SPEB Adhesives IPO
SPEB Adhesives IPO Details
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Open Date
01 Dec 2025
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Close Date
03 Dec 2025
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Listing Date
08 Dec 2025
- IPO Price Range
₹ 52 to ₹56
- IPO Size
₹ 33.73 Cr
- Listing Exchange
NSE SME
SPEB Adhesives IPO Timeline
SPEB Adhesives IPO Subscription Status
| Date | QIB | NII | Retail | TOTAL |
|---|---|---|---|---|
| 1-Dec-2025 | 0.00 | 0.78 | 0.16 | 0.25 |
| 2-Dec-2025 | 0.49 | 0.81 | 0.35 | 0.49 |
| 3-Dec-2025 | 2.06 | 4.09 | 1.75 | 2.34 |
Last Updated: 03 December 2025 6:15 PM by 5paisa
SPEB Adhesives Ltd. is a prominent manufacturer of synthetic, especially solvent-based, rubber adhesives in India. Founded in 1990 with its registered office in MIDC, Taloja, Raigad, Maharashtra. The company produces a broad range of adhesive products — from multipurpose glue to spray, premium bonding, ducting/insulation, woodworking, footwear-grade adhesives and more — serving sectors like hardware, furniture, insulation, footwear, woodworking and generator set manufacturing. SPEB operates mainly through a B2B model, distributing via dealers, industrial sales and government supply contracts. With a capacity of thousands of tonnes per year and over four decades of manufacturing experience, SPEB is positioned as a trusted name in industrial adhesives in India and overseas.
Established in: 1990
Managing Director: Gaurav Vithlani
SPEB Adhesives Objectives
1. Partly finance the cost of establishing new manufacturing facility to expand the company’s production capabilities of water based adhesives at a proposed new facility (₹20.44 Cr)
2. General corporate purposes
Speb Adhesives IPO Size
| Types | Size |
|---|---|
| Total IPO Size | ₹33.73 Cr |
| Offer For Sale | ₹6.55 Cr |
| Fresh Issue | ₹27.18 Cr |
Speb Adhesives IPO Lot Size
| Application | Lots | Shares | Amount (₹) |
| Retail (Min) | 2 | 4,000 | 2,08,000 |
| Retail (Max) | 2 | 4,000 | 2,24,000 |
| S - HNI (Min) | 3 | 6,000 | 3,12,000 |
| S - HNI (Max) | 8 | 16,000 | 8,96,000 |
| B - HNI (Max) | 9 | 18,000 | 10,08,000 |
Speb Adhesives IPO Reservation
| Investors Category | Subscription (times) | Shares Offered* | Shares bid for | Total Amount (Cr.)* |
|---|---|---|---|---|
| QIB (Ex Anchor) | 2.06 | 11,22,000 | 23,16,000 | 12.970 |
| Non-Institutional Buyers | 4.09 | 8,28,000 | 33,88,000 | 18.973 |
| bNII (bids above ₹10L) | 4.88 | 5,52,000 | 26,96,000 | 15.098 |
| sNII (bids below ₹10L) | 2.51 | 2,76,000 | 6,92,000 | 3.875 |
| Individual Investors (IND category bidding for 2 Lots) | 1.75 | 19,32,000 | 33,76,000 | 18.906 |
| Total** | 2.34 | 38,82,000 | 90,80,000 | 50.848 |
*The "Shares Offered" and "Total Amount" are calculated using the upper limit of the issue price range.
**Shares allocated to anchor investors (or market makers) are excluded from the total number of shares offered.
| Particulars (In ₹ Crores) | FY23 | FY24 | FY25 |
| Revenue | 38.37 | 42.62 | 44.79 |
| EBITDA | 2.43 | 6.53 | 7.83 |
| Profit After Tax (PAT) | 1.83 | 4.94 | 5.90 |
| Particulars (In ₹ Crores) | FY23 | FY24 | FY25 |
| Total Assets | 19.89 | 20.70 | 27.27 |
| Share Capital | 0.18 | 0.17 | 17.61 |
| Total Liabilities | 19.89 | 20.70 | 27.27 |
| Particulars (In ₹ Crores) | FY23 | FY24 | FY25 |
| Net Cash Generated From / (used in) Operating Activities | 0.40 | 3.91 | -0.93 |
| Net Cash Generated From / (used in) Investing Activities | 0.42 | 2.31 | 0.31 |
| Net Cash Generated From / (used in) Financing Activities | - | -4.93 | 0.52 |
| Net Increase / (Decrease) In Cash And Cash Equivalents | 0.82 | 1.29 | -0.97 |
Strengths
1. Longstanding presence in the adhesive manufacturing space.
2. Broad product mix serving furniture, hardware, insulation and footwear industries.
3. Strong B2B network with dealers, industrial clients and institutional buyers.
4. Steady demand from construction and manufacturing supporting order flow.
Weaknesses
1. Heavy reliance on solvent-based products, exposed to raw-material price swings.
2. Manufacturing scale still modest compared to large national brands.
3. Limited retail visibility, with most sales concentrated in B2B channels.
4. Geographical dependence on select markets could limit nationwide reach.
Opportunities
1. Rising demand in construction, interiors and insulation can expand volumes.
2. Scope to diversify into eco-friendly and water-based adhesive segments.
3. Potential to grow exports as global manufacturing shifts to cost-efficient suppliers.
4. Brand-building and retail expansion can unlock new revenue streams.
Threats
1. Strong competition from established adhesive brands with larger distribution.
2. Regulatory tightening around solvent emissions and chemicals.
3. Economic slowdowns can affect industrial orders and project-based demand.
4. Currency and commodity volatility may impact margins.
1. Established player in industrial adhesives with a diverse product range serving furniture, insulation, hardware and manufacturing sectors.
2. Consistent demand outlook supported by growth in construction, interiors and small-scale industrial activity.
3. Scope to scale through new product lines, cleaner adhesive formulations and wider market penetration.
4. Long operating history and a stable B2B network that helps maintain recurring orders and customer stickiness.
Speb Adhesives has built its presence in the industrial adhesives space by serving everyday needs of furniture makers, insulation contractors, hardware suppliers and various manufacturing units. With a stable production setup and a focus on dependable quality, the company caters to steady industrial demand. Growth prospects look favourable as construction, interiors and small manufacturing segments continue to expand. There is also room to introduce newer, cleaner adhesive options, helping the company strengthen its reach and tap wider market opportunities.
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FAQs
Speb Adhesives IPO opens from December 01, 2025 to December 03, 2025.
The size of Speb Adhesives IPO is ₹33.73 Cr.
The price band of Speb Adhesives IPO is fixed at ₹52 to ₹56 per share.
To apply for Speb Adhesives IPO, follow the steps given below:
● Login to your 5paisa demat account and select the issue in the current IPO section
● Enter the number of lots and the price at which you wish to apply for the Speb Adhesives IPO.
● Enter your UPI ID and click on submit. With this, your bid will be placed with the exchange.
You will receive a mandate notification to block funds in your UPI app.
The minimum lot size of Speb Adhesives IPO is of 4,000 shares and the investment required is ₹2,24,000.
The share allotment date of Speb Adhesives IPO is December 04, 2025
The Speb Adhesives IPO will likely be listed on December 08, 2025.
The book running lead manager for Speb Adhesives IPO is Unistone Capital Private Limited.
Speb Adhesives IPO plans to utilise the raised capital from the IPO for:
1. Partly finance the cost of establishing new manufacturing facility to expand the company’s production capabilities of water based adhesives at a proposed new facility (₹20.44 Cr)
2. General corporate purposes