Speb Adhesives Ltd. is launching a ₹33.73 crore SME IPO comprising a fresh issue and an offer for sale. The issue opens on Dec 1, 2025 and closes on Dec 3, 2025. Tentative allotment is expected on Dec 4, 2025, with refunds and credit to demat on Dec 5, 2025, and tentative listing on NSE SME on Dec 8, 2025.
Speb Adhesives IPO
NSE SME • Fresh Issue + Offer for Sale (Book-building)
UPCOMING IPOSpeb Adhesives Ltd. is launching a ₹33.73 crore SME IPO comprising a fresh issue and an offer for sale. The issue opens on Dec 1, 2025 and closes on Dec 3, 2025. Tentative allotment is expected on Dec 4, 2025, with refunds and credit to demat on Dec 5, 2025, and tentative listing on NSE SME on Dec 8, 2025.
Price band is ₹52 to ₹56 per share. Lot size is 2,000 shares; minimum retail application is 4,000 shares (₹2,24,000) (2 lots).
| Face Value | ₹10 per share |
|---|---|
| Issue Price Band | ₹52 to ₹56 per share |
| Lot Size | 2,000 shares |
| Total Issue Size | 60,24,000 shares (aggregating up to ₹33.73 Cr) |
| Market Maker Reserved | 5,38,000 shares (≈₹3.01 Cr) — Kalpalabdhi Financials Private Limited |
| Fresh Issue (Ex MM) | 43,16,000 shares (≈₹24.17 Cr) |
| Offer for Sale | 11,70,000 shares (≈₹6.55 Cr) |
| Net Offered to Public | 54,86,000 shares (≈₹30.72 Cr) |
| Issue Type | Book-building IPO (SME) |
| Listing | NSE SME |
| Share Holding (Pre / Post) | 1,76,10,570 / 2,24,64,570 shares |
| Lead Manager | Unistone Capital Pvt. Ltd. |
| Registrar | MUFG Intime India Pvt. Ltd. |
| Investor Category | Reservation |
|---|---|
| QIB | Not more than 50% of Net Offer |
| NII (HNI) | Not less than 15% of Net Offer |
| Retail (RII) | Not less than 35% of Net Offer |
| IPO Open | Mon, Dec 1, 2025 |
|---|---|
| IPO Close | Wed, Dec 3, 2025 |
| Allotment (Tentative) | Thu, Dec 4, 2025 |
| Initiation of Refunds | Fri, Dec 5, 2025 |
| Credit of Shares to Demat | Fri, Dec 5, 2025 |
| Listing (Tentative) | Mon, Dec 8, 2025 |
| UPI Mandate Cut-off | 5 PM on Wed, Dec 3, 2025 |
| Application | Lots | Shares | Amount (at ₹56) |
|---|---|---|---|
| Retail (Min) | 2 | 4,000 | ₹2,24,000 |
| 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 |
Note: amounts shown at upper price band (₹56). SME retail minimum = 2 lots (4,000 shares) as per issue structure above.
Speb Adhesives Ltd. manufactures and distributes solvent-based synthetic rubber adhesives and water-based adhesives (polychloroprene and SBS-based). Its product range includes multi-purpose adhesives, spray-grade adhesives, premium bonding adhesives, ducting & insulation adhesives, woodworking & footwear adhesives, and adhesives for generator sets. The company follows a B2B model serving packaging, automotive, footwear, construction, woodworking and furniture sectors.
Manufacturing facility: MIDC, Taloja, Raigad, Maharashtra — installed capacity 12,000 litres/day. As of Nov 20, 2025, the company had 41 permanent employees.
Competitive strengths: strong financial foundation, consistent delivery via trusted distributor network, and experienced promoters & management.
FY2023–FY2025 (₹ Crore)
| Period Ended | Assets | Total Income | Profit After Tax | EBITDA | Net Worth | Reserves & Surplus |
|---|---|---|---|---|---|---|
| 30 Sep 2025 | 31.88 | 25.04 | 3.65 | 4.88 | 29.01 | 11.40 |
| 31 Mar 2025 | 27.27 | 45.54 | 5.89 | 7.83 | 25.36 | 7.75 |
| 31 Mar 2024 | 20.70 | 43.21 | 4.94 | 6.53 | 19.47 | 19.30 |
KPIs (as of Mar 31, 2025): ROE 26.30% | ROCE 32.07% | PAT Margin 13.16% | EBITDA Margin 17.47% | Price/Book 4.32 | Market Cap: ₹125.80 Cr.
| 1 | Part-finance cost of establishing new manufacturing facility for water-based adhesives at Village Tambati, Taluka Khalapur, Dist. Raigad, Maharashtra — ₹20.44 Cr |
|---|---|
| 2 | General corporate purposes |
Company Contact
- Speb Adhesives Ltd., Plot No. J 33, MIDC, Taloja, Raigad, Panvel, Maharashtra, 410208
- Phone: +91 77385 32223
- Email: cs@speb7.com
- Website: http://www.speb7.com/
Registrar
- MUFG Intime India Pvt. Ltd. — Phone: +91-22-4918 6270 | Email: spebadhesives.ipo@in.mpms.mufg.com