Speb Adhesives Subscription
Last updated on 01-Dec-2025 18:10:22
| Category | Offered | Applied | Times |
|---|---|---|---|
| QIB | 1122000 | 0 | 0 |
| HNIs | 828000 | 110000 | 0.13 |
| bHNI | 552000 | 74000 | 0.13 |
| sHNI | 276000 | 36000 | 0.13 |
| Individual | 1932000 | 312000 | 0.16 |
| Total | 3882000 | 422000 | 0.11 |
Application-Wise Breakup  | |||
|---|---|---|---|
| Category | Reserved | Applied | Times |
| HNIs (10L+) | 92 | 5 | 0.05 |
| HNIs (3-10L) | 46 | 5 | 0.11 |
| Individual | 483 | 78 | 0.16 |
| Subscription Demand (in ₹ crore) | |||
|---|---|---|---|
| Category | Offered | Demand | Times |
| QIB | 6.28 | 0 | 0 |
| FII | - | 0 | - |
| FI | - | 0 | - |
| IC | - | 0 | - |
| MF | - | 0 | - |
| OTH | - | 0 | - |
| HNIs | 4.64 | 0.62 | 0.13 |
| bHNI | 3.09 | 0.41 | 0.13 |
| sHNI | 1.55 | 0.2 | 0.13 |
| Individual | 10.82 | 1.75 | 0.16 |
| Total | 21.74 | 2.36 | 0.11 |
Speb Adhesives Lot(s) Distribution
| Category | Lot(s) | Qty | Amount | Reserved |
|---|---|---|---|---|
| INDIVIDUAL | 2 | 4000 | 224000 | 483 |
| sHNI | 3 | 6000 | 336000 | 46 |
| bHNI | 9 | 18000 | 1008000 | 92 |
Speb Adhesives Reservation
| Category | Shares Offered | % |
|---|---|---|
| Anchor | 1604000 | 26.63% |
| QIB | 1122000 | 18.63% |
| HNI | 828000 | 13.75% |
| INDIVIDUAL | 1932000 | 32.07% |
| Market Maker | 538000 | 8.93% |
| Total | 6024000 | 100% |
Speb Adhesives About
IPO Details
| Total Issue Size | 60,24,000 shares (aggregating up to 33.73 Cr) |
| Fresh Issue | 48,54,000 shares (aggregating up to 27.18 Cr) |
| Offer for Sale | 11,70,000 shares (aggregating up to 6.55 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Share Holding Pre Issue | 1,76,10,570 shares |
| Share Holding Post Issue | 2,24,64,570 shares |
| Reserved for Market Maker | 5,38,000 shares (aggregating up to 3.01 Cr) |
| Market Maker | Kalpalabdhi Financials Private Limited |
Key Performance Indicators
| KPI | Sep-25 | Mar-25 | Mar-24 |
|---|---|---|---|
| ROE | 13.43% | 26.30% | 25.57% |
| RONW | 13.43% | 26.30% | 25.37% |
| EPS (basic) | 2.07 | 3.35 | 2.59 |
| P/E Pre IPO | 16.73 | ||
| P/E Post IPO | 17.22 |
Financial Details In crores
| Period Ended | Sep-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| Assets | 31.88 | 27.27 | 20.7 | 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 and Surplus | 11.4 | 7.75 | 19.3 | 19.27 |
Peer Comparision (Valuation)
| Company | P/E (x) | Face value (₹) |
|---|---|---|
| Speb Adhesives Limited | 16.73 | 10 |
| HP Adhesives Limited | 23.57 | 10 |
| Nikhil Adhesives Limited | 28.13 | 10 |
| Jyoti Resins & Adhesives Limited | 19.49 | 10 |
Peer Compparision (Financial Performance)
| Company | NAV/Share (₹) | RoNW (%) | EPS (Basic) (₹) |
|---|---|---|---|
| Speb Adhesives Limited | 14.4 | 26.3 | 3.35 |
| HP Adhesives Limited | 20.06 | 10.33 | 1.99 |
| Nikhil Adhesives Limited | 28.1 | 13.58 | 3.59 |
| Jyoti Resins & Adhesives Limited | 191.03 | 37.36 | 61.56 |
Company Overview
A manufacturer and distributor of solvent-based and water-based synthetic rubber adhesives.
Specializes in polychloroprene-based and SBS-based solvent adhesives.
Product range includes multipurpose adhesives, spray-grade adhesives, premium bonding adhesives, ducting & insulation adhesives, woodworking adhesives, footwear-grade adhesives, and adhesives for generator sets.
Operates under a B2B model, supplying to packaging, automotive, footwear, construction, woodworking, and furniture industries.
Manufacturing facility located at MIDC Taloja, Raigad (Maharashtra) with 12,000 liters per day capacity.
Product brands include:
Multipurpose: SPEB-7 Multipurpose Adhesive, Multi-Fix Tube, FloorBond, WallFix
Spray-Grade: G1, G7, Spraygrade
Premium Bonding: SR-911
Duct Fix & Duct Fix Eco
As of Nov 20, 2025: 41 permanent employees.
Objects of the Issue
Part-finance the cost of setting up a new water-based adhesive manufacturing facility at Village Tambati, Raigad – ₹20.44 cr
General corporate purposes
Strength
Strong Financial Foundation for Future Growth: The company has built stable financial performance, enabling it to fund expansion and strengthen long-term scalability.
Consistent Delivery Through a Trusted Network: A reliable distributor and customer network ensures repeat business and smooth supply across multiple B2B sectors.
Experienced Promoters and Senior Management: Leadership with deep industry experience supports efficient operations, product development, and strategic expansion.
Weakness
High Dependence on Multipurpose Adhesive Category: A major share of revenue (55.79%–64.75% across FY23–FY25) comes from one product category, making the business vulnerable if demand weakens.
Raw Material Supply Dependence & Concentration: Key raw materials like Toluene, Hexane, and Synthetic Rubber come from third-party suppliers, with top 10 suppliers contributing 76.74% of procurement. Loss or delay from any major supplier can disrupt production and cash flows.
Manufacturing Facility Concentration in Maharashtra: All current and upcoming plants are located in Maharashtra, exposing operations to regional issues. Any disruption, shutdown, or slowdown at these facilities can directly impact revenue and profitability.
Speb Adhesives Lead Manager(s)
Speb Adhesives Address
Plot No. J 33,
MIDC, Taloja,
Raigad,
Panvel, Maharashtra, 410208
Phone: +91 7738532223
Email: cs@speb7.com
Website: http://www.speb7.com/
Speb Adhesives Registrar
MUFG Intime India Private Limited (Link Intime)
Link Intime India Private Ltd
C 101, 247 Park,
L.B.S.Marg Vikhroli (West),
Mumbai - 400083
Speb Adhesives Reviewers
| Reviewer | Recommendation | File |
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