 "Spinaroo Commercial IPO sees muted demand on Day 2; check latest GMP")
Spinaroo Commercial Day 2 update: The initial public offering (IPO) of Spinaroo Commercial, which opened for subscription on Friday, March 28, 2025, has received a lukewarm response from investors. The issue was subscribed only 18 per cent, as of 2:31 PM on Tuesday, day 2 of the offering, according to data from the BSE SME platform.
While the issue has not received any bids from the Qualified institutional buyers (QIBs), the portion reserved for retail investors was subscribed 0.34 times and the Non-institutional investors (NII) portion was subscribed 0.05 times.
Spinaroo Commercial IPO details
The company aims to raise ₹10.17 crore through a fresh issue of 1.99 million equity shares with no offer for sale (OFS) component. The SME IPO will close for bidding on Thursday, April 3, 2025. The basis of the allotment of shares is expected to be finalised on Friday, April 4, 2025. Spinaroo Commercial shares are scheduled to list on the BSE tentatively on April 8, 2025.
The company has fixed the price at ₹51 per equity share. Retail investors can bid for a minimum of one lot consisting of 2,000 shares with an investment amount of ₹1,02,000. The minimum investment required for high-net-worth individuals (HNIs) is ₹2,04,000 for two lots of 4,000 equity shares.
Cameo Corporate Services is the registrar for the issue. Finshore Management Services is the sole book-running lead manager.
According to the Red herring prospectus (RHP), the company aims to utilise ₹7.12 crore to meet working capital requirements and ₹2 crore for general corporate purposes.
Spinaroo Commercial IPO GMP
The unlisted shares of Spinaroo Commercial were trading flat at ₹51 in the grey market, according to sources tracking unofficial market activities.
About Spinaroo Commercial
Incorporated in August 2012, Spinaroo Commercial manufactures aluminium foil containers, aluminium home foil, paper cups, paper plates, paper bowls, and semi-processed material for paper cups viz paper coating, printing, blanking etc. It also deals in a wide range of paper cup-related machinery like high-speed paper cup making machine, flexo printing machine, automatic roll die cutting machine etc with full end to end support. The company operated two manufacturing facilities, both located within the Jalan Industrial Complex.
In FY24, the company reported revenue from operations of ₹41.2 crore, down 22.5 per cent from ₹53.2 crore reported in fiscal year 2022-23. It reported a net profit of ₹1.4 crore in FY24, up 50.54 per cent from ₹0.61 crore in the previous fiscal.