SEPB Adhesives is engaged in manufacturing solvent-based synthetic rubber adhesives and also offers water-based variants produced through contract manufacturing. Its core expertise lies in polychloroprene-based and SBS-based solvent adhesives known for strong bonding, durability, and versatile applications. The product portfolio includes multi-purpose, spray-grade, premium bonding, ducting and insulation, woodworking, footwear-grade and generator set adhesives, catering to both industrial and retail use. Operating on a B2B model, the company serves the hardware, foam and furnishing, ducting and insulation, woodworking, footwear and genset industries through four key channels: dealer-distribution, industrial sales, exports and government supply contracts.
Price Band₹52 - ₹56 |
Dates01 Dec - 03 Dec |
GMP₹0 (0.00%) |
Subscriptions1.75 times |
Issue Size₹33.73 Crs |
SPEB Adhesives IPO Objects
- Funding capital expenditure to part-finance the extension and expansion of the Company’s manufacturing facility
- General corporate purposes
SPEB Adhesives IPO Details
Price Band₹52 - ₹56 |
Listing AtNSE SME |
IPO Issue Type100% Book Built Offer |
Fresh Issue₹27.18 Cr (0.49 Cr Shares) |
Offer For Sale₹6.55 Cr (0.12 Cr Shares) |
Total Issue₹33.73 Cr (0.60 Cr Shares) |
Face Value₹10 per equity share |
SPEB Adhesives IPO Lot Information
| Investor Category | Lot | Shares | Amount | |
|---|---|---|---|---|
| Individual Investor |
Minimum
2
4,000
2,24,000
Maximum
2
4,000
2,24,000
|
|||
| Small HNI |
Minimum
3
6,000
3,36,000
Maximum
8
16,000
8,96,000
|
|||
| Big HNI |
Minimum
9
18,000
10,08,000
|
|||
SPEB Adhesives IPO Subscription
Updated as on 03-Dec-2025 19:01:14 hrs
| Investor Category | Subscription (times) | Shares Offered | Shared Bid |
|---|---|---|---|
| QIB | 0.84 | 27,42,000 | 23,16,000 |
| NII | 4.77 | 8,22,900 | 39,26,000 |
| bNII | 5.90 | 5,48,600 | 32,34,000 |
| sNII | 2.52 | 2,74,300 | 6,92,000 |
| Individual Investor | 1.76 | 19,20,100 | 33,76,000 |
| Total | 1.75 | 54,85,000 | 96,18,000 |
SPEB Adhesives IPO GMP
The estimated Grey Market Premium of SPEB Adhesives IPO is ₹0 per share (0.00%)
Category Allocation
| Particulars | Allocation |
|---|---|
| QIB | Not more than 50% of Net Offer |
| NII | Not less than 15% of Net Offer |
| Retail | Not less than 35% of Net Offer |
| Market Maker | 5,38,000 EQ Shares |
SPEB Adhesives IPO Financials
| Particulars | Sep-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| Revenue from Operations | 24.75 | 44.79 | 42.62 | 38.37 |
| Profit after Tax | 3.65 | 5.89 | 4.94 | 1.83 |
| Net Worth | 29.01 | 25.36 | 19.47 | 19.46 |
| Total Borrowing | - | - | - | - |
| Total Assets | 31.88 | 27.27 | 20.70 | 19.89 |
| NAV per share (in ₹) | 16.47 | 14.40 | 10.23 | 10.27 |
| EPS - Basic (in ₹) | 2.07 | 3.35 | 2.59 | 0.95 |
The financial information presented is on a consolidated basis.
Key Performance Indicators
| KPI | VALUES |
|---|---|
| EBITDA | 17.47% |
| PAT | 13.16% |
| ROE | 26.30% |
| ROCE | 32.07% |
| PE Ratio | 16.72 |
| PB Ratio | 3.89 |
| Mkt Cap (in Crs.) | 125.80 |
- All the data pertains to FY 2024-25.
- PE, PB, and market capitalization are calculated based on the Upper Price Band.
SPEB Adhesives IPO Peer Comparision
| Particulars | Speb Adhesives Ltd. | HP Adhesives Ltd. | Nikhil Adhesives Ltd. | Jyoti Resins & Adhesives Ltd. |
|---|---|---|---|---|
| Revenue from Ops (in Crs.) | 44.79 | 252.87 | 584.59 | 284.12 |
| PAT (In Crs.) | 5.89 | 18.24 | 16.50 | 73.88 |
| EPS - Basic | 3.35 | 1.99 | 3.59 | 61.56 |
| NAV per share | 14.40 | 20.06 | 28.10 | 191.03 |
| RONW | 26.30% | 10.33% | 13.58% | 37.36% |
| EBITDA | 17.47% | 9.54% | 6.29% | 31.49% |
| PAT Margin | 13.16% | 7.21% | 2.82% | 26.00% |
| Price to earning (PE) | 16.72 | 23.57 | 28.13 | 19.49 |
All information pertains to FY 2024-25. PE ratio is calculated using the Upper Price Band for the Issuer and the closing price as of November 20, 2025 for Peers
SPEB Adhesives IPO Peer Comparision
| Particulars | Speb Adhesives Ltd. |
|---|---|
| Revenue from Ops (in Crs.) | 44.79 |
| PAT (In Crs.) | 5.89 |
| EPS - Basic | 3.35 |
| NAV per share | 14.40 |
| RONW | 26.30% |
| EBITDA | 17.47% |
| PAT Margin | 13.16% |
| Price to earning (PE) | 16.72 |
| HP Adhesives Ltd. | Nikhil Adhesives Ltd. | Jyoti Resins & Adhesives Ltd. |
|---|---|---|
| 252.87 | 584.59 | 284.12 |
| 18.24 | 16.50 | 73.88 |
| 1.99 | 3.59 | 61.56 |
| 20.06 | 28.10 | 191.03 |
| 10.33% | 13.58% | 37.36% |
| 9.54% | 6.29% | 31.49% |
| 7.21% | 2.82% | 26.00% |
| 23.57 | 28.13 | 19.49 |
All information pertains to FY 2024-25. PE ratio is calculated using the Upper Price Band for the Issuer and the closing price as of November 20, 2025 for Peers
Promoter Details
| Name | Shareholding |
|---|---|
| Kirtikumar Vithlani | 30.55% |
| Harish Vithlani | 30.55% |
| Gaurav Vithlani | 19.33% |
| Bhaumik Vithlani | 19.33% |
| Others | 0.24% |
| Total | 99.76% |
Management Details
| Name | Designation |
|---|---|
| Kirtikumar Vithlani | Chairman |
| Gaurav Vithlani | MD |
| Anilkumar Pandya | CFO |
Company Details
Name: Speb Adhesives Limited
Address: Plot No. J 33, MIDC, Taloja, Raigad, Panvel- 410208, Maharashtra, India
Number: +91 7738532223
Email: cs@speb7.com
Website: www.speb7.com
Book Running Lead Managers (BRLMs)
Unistone Capital
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MUFG Intime India
Visit WebsiteFrequently Asked questions?
Find answers to common questions that come in your mind related to IPO.
SPEB Adhesives IPO is a SME IPO having an issue size of Rs. ₹33.73 Crs. SPEB Adhesives IPO is priced at ₹52 - ₹56 per share. The issue opens on 01 Dec 25 and closes on 03 Dec 25.
SPEB Adhesives IPO opens on 01 Dec 25 and closes on 03 Dec 25.
The estimated Grey Market Premium of SPEB Adhesives IPO is ₹0 per share (0.00%).
The minimum lot size of SPEB Adhesives IPO is 2000 shares & the minimum application amount is Rs. 112000.
The allotment date of SPEB Adhesives IPO is 04 Dec 25.
The listing date of SPEB Adhesives IPO is 08 Dec 25.
SPEB Adhesives IPO is subscribed 1.75 times.
SPEB Adhesives IPO is priced at ₹52 - ₹56 per share.
Click the allotment link on SPEB Adhesives IPO page of IPO360.
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