SPEB Adhesives SME: Check IPO Date, Live Subscription and Key Details
Speb Adhesives Limited, incorporated in 1990, manufactures solvent-based synthetic rubber adhesives and offers a range of customized solvent-based and water-based adhesive solutions for industrial and retail applications. Its product portfolio caters to diverse segments, including multi-purpose adhesives, spray-grade adhesives, footwear-grade adhesives, and specialized adhesives for generator sets and ducting/insulation. The company operates a manufacturing facility in the MIDC Taloja industrial area in Maharashtra and is utilizing IPO proceeds to establish a new facility for expanding its production of water-based adhesives.
Price Range
₹52.0 - ₹56.0
Issue Size
₹30.72 Cr
Lot Size
2,000 shares
IPO Type
NSE SME
GMP
-
Est. Listing Price
₹56
Estimate Profit
-
Retail Portion
32.07%
Key Metrics
Check Live GMPGMPFace Value
₹10
EPS
3.25
P/E Ratio
17.22
RoNW
26.3%
ROE
26.3%
Advertisement
Timeline
IPO Opens
1 Dec
IPO Closes
3 Dec
Allotment
4 Dec
Listing
8 Dec
IPO Timeline & Listing Details
| Event | Date | Details |
|---|---|---|
| IPO Open Date | 1 December 2025 | Subscription starts |
| IPO Close Date | 3 December 2025 | Subscription ends |
| Allotment Date | 4 December 2025 | Allotment |
| Listing Date | 8 December 2025 | Listing |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Individual | 2 | ₹2,24,000 |
SHNI (Min) | 3 | ₹3,36,000 |
SHNI (Max) | 8 | ₹8,96,000 |
BHNIAbove ₹10,00,000 | 9 | ₹10,08,000 |
IPO Reservation Details
| Category | Reservation |
|---|---|
| QIB (Qualified Institutional Buyer) | 45.25% |
| NII (Non-Institutional Investor) | 13.75% |
| SHNI (Small Non-Institutional Investor) | 4.58% |
| BHNI (Big Non-Institutional Investor) | 9.16% |
| Retail | 32.07% |
| Market Maker | 8.93% |
| Total | 100.00% |
IPO Objectives
- Part finance the cost of establishing new manufacturing facility to expand the production capabilities of Water based adhesives at Survey no. 120, 121/1 and 121/2, Village Tambati, Taluka Khalapur, District Raigad, Maharashtra, India (“Proposed new facility”) (₹20.44 Cr).
- General corporate purposes.
Strengths
- The company benefits from an Experienced Promoters and Management Team with a long history in the specialty chemicals sector.
- It offers a Wide product portfolio of solvent-based and water-based adhesives, customized for diverse industrial and retail applications.
- The business has a Well-established Trade Name and a robust sales and distribution network.
- The company shows Strong financial performance, with revenue increasing by 5% and profit after tax (PAT) rising by 19% between FY24 and FY25.
- It maintains Excellent profitability metrics, achieving an RoNW of 26.3% and RoCE of 28.71% in FY25, reflecting efficient capital use.
Weaknesses
- There is Heavy reliance on solvent-based adhesives, making the business vulnerable to increasingly stringent environmental regulations and health concerns.
- The company has High exposure to raw material price volatility (synthetic rubber and solvents), which can impact profit margins in the commodity-driven chemicals sector.
- It faces Intense competition from larger, established adhesive manufacturers (like Pidilite and its peers) in both industrial and retail segments.
- There is Operational concentration with a single manufacturing facility in the MIDC Taloja industrial area, posing a regional disruption risk.
- The Offer for Sale (OFS) component in the IPO reduces the total fresh capital available for the company's direct growth and expansion.
Advertisement
Financial Performance
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets (₹ Cr.) | 31.88 | 27.27 | 20.7 | 19.89 |
| Revenue (₹ Cr.) | 25.04 | 45.54 | 43.21 | 38.79 |
| PAT (₹ Cr.) | 3.65 | 5.89 | 4.94 | 1.83 |
| Net Worth (₹ Cr.) | 29.01 | 25.36 | 19.47 | 19.46 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| Speb Adhesives Limited | 4.32 | 17.22 | 26.3% | 29.01 |
| HP Adhesives Limited | 2.21 | 25.81 | 8.59% | 184 |
| Nikhil Adhesives Limited | 3.15 | 29.79 | 10.59% | 130 |
Subscription Details
Daily Bids Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0x | 0.49x | 2.06x |
| NII | 0.78x | 0.81x | 4.09x |
| S-HNI | 0.13x | 0.27x | 2.51x |
| B-HNI | 1.11x | 1.08x | 4.88x |
| RII | 0.16x | 0.35x | 1.75x |
| Total | 0.25x | 0.49x | 2.34x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 11,22,000 | 23,16,000 | 12.97 |
| NII | 8,28,000 | 33,88,000 | 18.97 |
| Small NII | 2,76,000 | 6,92,000 | 3.88 |
| Big NII | 5,52,000 | 26,96,000 | 15.1 |
| RII | 19,32,000 | 33,76,000 | 18.91 |
| Total | 38,82,000 | 90,80,000 | 50.85 |
Advertisement
Company Details
- Speb Adhesives Ltd.
- Plot No. J 33, MIDC, Taloja, Raigad, Panvel, -410208
- +91 7738532223
- cs@speb7.com
- http://www.speb7.com/
Registrar Details
- MUFG Intime India Pvt.Ltd.
- +91-22-4918 6270
- spebadhesives.ipo@in.mpms.mufg.com
- https://linkintime.co.in/Initial_Offer/public-issues.html
Frequently Asked Questions
What is the core product line of Speb Adhesives Limited?
Speb Adhesives manufactures solvent-based synthetic rubber adhesives, offering customized solutions for industrial and retail sectors, including applications in woodworking, footwear, and specialized insulation.
When does the Speb Adhesives IPO open and close?
The Speb Adhesives SME IPO opens for subscription on December 1, 2025, and closes on December 3, 2025.
What is the IPO price band and market lot for Speb Adhesives?
The price band is set between ₹52.00 to ₹56.00 per share. The minimum application is for a market lot of 2,000 shares.
What are the main objectives of the ₹30.72 Cr Fresh Issue?
The majority of the net proceeds will be used to fund the cost of establishing a new manufacturing facility (₹20.44 Cr) for expanding its production of water-based adhesives and for General Corporate Purposes.
What are the financial highlights of Speb Adhesives for FY25?
In Fiscal 2025, the company reported a Profit After Tax of ₹5.89 Cr on a revenue of ₹45.54 Cr, achieving a strong RoNW of 26.3%.
Which stock exchange will list the Speb Adhesives IPO?
The Speb Adhesives IPO is scheduled to list on the NSE SME exchange, with the tentative listing date being December 8, 2025.
Loading comments...