw material price fluctuations and supply chain disruptions(p.30)
- • Intense competition from organized and unorganized players in the industry(p.28)
- • Aluminum sourcing challenges due to anti-dumping duties and oxidation issues(p.25)
- • Labour-intensive operations vulnerable to workforce disruptions and strikes(p.29)
- • High concentration of domestic sales in West Bengal creating geographic vulnerability(p.29)
- • Regulatory changes and compliance requirements affecting operations(p.46)
- • General economic slowdown affecting industry demand and consumer spending(p.47)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Amit Sultania | Promoter | 25.08% | 17.93% |
| Aditya Todi | Promoter | 16.36% | 11.70% |
| Mridula Todi | Promoter | 16.50% | 11.80% |
Leadership
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.