November 26, 2025
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Speb Adhesives IPO
Speb Adhesives Ltd. is launching a book-built SME IPO of Rs. 33.73 crore, comprising a fresh issue of 49,00,000 equity shares (Rs. 27.18 crore) and an Offer for Sale (OFS) of 12,00,000 equity shares (Rs. 6.55 crore).
The IPO opens on December 1, 2025 and closes on December 3, 2025. Allotment is expected on December 4, 2025, and the tentative listing date is December 8, 2025 on NSE SME.
The price band is Rs. 52 to Rs. 56 per share, and the lot size is 2,000 shares.
Since the lot value is below Rs. 2.50 lakh, minimum application is 2 lots (4,000 shares).
The minimum investment for retail investors is Rs. 2,24,000 (4,000 shares) and for S-HNI investors Rs. 3,36,000 (6,000 shares).
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IPO Key Dates
| Event | Date |
|---|---|
| IPO Open Date | December 1, 2025 |
| IPO Close Date | December 3, 2025 |
| Tentative Allotment | December 4, 2025 |
| Refunds Initiation | 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 December 3, 2025 |
IPO Details
| Particulars | Details |
|---|---|
| Face Value | Rs. 10 per share |
| Issue Price Band | Rs. 52 to Rs. 56 per share |
| Lot Size | 2,000 shares |
| Sale Type | Fresh Issue cum Offer for Sale |
| Total Issue Size | 60,24,000 shares (Rs. 33.73 Cr) |
| Market Maker Portion | 5,38,000 shares (Rs. 3.01 Cr) – Kalpalabdhi Financials Pvt. Ltd. |
| Fresh Issue (ex MM) | 43,16,000 shares (Rs. 24.17 Cr) |
| Offer for Sale | 11,70,000 shares (Rs. 6.55 Cr) |
| Net Offer to Public | 54,86,000 shares (Rs. 30.72 Cr) |
| Issue Type | Book Building Issue |
| Listing At | NSE SME |
| Shareholding Pre-Issue | 1,76,10,570 shares |
| Shareholding Post-Issue | 2,24,64,570 shares |
Reservation
| Investor Category | Shares Offered | % of Net Offer* |
|---|---|---|
| QIB | Not more than 50% of Net Offer | — |
| Retail Individual Investors | Not less than 35% of Net Offer | — |
| NII (HNI) | Not less than 15% of Net Offer | — |
*As per RHP allocation norms.
Application Details
Investors can bid for a minimum of 4,000 shares and in multiples of 2,000 shares thereafter.
| Application | Lots | Shares | Amount (Rs.) |
|---|---|---|---|
| Retail (Min / 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 |
Promoter Holding
| Particulars | Percentage |
|---|---|
| Promoter Holding Pre-Issue | 100% |
| Promoter Holding Post-Issue | (as per RHP) |
Promoters:
Mr. Kirtikumar Vithlani
Mr. Bhaumik Vithlani
Mr. Gaurav Vithlani
Mr. Harish Vithlani
About Speb Adhesives Ltd.
Speb Adhesives Ltd. is engaged in the manufacturing and distribution of solvent-based synthetic rubber adhesives and also offers water-based adhesives.
Within solvent-based adhesives, it specialises in polychloroprene-based and SBS (styrene-butadiene-styrene)-based formulations.
Its product portfolio includes:
-
Multipurpose Adhesives: SPEB-7 Multipurpose Adhesive, SPEB-7 Multi-fix tube, SPEB-7 FlooRBonD, SPEB-7 WaLLFix
-
Spray-grade Adhesives: SPEB-7 SPRAYGRADE, SPEB-7 G1, SPEB-7 G7
-
Premium Bonding Adhesives: SPEB-7 Premium SR-911
-
Ducting & Insulation Adhesives: SPEB-7 Duct Fix, SPEB-7 Duct Fix (Eco)
-
Other Industrial Uses: Woodworking, footwear-grade adhesives, generator set-related applications
The company follows a B2B business model and supplies to sectors such as packaging, automotive, footwear, construction, woodworking and furniture, catering to industrial customers.
Manufacturing Facility:
The plant is located at MIDC Industrial Area, Taloja, Raigad, Maharashtra, with an installed capacity of 12,000 liters per day.
As of 20 November 2025, the company had 41 permanent employees.
Competitive Strengths
-
Strong financial base to support future growth and capex
-
Established and reliable delivery network to industrial clients
-
Experienced promoters and senior management team with sector knowledge
-
Diversified end-user industries reducing concentration risk
Financial Snapshot (Rs. crore)
| Period Ended | 30 Sep 2025* | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 31.88 | 27.27 | 20.70 | 19.89 |
| Total Income | 25.04 | 45.54 | 43.21 | 38.79 |
| Profit After Tax | 3.65 | 5.89 | 4.94 | 1.83 |
| EBITDA | 4.88 | 7.83 | 6.53 | 2.43 |
| Net Worth | 29.01 | 25.36 | 19.47 | 19.46 |
| Reserves & Surplus | 11.40 | 7.75 | 19.30 | 19.27 |
*30 Sep 2025 is for the interim period; others are full-year numbers.
Revenue rose around 5% and PAT increased 19% between FY24 and FY25, reflecting margin improvement and better efficiency.
Key Performance Indicators
| KPI | Value |
|---|---|
| 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 | Rs. 125.80 Cr |
| EPS – Pre IPO | Rs. 3.35 |
| EPS – Post IPO | Rs. 3.25 |
| P/E – Pre IPO | 16.73x |
| P/E – Post IPO | 17.22x |
Valuations are in the mid-range, supported by robust return ratios and double-digit operating margins.
Objects of the Issue (Rs. crore)
| S.No. | Objects of the Issue | Amount (Rs. Cr) |
|---|---|---|
| 1 | Part finance the cost of establishing a new manufacturing facility for water-based adhesives at Tambati, Taluka Khalapur, Raigad (Maharashtra) | 20.44 |
| 2 | General corporate purposes | Balance |
Company Contact
Speb Adhesives Ltd.
Plot No. J 33,
MIDC, Taloja,
Raigad, Panvel,
Maharashtra – 410208
📞 +91 7738532223
✉ cs@speb7.com
🌐 www.speb7.com
Lead Manager
Unistone Capital Pvt. Ltd.
Registrar
MUFG Intime India Pvt. Ltd.
📞 +91-22-4918 6270
✉ spebadhesives.ipo@in.mpms.mufg.com
🌐 https://linkintime.co.in/Initial_Offer/public-issues.html
Chanakya IPO Review – by Paresh Gordhandas, CA & Research Analyst
Speb Adhesives operates in an industrial adhesives niche, catering to sectors like packaging, construction, footwear and woodworking – areas where adhesive demand is recurring and closely linked to manufacturing and infra activity.
The company has delivered steady growth with FY25 revenue up ~5% and PAT up ~19%, along with healthy margins (EBITDA 17.47%, PAT 13.16%). Return ratios are strong (ROE 26.30%, ROCE 32.07%) and the balance sheet reflects a solid net-worth base to support the proposed capacity expansion in water-based adhesives.
Post-issue P/E of about 17.22x appears reasonable for an SME with differentiated products, decent track record and strong client industries. The new plant, if executed well, can further uplift scale and profitability over the medium term.
Chanakya View:
Good return ratios, healthy margins and expansion plans make Speb Adhesives IPO attractive for medium to long-term investors with moderate risk appetite. Listing gains will depend on QIB/NII response and overall sentiment in SME industrial counters.
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Disclaimer
This coverage is for informational and educational purposes. Chanakya Ni Pothi does not deal in Grey Market Premiums or recommend investments based on GMP data. Please consult your SEBI-registered investment advisor.
