Spinaroo Commercial IPO booked 1.4 times on final day: Here’s how to check allotment status

The ₹10.17-crore initial public offering (IPO) of Spinaroo Commercial Ltd was fully subscribed on final day, April 3. The issue attracted decent bidding from investors on the last day after seeing tepid demand on the first two days.

The IPO saw overall subscription of 1.47 times as of 3:30 pm on Day 3, with the company receiving bids for more than 27.5 lakh shares compared to 18.9 lakh shares on offer.

The retail quota was booked 1.12 times, with the company receiving bids for 10.2 lakh shares against more than 9.4 lakh shares reserved for the category. Meanwhile, the non-institutional investors’ (NIIs) segment was subscribed nearly 1.8 times with bids for around 17.2 lakh shares against 9.4 lakh shares set aside for the category.

Spinaroo Commercial IPO bidders now await the share allotment announcement expected to be finalised on Friday, April 4.

Investors can check the share allotment details online either on the BSE website or on the portal of the issue’s registrar Cameo Corporate Services Ltd.

Spinaroo Commercial IPO allotment status on Cameo Corporate Services website:

• Open the IPO allotment status page on the Cameo Corporate Services website
• Select any of the 3 links
• Choose Spinaroo Commercial IPO from the dropdown list (Name will appear after finalisation of the allotment status)
• Select either PAN or Application Number from the dropdown menu and enter value
• Enter Captcha
• Click Submit to check the status

How to check allotment status on the BSE website

• Visit the BSE IPO allotment status page: https://bseindia.com/investors/appli_check.aspx.
• Select ‘Equity’ as the issue type.
• From the ‘Issue Name’ dropdown menu, select ‘Spinaroo Commercial Ltd’.
• Identify yourself using either PAN details or IPO application number.
• Click on ‘I’m not a robot’ tab and press the ‘Search’ button to see the allotment details.

Spinaroo Commercial IPO key details

• The Spinaroo Commercial IPO was a 100% book-built issue that aimed to raise ₹10.17 crore.
• The offer was made up entirely of a fresh issuance of 19.9 lakh shares of face value of ₹10 each.
• The company had fixed the price band of the issue at ₹51 per share. The lot size, or the minimum bid quantity to apply for the issue, was 2,000 shares.
• The shares will be listed on the BSE SME Platform.
• The book running lead manager to the issue is Finshore Management Services.

Spinaroo Commercial IPO: About the company

The company is engaged in the manufacturing of Aluminium Foil Container, Aluminium Home Foil, Paper Cups, Paper Plates, Paper Bowls, 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 machines, Flexo Printing machines, Automatic Roll Die Cutting machines etc., with full end to end support.

In its red herring prospectus (RHP) submitted to the Securities and Exchange Board of India (Sebi), the company proposed to use nearly ₹7.1 crore of the net IPO proceeds for working capital requirements, while ₹2 crore will be used for general corporate purposes.