Question 1: What is the Overview of the Company?

​Spinaroo Commercial Limited, established on August 17, 2012, specializes in manufacturing aluminum foil containers, aluminum home foils, paper cups, plates, bowls, and semi-processed materials for paper cup production, including coatings, printing, and blanking. The company also supplies equipment for paper cup manufacturing, such as high-speed cup-making machines, flexo printing machines, and automatic roll die-cutting machines, offering comprehensive support to the paper cup industry. ​

Operating through three primary business segments—Manufacturing, Trading, and Job Work—Spinaroo Commercial produces aluminum foils, containers, and paper products, and sells semi-finished materials after processing. In its Trading segment, the company offers similar products and modified semi-finished raw materials for paper products. The Job Work segment provides services like shaping, printing, and coating paper products with food-grade materials, tailored to client specifications. ​

The company’s competitive strengths include dual manufacturing units within the same industrial complex, leadership with a clear growth vision, a dedicated research and development team driving innovation and efficiency, a strong commitment to quality, the ability to build lasting client relationships, and backward integration in its production process

Segment Wise Revenue Bifurcation :

Geography Wise Revenue Bifurcation:

State wise Revenu Bifurcaiton:

Capacity and Capacity Utilization:

Quesiton 2: Who are the promoter of the company?

Mr. Aditya Todi is the Managing Director of the company. He holds a Bachelor of Commerce degree from the University of Varanasi, which he completed in 1994. He holds over 15 years of experience in the Construction sector and over 10 year of experience in handling the manufacturing of disposable products.

Mr. Amit Sultania is the Executive Director cum CFO of the Company. He has completed his bachelor of Commerce degree from Calcutta University in 1998. He has also Cleared the CA foundation exam held by The Institute of Chartered Accoutants of India (ICAI) in 1997 and worked under Chartered Accountancy firm for approx. 5-6 years handling Accounts, finance and Income Tax Matters.

Mr. Pushp Deep Rungta is the Non-Executive Director of the Company. He has Completed his graduation from St. Xavier’s College, Kolkata in 2017. Furthermore, he is a qualified CA and member of the ICAI Since December 2018. He has also Successfully cleared the CFA examination in June 2019.

Question 3: How Company performed in the past?

Question 4: How much money is the company raising and why?

In the IPO, the company is offering 19.94 Lakh shares, priced at INR 51 per share, aggregating to total of INR 10.17 Cr. with a lot size of 2000 shares. For the purposes of:

Funding Working Capital Requirements – INR 7.12 Cr

General Corporate Purposes – INR 2 Cr.

Qusetion 5: Valuation of the company and comparison with other companies

As per RHP, there is no listed peer of the Company.

Strengths:

1. Diversified Product Portfolio – Spinaroo Commercial manufactures aluminum foil containers, home foils, paper cups, plates, and related materials, catering to a broad customer base.
2. Backward Integration – The company controls various aspects of the supply chain, enhancing efficiency and reducing dependency on external suppliers.
3. Dual Manufacturing Units – Both units are located in the same industrial complex, allowing streamlined operations and cost efficiencies.
4. Strong R&D Capabilities – A dedicated research and development team drives product innovation and process improvements.
5. Established Client Relationships – The company has long-term partnerships with customers, ensuring a steady demand for its products.
6. Custom Job Work Services – Spinaroo provides specialized services like shaping, printing, and coating, adding value beyond just manufacturing.

Weaknesses:

1. Dependence on Raw Material Prices – Fluctuations in aluminum and paper raw material costs can impact profitability.
2. Competition in the Industry – The company operates in a highly competitive market with both organized and unorganized players.
3. Regulatory and Environmental Compliance – Stringent environmental regulations on paper and aluminum usage could affect operations.
4. Limited Brand Recognition – Compared to larger, established players, Spinaroo may have lower market visibility.
5. Operational Risks – Since both manufacturing units are in the same complex, any disruption (fire, machinery failure, etc.) could impact overall production.

​Registrar and Transfer Agents

The registrar and transfer agent for Spinaroo Commercial Limited’s IPO is Cameo Corporate Services Limited. They are responsible for handling the share allotment and transfer processes.​

Contact Details:

• Address: “Subramanian Building,” #1, Club House Road, Chennai, Tamil Nadu – 600002​
• Phone: +91-44-28460390​
• Email: ipo@cameoindia.com​
• Website: https://ipo.cameoindia.com/​

​Company Address

Spinaroo Commercial Limited’s registered office and factory are located at:

Address:
Jalan Industrial Complex Gate-1, Right Lane-6, P.O. Jangalpur, Begri Gram Panchayat, Howrah, West Bengal, India, 711411. ​

Contact Details:

• Phone: +91 96747 03249 ​
• Email: compliance@spino.co.in ​
• Website: www.spino.co.in

Spinaroo Commercial Limited IPO – FAQ

1. What does Spinaroo Commercial Limited do?

Spinaroo Commercial Limited manufactures aluminum foil containers, home foils, paper cups, plates, and related semi-processed materials. The company also provides equipment for paper cup manufacturing and offers custom job work services.

2. When is the Spinaroo Commercial IPO opening?

The IPO is expected to open on March 28, 2025, and close on April 3, 2025.

3. What is the issue price of the Spinaroo Commercial IPO?

The issue price is ₹51 per share.

4. What is the lot size for the IPO?

The minimum lot size is 2,000 shares, meaning investors must apply for at least ₹102,000 worth of shares.

5. On which stock exchange will Spinaroo Commercial Limited be listed?

The company will be listed on the BSE (Bombay Stock Exchange).

6. Who is the registrar for the IPO?

The registrar for the IPO is Cameo Corporate Services Limited.

7. What is the objective of the IPO?

The company aims to raise funds for working capital requirements and general corporate purposes.

8. Who is the lead manager for the IPO?

The lead manager for the IPO is Finshore Management Services Limited.

9. What are the strengths of Spinaroo Commercial Limited?

Some key strengths include:

• Diversified product portfolio
• Backward integration in manufacturing
• Strong R&D capabilities
• Established client relationships
• Custom job work services

10. What are the risks and weaknesses of Spinaroo Commercial Limited?

Some risks include:

• Dependency on raw material prices (aluminum and paper)
• High competition in the industry
• Environmental and regulatory compliance risks
• Limited brand recognition

11. How can I apply for the Spinaroo Commercial IPO?

Investors can apply through their Demat account via UPI-based applications on platforms like Zerodha, Angel One, and other brokerage firms.

12. What is the official website of Spinaroo Commercial Limited?

The official website is www.spino.co.in.