Spinaroo Commercial Limited has launched its Initial Public Offering (IPO), with the subscription period set from March 28 to April 3. The company has established a price band of ₹51 per equity share, each with a face value of ₹10. Investors can place bids for a minimum of 2,000 shares, and further bids must be in multiples of 2,000 shares.
Company Overview
Founded on August 17, 2012, Spinaroo Commercial specializes in manufacturing a range of products, including aluminum foil containers, household aluminum foil, paper cups, plates, and bowls. The company also offers semi-processed materials for paper cups, which encompass paper coating, printing, and blanking services.
Comprehensive Solutions in Manufacturing
Spinaroo not only produces high-quality consumer goods but also supplies a variety of machinery for paper cup production. Their offerings include:
- High-speed paper cup-making machines
- Flexo printing machines
- Automatic roll die-cutting machines
This comprehensive suite enables Spinaroo to deliver complete end-to-end solutions tailored to their clients’ needs.
Quality Commitment
The company prides itself on delivering products made from premium raw materials, ensuring exceptional performance and timely delivery. With stringent supervision in place, Spinaroo maintains competitive pricing without compromising on quality, thus catering effectively to customer demands.
Unique Market Position
As stated in their prospectus, Spinaroo Commercial operates in a niche market with no direct competitors listed on the Indian stock exchanges. This unique position means that they have opted against providing industry comparisons, highlighting their distinctive business model.
Subscription Status Update
As of the first day of the IPO, Spinaroo has recorded a 1% subscription rate. The retail segment has seen a 2% uptake, while the portions reserved for Non-Institutional Investors (NII) and Qualified Institutional Buyers (QIB) are yet to be filled. By 10:49 AM IST, the company had received bids for 18,000 shares, against the total offer of 18,94,001 shares, according to data from Chittorgarh.com.
IPO Details
The Spinaroo IPO includes a fresh issuance of 19,94,000 equity shares, aggregating to about ₹10.17 crore. There is no offer for sale (OFS) component included in this IPO. The proceeds from the offering are intended to support working capital and cover general corporate expenses.
Management and Support
Finshore Management Services Limited is serving as the lead book-running manager for this IPO, while Cameo Corporate Services Limited acts as the registrar. Additionally, Black Fox Financial Private Limited is designated as the market maker for the offering.
Grey Market Insights
As of today, the grey market premium (GMP) for Spinaroo Commercial’s IPO is reported at ₹0, indicating that shares are trading at the issue price of ₹51 without any premium or discount, based on data from Investorgain.com. The GMP serves as a barometer of investor sentiment, reflecting the willingness to pay above the issue price.
With Spinaroo Commercial’s IPO now active, investors are keenly watching the developments and subscription status, particularly with the retail segment showing early interest.
