Speb Adhesives IPO Details
| Detail | Description |
|---|---|
| IPO Date | December 1, 2025 to December 3, 2025 |
| Listing Date | [.] |
| Face Value | ₹ 10 per share |
| Issue Price Band | ₹ 52 to ₹ 56 per share |
| Lot Size | 2,000 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 60,24,000 shares (aggregating up to ₹ 33.73 Cr) |
| Reserved for Market Maker | 5,38,000 shares (aggregating up to ₹ 3.01 Cr) Kalpalabdhi Financials Private Limited |
| Fresh Issue(Ex Market Maker) | 43,16,000 shares (aggregating up to ₹ 24.17 Cr) |
| Offer for Sale | 11,70,000 shares of ₹10 (aggregating up to ₹ 6.55 Cr) |
| Net Offered to Public | 54,86,000 shares (aggregating up to ₹ 30.72 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Share Holding Pre Issue | 1,76,10,570 shares |
| Share Holding Post Issue | 2,24,64,570 shares |
About Speb Adhesives IPO
The Speb Adhesives IPO will be open for the general public on December 1, 2025 and it will close on December 3, 2025. The book build issue of ₹33.73 crores is a combination of fresh issue of 0.49 crore shares aggregating to ₹27.18 crores and offer for sale of 0.12 crore shares aggregating to ₹6.55 crores.
Allotment for the Speb Adhesives IPO is expected to be finalized on December 4, 2025; it will get listed on NSE SME with a tentative listing date fixed as December 8, 2025. The Market Maker of the company is Kalpalabdhi Financials Private Limited.
Company Background
Speb Adhesives Limited was established in 1979 as Speb Rubber Industries in Maharashtra. The company is widely known as the leading supplier of synthetic rubber adhesives in India. The company has enjoyed a reputation for excellence and innovation over the decades, providing services to various industries and expanding its presence in the domestic and abroad.
Over the decades, the company has built an impeccable reputation for quality and innovation, serving diverse industrial segments and expanding its footprint both domestically and internationally.
Operations And Product Range
Speb Adhesives maintains a world-class manufacturing facility that processes more than 10,000 liters a day of solvent-based and water-based synthetic rubber adhesives. Speb-7 is the company’s most widely used adhesive in upholstery, bus body, footwear, wood assembly and repair work. It also manufactures adhesives for generator sets, ducting, insulation and various industrial applications ranging from B2B and government supply contracts.
Revenue Channels
Speb Adhesives Limited earns revenue from multiple channels including a dealer-distribution network, government supply contracts, and statewide industrial sales.
For the entire year of December 2024, about 97.3% of the company’s revenue comes from domestic markets with mostly exports to the UAE leading the way. A strong domestic focus and strategic export initiatives by Speb Adhesives have also enabled the company to build constant revenues and market resilience.
Management And Shareholding
The management team includes Kirtikumar Kanayalal Vithlani (Chairman), Harish Kanayal Vithlani, Bhaumik Harish Vithlani, and Gaurav Kirti Vithlani, who are important promoters and shareholders.
Speb Adhesives IPO Objectives
The Speb Adhesives IPO proposes to utilize ₹20.44 crores to part-finance the cost of establishing a new manufacturing facility to expand the production capabilities of water-based adhesives at District Raigad, Maharashtra and for general corporate purposes.
Conclusion
The Speb Adhesives IPO will be open for the general public on December 1, 2025 and it will close on December 3, 2025. The book build issue of ₹33.73 crores is a combination of fresh issue of 0.49 crore shares aggregating to ₹27.18 crores and offer for sale of 0.12 crore shares aggregating to ₹6.55 crores.
Speb Adhesives operates a state-of-the-art manufacturing facility with a daily capacity of 10,000 liters, producing a wide range of solvent-based and water-based synthetic rubber adhesives. Speb-7, the company's flagship product, is a multi-purpose adhesive widely used in upholstery, bus body, footwear, wood assembly and repair work.
The company also manufactures specialized adhesives for generator sets, ducting, insulation and various industrial applications, catering to both B2B and government supply contracts.
Speb Adhesives IPO Financial Information
Latest Revenue
25.04
₹ Crore
Profit After Tax
3.65
₹ Crore
Net Worth
29.01
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Total Borrowing | ||||
|---|---|---|---|---|---|---|---|---|---|
| 30 Sep 2025 | 31.88 | 25.04 | 3.65 | 29.01 | — | ||||
| 31 Mar 2025 | 27.27 | 45.54 | 5.89 | 25.36 | — | ||||
| 31 Mar 2024 | 20.70 | 43.21 | 4.94 | 19.47 | — | ||||
| 31 Mar 2023 | 19.89 | 38.79 | 1.83 | 19.46 | — | ||||
| Amount in ₹ Crore | |||||||||
Speb Adhesives Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 26.30% |
| ROCE | 32.07% |
| RoNW | 26.30% |
| PAT Margin | 13.16% |
| EBITDA Margin | 17.47% |
| Price to Book Value | 4.32 |
| Market Capitalization | ₹125.80 Cr. |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 3.35 | 3.25 |
| P/E (x) | 16.73 | 17.22 |
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Competitive Strengths
Extensive product range for diverse industrial needs
Pioneer in synthetic rubber adhesives manufacturing
State-of-the-art manufacturing facility with high capacity
Strong domestic and export market presence
Diversified revenue channels, including government contracts
Stable promoter-led management and governance
Download regulatory filings
Speb Adhesives IPO Timeline
| IPO Open Date | December 1, 2025 |
| IPO Close Date | December 3, 2025 |
| Tentative Allotment | December 4, 2025 |
| Initiation of Refunds | December 5, 2025 |
| Credit of Shares to Demat | December 5, 2025 |
| Tentative Listing Date | December 8, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Wednesday, December 3, 2025 |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 4,000 | ₹2,24,000 |
| Individual investors (Retail) (Max) | 2 | 4,000 | ₹2,24,000 |
| S-HNI (Min) | 3 | 6,000 | ₹3,36,000 |
| S-HNI (Max) | 8 | 16,000 | ₹8,96,000 |
| B-HNI (Min) | 9 | 18,000 | ₹10,08,000 |