The initial public offer (IPO) of Spinaroo Commercial received bids for 2,98,000 shares as against 19,94,000 shares on offer, as per BSE data as of 17:00 hours on Friday (28 March 2025). The issue was subscribed 0.14 times.
The issue opened for bidding on Friday (28 March 2025) and it will close on Thursday (03 April 2025). The issue price of the IPO is fixed at Rs 51 per share. The minimum order quantity is 2,000 equity shares. The equity shares will list on BSE’s SME platform.
The IPO comprises fresh issue of 19,94,000 equity shares. The promoter and promoter group shareholding will dilute to 47.66 % from 66.67% pre-issue.
About 1,00,000 equity shares will be reserved for subscription by market makers to the issue. The net issue comprises of 18,94,000 equity shares. The issue and the net issue will constitute 28.51% and 27.08%, respectively, of the post-issue paid-up equity share capital of the company.
The company intends to utilize the net proceeds to meet working capital requirements and general corporate purposes.
Spinaroo Commercial is engaged in the manufacturing of aluminum foil containers, aluminum home foil, paper cups, paper plates, paper bowls, and semi-processed materials for paper cups, such as paper coating, printing, and blanking. It also deals in a wide range of paper cup-related machinery, including high-speed paper cup-making machines, flexo printing machines, automatic roll die-cutting machines, etc., with full end-to-end support. As of 31 October 2024, the company had 35 employees.
The company recorded revenue from operations of Rs 21.02 crore and net profit of Rs 0.61 crore for the period as of 30 September 2024.