Speb Adhesives Limited
Bookbuilding IPO · NSE
- Price band
- ₹52 - ₹56
- Lot size
- 2,000 shares
- Issue amount
- ₹33.73 cr
- Total subscription
- 2.48×
- Opens
- 1 Dec 2025
- Closes
- 3 Dec 2025
- Allotment
- 4 Dec 2025
- Listing
- 8 Dec 2025
Offer at a glance
Issue overview
- Issue size
- 60,24,000 shares
- Face value
- ₹10 per share
- Minimum investment
- ₹1,04,000
- Fresh issue
- ₹27.18 cr
- Offer for sale
- ₹6.55 cr
- Registrar
- Link Intime India Private Limited
- Listing exchange
- NSE
- Maximum investment
- ₹1,12,000
- Issue type
- Bookbuilding IPO
- Shares before issue
- 1,76,10,570
- Shares after issue
- 2,24,64,570
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 2 | 4,000 | ₹2,24,000 |
| sHNI | 3 | 6,000 | ₹3,36,000 |
| bHNI | 9 | 18,000 | ₹10,08,000 |
Share reservation
Subscription & GMP
Subscription by category
Reported 3 Dec 2025
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| QIB | 0 | 4 |
| NIB | 0 | 160 |
| RETAIL | 483 | 844 |
| HNIs(10L +) | 92 | 54 |
| HNIs (2-10L) | 46 | 106 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 6.28 | 12.97 |
| FIIs | 0 | 3.08 |
| Others | 0 | 9.89 |
| RETAIL | 10.82 | 18.91 |
| NIB | 4.64 | 21.99 |
| HNIs 2+ | 1.55 | 3.88 |
| HNIs 10+ | 3.09 | 18.11 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Sep-25 | Mar-25 | Mar-24 |
|---|---|---|---|
| EPS | 2.07 | 3.35 | 2.59 |
| ROE | 13.43 | 26.3 | 25.57 |
| ROCE | 0 | 0 | 0 |
| RONW | 13.43 | 26.3 | 25.37 |
| PRE IPO(PE) | 0 | 16.73 | 0 |
| POST IPO(PE) | 17.22 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| Jyoti Resins & Adhesives Limited | 19.49 | 0 | 10 | 191.03 | 40.37 | 61.56 |
| Nikhil Adhesives Limited | 28.13 | 0 | 10 | 28.10 | 11.62 | 3.59 |
| HP Adhesives Limited | 23.57 | 0 | 10 | 20.06 | 12.18 | 1.99 |
| Speb Adhesives Limited | 0 | 0 | 10 | 14.40 | 26.30 | 3.35 |
Company information
Company profile
Speb Adhesive Limited manufactures and distributes solvent-based synthetic rubber adhesives while also offering water-based options. The company specializes in polychloroprene-based and SBS-based adhesives and provides a wide range of products such as multi-purpose adhesives, spray-grade adhesives, premium bonding adhesives, ducting and insulation adhesives, woodworking and footwear-grade adhesives, and adhesives for generator sets. Operating under a B2B model, Speb Adhesive serves industries like packaging, automotive, footwear, construction, woodworking, and furniture. Its manufacturing facility is located in the MIDC industrial area of Taloja, Raigad, Maharashtra, with a production capacity of 12,000 liters per day. As of November 20, 2025, the company has 41 permanent employees.
Strengths
- Solid Financial Strength for Sustainable Expansion: Strong and consistent financial performance provides the foundation to support future growth, invest in capacity, and enhance long-term scalability.
- Reliable Operational Network for Steady Business Delivery: A well-established distributor and customer ecosystem ensures smooth order fulfillment, repeat demand, and stable presence across diverse B2B markets.
- Experienced Leadership Driving Strategic Growth: Promoters and senior management with rich industry expertise enable efficient operations, innovation, and continual business expansion.
Risk factors
- High Revenue Reliance on Multipurpose Adhesives: Majority sales contribution (55.79%–64.75%) from a single category exposes the business to significant risk if demand or pricing in this segment declines.
- Dependence on Limited Raw Material Suppliers: Key inputs sourced from a concentrated supplier base (top 10 supplying ~76.74%) may lead to production disruption and cost volatility if supply issues occur.
- Regional Concentration of Manufacturing Operations: All current and future facilities being located in Maharashtra increases exposure to state-specific operational risks, potentially affecting revenue and profitability.
Promoters
Kirtikumar Vithlani
Bhaumik Vithlani
Gaurav Vithlani
Harish Vithlani
Registrar & documents
Lead manager
Unistone Capital Private Limited
Registrar & contacts
Link Intime India Private Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
Plot No. J 33, MIDC, Taloja, Raigad, Panvel, Maharashtra, 410208
+91 7738532223
[email protected]Company website ↗Understanding SPEB IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.