Speb Adhesives is launching a ₹33.73 crore book-built IPO, which includes a fresh issue of ₹27.18 crore (0.49 crore shares) and an offer for sale worth ₹6.55 crore (0.12 crore shares).
The IPO opens on December 1, 2025, and closes on December 3, 2025. Allotment is likely on December 4, and the shares are expected to list on NSE SME on December 8, 2025. The price band is ₹52–₹56 per share, with a lot size of 2,000 shares. Retail investors need at least ₹2,24,000 for 4,000 shares, while HNIs must apply for a minimum of 6,000 shares.
Unistone Capital is the lead manager, MUFG Intime India is the registrar, and Kalpalabdhi Financials is the market maker.
Speb Adhesives IPO Objectives
- The promoters of Speb Adhesives will sell 11,70,000 equity shares. The proceeds from this OFS will go entirely to selling shareholders after expenses and taxes.
- Around ₹2,043.57 lakhs will be used to part-finance a new manufacturing facility for water-based adhesives at Tambati, Khalapur, Raigad (Maharashtra).
- A portion of the Net Proceeds will be allocated to general corporate purposes, capped at 15% of gross proceeds or ₹1,000 lakhs, whichever is lower.
About Speb Adhesives
Speb Adhesives Limited is a manufacturer of solvent-based and water-based synthetic rubber adhesives. The company specialises in polychloroprene-based and SBS-based adhesives, known for high bonding strength and durability. Its product range includes multi-purpose adhesives, spray-grade products, and premium bonding solutions, among others.
Speb operates on a B2B model, supplying to industries such as hardware, foam and furnishing, woodworking, ducting and insulation, footwear, and generator sets. It serves customers through dealer distribution, industrial sales, and government supply contracts.
Established in 1990 as a partnership firm and later converted into a public company in 2025, Speb Adhesives is led by promoters Kirtikumar, Harish, Gaurav, and Bhaumik Vithlani, who collectively bring over 100 years of experience to the business.
Industry Outlook
- Growing adoption of water-based, low-VOC adhesives will support the company’s move to expand water-based production through its upcoming new facility. The new products will see burgeoning demand in industries like packaging and woodworking. The market for adhesives in India itself is poised to grow to USD 3.76 billion by 2028.
- With the passenger vehicle market projected to grow to USD 54.84 billion by 2027, the shift toward adhesive-based bonding over mechanical fasteners favours the company's specialised polychloroprene and SBS-based solutions.
- Key sectors using the company’s adhesives are expanding rapidly: packaging is growing at 22–25% CAGR, furniture is projected to reach USD 5.47 billion by 2026, and athletic footwear is expected to hit USD 2.26 billion by 2027, ensuring strong, sustained demand for both solvent-based and water-based adhesives.
How To Apply for the Speb Adhesives IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Speb Adhesives IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of SpebAdhesives IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Speb Adhesives
Registered Office: Speb Adhesives Ltd., Plot No. J 33, MIDC, Taloja, Raigad, Panvel, Maharashtra, 410208
Phone: +91 7738532223
Email: cs@speb7.com
Speb Adhesives IPO Reservation
| Investor Category | Shares Offered |
| QIB (Qualified Institutional Buyers) | Not more than 50% of the Net Issue |
| Retail Investors | Not less than 35% of the Net Issue |
| NII (Non-Institutional Investors) | Not less than 15% of the Net Issue |
Speb Adhesives IPO Lot Size Details
| Application Type | Lots | Shares | 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 |
Speb Adhesives IPO Promoter Holding
The company’s promoters are Kirtikumar Vithlani, Bhaumik Vithlani, Gaurav Vithlani, and Harish Vithlani. Their collective shareholding before the IPO stands at 100%, with the post-issue holding reducing as per equity dilution.
| Particulars | Percentage |
| Promoter Holding (Pre-Issue) | 100% |
| Promoter Holding (Post-Issue) | To be updated |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for SpebAdhesives IPO
| KPI Metric | FY 2025 |
| EBITDA Margin (%) | 17.47% |
| PAT Margin (%) | 13.16% |
| Return on Equity (ROE) (%) | 26.30% |
| Return on Capital Employed (ROCE) (%) | 32.07% |
| Capital Turnover Ratio | 1.94 |
Speb Adhesives IPO Prospectus
- Speb Adhesives IPO RHP
Speb Adhesives IPO Registrar and Lead Managers
Speb Adhesives IPO Lead Managers
Unistone Capital Pvt.Ltd.
Registrar for Speb Adhesives IPO
MUFG Intime India Pvt.Ltd.
Phone: +91-22-4918 6270
Email: spebadhesives.ipo@in.mpms.mufg.com
Website: https://linkintime.co.in/Initial_Offer/public-issues.html
Financial Performance of Speb Adhesives
| Metric | FY 2025 | FY 2024 | FY 2023 |
| Revenue from Operations (₹ Lakhs) | 4,479.32 | 4,261.64 | 3,837.16 |
| Total Revenue (₹ Lakhs) | 4,553.97 | 4,321.24 | 3,879.06 |
| EBITDA (₹ Lakhs) | 782.54 | 652.83 | 242.55 |
| Profit After Tax (PAT) (₹ Lakhs) | 589.46 | 493.68 | 183.13 |
| Current Ratio (times) | 13.42 | 14.87 | 34.77 |
Speb Adhesives Peer Comparison
| Company Name | Basic EPS (₹) | ROE (%) | NAV per Share (₹) | P/E (Diluted) |
| Speb Adhesives Limited | 3.35 | 26.30% | 14.40 | [●] |
| HP Adhesives Limited | 1.99 | 10.33% | 20.06 | 23.57 |
| Nikhil Adhesives Limited | 3.59 | 13.58% | 28.10 | 28.13 |
| Jyoti Resins & Adhesives Ltd | 61.56 | 37.36% | 191.03 | 19.49 |
Strengths and Opportunities for Speb Adhesives IPO
- Revenue grew from ₹1,860.03 lakhs to ₹4,479.32 lakhs, achieving 24.50% CAGR.
- Profit after tax rose from ₹250.72 lakhs to ₹589.46 lakhs, 23.50% CAGR.
- Zero debt structure with 100% ROCE in Fiscal 2025, ensuring financial flexibility.
- Diversified product portfolio across six industries, SKUs ranging 10ml to 200kg.
- Over 380 active clients with 400+ repeat customers annually, providing stable revenue.
Risks and Threats for Speb Adhesives IPO
- Multipurpose products contribute 55–65% of revenue, high dependence on single category.
- Top 10 suppliers account for 76.74% of raw material costs.
- No exclusive supplier agreements; supply disruptions could hurt operations and cash flows.
- Manufacturing facility concentrated in Maharashtra, exposing company to regional operational risks.
- Revenue heavily reliant on Maharashtra customers; economic slowdown may impact results.
