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Spinaroo Commercial IPO
Spinaroo Commercial Ltd
₹1,02,000 /2000 sharesMinimum Investment
Spinaroo Commercial IPO Listing Details
| Listed On | Issue Price | Listing Price | Listing Gains |
|---|---|---|---|
| -- | ₹51.00 | ₹52.85 | ₹1.85 (3.63%) |
Spinaroo Commercial IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 28 Mar ‘25 - 3 Apr ‘25 | ₹1,02,000 | 2,000 | ₹51 - ₹51 |
| Issue Size | IPO Doc |
|---|---|
| 10.17Cr | RHP PDF |
Subscription rate
As of 03 Apr'25, 04:00 PM
| Qualified Institutional Buyers | 0.00x |
| Non-Institutional Investor | 1.93x |
| Retail Individual Investor | 1.08x |
| Total | 1.43x |
About Spinaroo Commercial
Founded in
2012
Managing director
Mr Aditya Todi
Parent organisation
Spinaroo Commercial Ltd
Strengths & Financials of Spinaroo Commercial
Strengths
Risks
The company is ISO 9001:2015 certified for quality management systems.
The company claims that the close proximity of its manufacturing units within the Jalan Industrial Complex allows for better resource management, reduced operational complexities, and smoother coordination between production, storage, and logistics.
The company claims to have a dedicated research and development (R&D) team that has enabled it to expand its product line and optimise production processes.
The company claims that apart from manufacturing finished products such as paper cups, plates, and bowls, it also converts raw, uncoated paper into essential raw materials used in the production of these items. It further claims that by managing both the conversion of raw materials and the manufacturing of final products, they achieve higher profit margins throughout the entire value chain.
The company has seen a consistent increase in profit after tax (PAT). PAT increased from Rs 0.52 crore in FY22 to Rs 0.93 crore in FY23 to Rs 1.40 crore in FY24.
The company, its subsidiaries, promoters, and directors are involved in certain ongoing legal proceedings. Any adverse judgements in any of these cases could be detrimental to the company’s business prospects.
The company faces significant challenges in procuring aluminium reels, which are essential raw materials for its products. Due to factors like anti-dumping duties on imports from China and the risk of oxidation when stored improperly, the company has encountered difficulties in maintaining a stable supply. If the company fails to establish a proper storage facility or secure alternative, cost-effective suppliers, it could negatively affect the production and sales of aluminium-based products.
Spinaroo Commercial has reported negative cash flows from investing activities amounting to Rs 0.33 crore in FY22, Rs 0.11 crore in FY23, and 0.02 crore in the period ending September 2024. It also experienced negative cash flows from financing activities, amounting to Rs 1.26 crore in FY22, Rs 1.33 crore in FY23, Rs 1.65 crore in FY24, and Rs 0.44 crore in the period ending September 2024. If cash outflows continue to exceed inflows, the company may face liquidity challenges in the future.
Spinaroo Commercial has previously delayed the filing of certain forms with the Registrar of Companies (RoC) beyond the stipulated deadlines under the Companies Act 2013. This raises concerns about the company’s internal controls, compliance culture, and corporate governance practises.
The company’s operations are heavily concentrated in West Bengal. For the six months ending September 30, 2024, and for the past three fiscal years, sales from West Bengal accounted for approximately 65.39%, 62.12%, 62.91%, and 77.80% of total revenue. Any adverse political, social or economic developments in this region can negatively impact the company.
The top 10 customers of the company contributed Rs 9.33 crore (44.41%), Rs 14.56 crore (35.64%), Rs 18.82 crore (35.43%), and Rs 19.23 crore (40.53%) to the order book in six months ending September 30, 2024, FY24, FY23, and FY22, respectively. Any failure to retain these key customers, expand the customer base, or a loss of business from these clients can adversely affect the company’s business and financial standing.
The top 10 suppliers of the company accounted for approximately 96.40%, 91.28%, 80.27%, and 91.44% of total purchases during the six months ending September 30, 2024, FY24, FY23, and FY22, respectively. The company does not have long-term contracts with its suppliers. Any disruption in the supply chain, such as delays, shortages, or substandard quality of raw materials, could significantly affect the company’s production capabilities, reputation, and profitability.
The company’s inventory for the six months ending September 30, 2024, FY24, FY23, and FY22 amounted to Rs 12.13 crore, Rs 11.11 crore, Rs 9.61 crore and Rs 7.89 crore, respectively. According to the company, its requirement of maintaining inventory is high compared to other companies in the same industry. Any adverse changes in the company’s ability to manage its high inventory levels efficiently may lead to increased holding costs, risk of inventory obsolescence, and working capital constraints and may adversely affect its business operations.
As of September 30, 2024, the company had outstanding financial indebtedness of Rs 7.43 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.
Spinaroo Commercial Financials
*All values are in Rs. Cr
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Application Details of Spinaroo Commercial IPO
| Apply as | Price band | Apply upto |
|---|---|---|
| Regular | ₹51 - 51 | ₹2 - 5 Lakh |
| High Networth Individual | ₹51 - 51 | ₹2 - 5 Lakh |
For Spinaroo Commercial IPO, eligible investors can apply as Regular.