Speb Adhesives IPO: Price, GMP, Analysis, And Details

Speb Adhesives IPO- Company Analysis

Speb Adhesives IPO under the SME IPO category is a book build issue of Rs. 33.73 Cr by Speb Adhesives Services Ltd. and the primary business activity is the production and distribution of solvent-based synthetic rubber adhesives.

The business provides water-based adhesives and solvent-based adhesives. Among solvent-based adhesives, it specializes in polychloroprene and styrene-butadiene styrene (SBS) adhesives.

It operates and is structured as a B2B entity and sells products to varied industries, such as packaging, automotive, footwear, construction, woodworking and furniture. Its facility is situated in the MIDC industrial area, Taloja, Raigad, Maharashtra and has a production capacity of 12,000 litres per day.

The products of the business concern include the following:-

• Multipurpose Adhesive.

• Spray-grade Adhesives.

• Premium Bonding Adhesive.

• Ducting and insulation Adhesives.

 

Speb Adhesives IPO Details

The Speb Adhesives IPO date of opening is 01 December 2025, its initial public offering will end on 03 Dec, IPO allotment on Dec 04 and refund initiation on Dec 05, 2025.

The Rs. 33.73 crore new SME IPO comprises a combination of fresh issue of 0.49 crore shares (Rs. 27.18 Cr) and offer for sale of 0.12 crore shares (Rs. 6.55 Cr).

The Speb Adhesives IPO listing date (expected) might be on Monday, Dec 08, 2025, and listing at the NSE and SME. 

The Speb Adhesives IPO price band is Rs. 52 to Rs. 56.

IPO Timetable (Tentative)

Events	Date
IPO Opening Date	Dec 01, 2025
IPO Closing Date	Dec 03, 2025
IPO Allotment Date	Dec 04, 2025
Refund Initiation	Dec 05, 2025
IPO Listing Date	Dec 08, 2025

 

Click to open demat account and apply for the IPO.

 

 

Company Financials

(Amount in Cr)

Particulars	30 Sep 2025	31 Mar 2025	31 Mar 2024
Assets	31.88	27.27	20.70
Total Income	25.04	45.54	43.21
Profit After Tax	3.65	5.89	4.94
EBITDA	4.88	7.83	6.53
Net Worth	29.01	25.36	19.47
Reserves & Surplus	11.40	7.75	19.30

 

Cash Flows

(Amount in lac)

Net Cash Flow	31 Mar 2024	31 Mar 2023	31 Mar 2022
Net Cash Flow Operating Activities	(92.61)	390.74	36.51
Net Cash Flow Investing Activities	31.12	231.00	41.65
Net Cash Flow Financing Activities	51.84	(492.81)	0.00

Revenue Bifurcation

(Rs. in Lac)

(Source: RHP)

The Objective of the Issue

The company desires to use the Net Proceeds from the Issue to fulfill its following goals:

• Part-finance the cost of establishing a new manufacturing facility to expand the production capabilities of water-based adhesives at Raigad, Maharashtra, India (“Proposed new facility”). ~ Rs. 20.44 Cr.

• General corporate purposes. 
  
  

Listed Peers of Speb Adhesives Ltd.

Company Name	Face Value (Rs. )	EPS (Rs. )	P/E Ratio (x)
HP Adhesives Limited	10	1.99	23.57
Nikhil Adhesives Limited	10	3.59	28.13
Jyoti Resins & Adhesives Limited	10	61.56	19.49

 

Valuation

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

 

 

Evaluation of P/E Ratio

Considering the period ended on FY 2025 with an EPS of Rs. 3.35 from the last year, the resulting P/E ratio is 16.71x.

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IPO's Strengths

• The company has shown consistent revenue growth, as evidenced by the pattern of revenue growth between Oct 2022 to Oct 2024. This further adds evidence to the demand and acceptance of the adhesive products within the marketplace. 

• Speb operates within the manufacturing of numerous industrial adhesives and commercially retails these products through different market regions. This strategy allows the firm to diminish the risk of being undermined by having to rely upon a singular product or having to deal with a homogenous consumer category. 

• Owing to the helpful experience of having operated for numerous years, and of having the product focus basically aligned with the firm's strategy, it has resulted in the development of a loyal customer base within the retail, industrial, and OEM market segments. 

• The growth in the firm's EBITDA and profit margins has proven to be a product of efficient operational management as a result of the implementation of cost discipline. 

• The growth tailwinds of Speb centre around the growth of the adhesives and specialty chemicals market in India. Speb has the infrastructure to capitalise on this growth due to the fact construction, packaging, furniture, and automotive sectors. 

 

IPO’s Weaknesses 

• This sort of product has a particular dependence on the use of petrochemicals. The cost of these, by virtue of the material being a derivative, will of course influence and, at times, greatly so, the profit margins within this sort of enterprise. 

• Most of the market relates to the primary use of a small number of market regions. Because of this, if a range of the particular segments from which revenue is derived undergoes a collapse, the company's revenues will be negatively impacted. 

• If the enterprise relies on a significant portion of its revenue on only a few large clients, this will have a negative influence on the enterprise's financial performance, as a result of the fact that losing only a single contract can have an overwhelming impact.

• There are some strong competitors in the adhesives industry (Pidilite, HP Adhesives, Nikhil Adhesives). Competing with them in branding, distribution, and pricing will be difficult.

 

Speb Adhesives IPO GMP (Grey Market Premium)

Speb Adhesives IPO GMP today has not started yet as of 27 Nov 2025 at the time of writing this information.

Speb Adhesives IPO Summary

The Speb Adhesives IPO has a market maker portion size of 5,38,000 Shares (Rs. 3.01 Cr).

IPO Opening & Closing Date	01 Dec, 2025 to 03 Dec, 2025
Face Value	Rs. 10 per Share
Issue Price	Rs. 52 to Rs. 56 per Share.
Lot Size	2000 Shares
Issue Size	60,24,000 Shares (Rs. 33.73 Cr)
Offer for Sale	11,70,000 Shares (Rs. 6.55 Cr)
Fresh Issue	43,16,000 Shares (Rs. 24.17 Cr)
Listing at	NSE, SME
Issue Type	Book build issue IPO
Registrar	MUFG Intime India Pvt. Ltd.

IPO Lot Details 

Retail investors can invest in a minimum of 2 Lots (4000 Shares) for Rs. 2,24,000, and in multiples thereof, while S-HNI investors can invest in a minimum of 3 Lots (6000 Shares) for Rs. 3,36,000.

Minimum Lot Investment (Retail)	2 Lots
Maximum Lot Investment (Retail)	2 Lots
S-HNI (Min)	3 Lots

 

Speb Adhesives IPO Allotment Status

To check the Speb Adhesives IPO Allotment Status, visit the official Registrar’s website or BSE website. Below are the website links for you.

Using BSE Website - ​BSE IPO allotment status

Promoters And Management of Speb Adhesives Ltd.

• Kirtikumar Vithlani

• Bhaumik Vithlani

• Gaurav Vithlani

• Harish Vithlani.

Pre-Issue Promoter Shareholding	100%
Post-Issue Promoter Shareholding	-

 

IPO Lead Managers

• Unistone Capital Pvt. Ltd. 

Dividend Policy

The company has not declared a dividend during the last three financial years.

 

Conclusion

Strong ROE/ROCE, a wide range of product offerings, and increasing profitability make the Speb Adhesives IPO a prospect in the rapidly expanding adhesives and specialty chemicals sector. The company is positioned for future volume growth and broader market penetration thanks to its expansion into a new manufacturing facility.  

In light of its steady operating performance and devoted B2B clientele, valuations seem fair when compared to peers. Before applying, investors should be aware of risks that include the volatility of petrochemical prices, geographical income concentration and competition from well-known brands.

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.