SPEB Adhesives Ltd IPO
Chemicals
Price Band
₹52 – ₹56
Lot Size
2000
Minimum Bid Quantity
4000
Minimum Investment
₹224000
Issue Size
₹33.73Cr
Opens
2025-12-01
Closes
2025-12-03
Listing
08-12-2025
Subscription Status
Qualified Institutional Buyers
2.11 x
Non-Institutional Investor
2.88 x
Retail Individual Investor
1.67 x
Total
2.14 x
IPO Details
Issue Type
EQUITY
Face Value
₹10
Tick Size
1
ISIN
INE1CW901027
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Speb Adhesives is the manufacturer of synthetic rubber adhesives, mainly in the solvent-based category. While the company offers both solvent-based and water-based adhesives, its main production focus is on in-house manufacturing of solvent-based products. Water-based adhesives are produced through third-party contract manufacturing. Within the solvent-based segment, the company specialises in polychloroprene-based and styrene-butadiene-styrene (SBS) adhesives, which are commonly used in applications that require strong and long-lasting bonding. The company’s product range includes multipurpose adhesives, spray-grade adhesives, premium bonding adhesives, ducting and insulation adhesives, woodworking adhesives, footwear-grade adhesives, and adhesives used in generator sets. The business primarily operates on a B2B model, serving industries such as hardware, foam and furnishing, ducting and insulation, woodworking, footwear, and generator sets. To reach its customers, the company works through three main channels: a dealer and distribution network, direct industrial sales, and government supply contracts.
Pros
- • The company is ISO 9001:2015 certified for quality management systems.
- • The company operates its manufacturing unit in the Maharashtra Industrial Development Corporation (MIDC) industrial area in Taloja, Raigad, Maharashtra. The company claims that the facility has an installed production capacity of 12,000 litres per day.
- • The company states that it offers its adhesives in a wide range of stock-keeping units (SKUs), from 10 ml to 30 litres and has recently added a 200 kg SKU. This variety enables the company to cater to customers with varying usage levels. The company further states that by offering multiple product sizes, it can serve several sectors, expand its customer base, and reduce the risk of depending on a single market segment.
Cons
- • The company derives a major portion of its revenue from the sales of the multipurpose products category. This category accounted for Rs 13.81 crore (55.79 percent) of the company’s total revenue for the period ended September 30, 2025, and Rs 26.43 crore (59.02 percent) in FY25, Rs 26.43 crore (62.01 percent) in FY24 and Rs 24.85 crore (64.75 percent) in FY23. Any adverse change in the quality of these products, technology changes, or the company’s inability to deliver customised products could lead to customer disputes, affecting the company’s operations and financial performance.
- • The company’s top 10 suppliers accounted for Rs 11.30 crore (69.27 percent) of the company’s total purchases for the period ended September 30, 2025, and Rs 20.42 crore (67.13 percent) in FY25, Rs 21.96 crore (71.40 percent) in FY24 and Rs 25.70 crore (84.28 percent) in FY23. Any disruption in supplies from one or more of these suppliers could adversely affect the company’s business and finances.
- • The company derives a significant portion of its revenue from Maharashtra. The state accounted for Rs 16.19 crore (70.76 percent) of the company’s total revenue for the period ended September 30, 2025, and Rs 30.70 crore (73.79 percent) in FY25, Rs 30.25 crore (75.51 percent) in FY24 and Rs 27.45 crore (77.46 percent) in FY23. Any adverse economic, political, or social developments in the states could negatively impact the company’s operations and finances.
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