SpectraA Technology Solutions Ltd IPO
Capital Goods-Non Electrical Equipment
Price Band
₹112 – ₹118
Lot Size
1200
Minimum Bid Quantity
2400
Minimum Investment
₹283200
Issue Size
₹42.52Cr
Opens
2026-09-17
Closes
2026-09-21
Listing
24-09-2026
Subscription Status
Qualified Institutional Buyers
184.55 x
Non-Institutional Investor
326.06 x
Retail Individual Investor
310.82 x
Total
281.45 x
IPO Details
Issue Type
EQUITY
Face Value
₹10
Tick Size
1
ISIN
INE0GAN01010
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
SpectraA Technology Solutions Limited is an engineering company involved in designing, fabrication, installation, commissioning and decommissioning of greenfield and brownfield projects. It serves industries including breweries, distilleries, food and beverages, malt spirit and blending, extraction plants, FMCG, and pharmaceuticals. Its products and systems include commercial brewery equipment, distillery equipment, food and beverage processing plants, microbrewery equipment, malt spirit equipment and extraction plants. The company undertakes projects covering engineering, fabrication, installation, commissioning and decommissioning, with equipment built in-house and customized to customer specifications. It operates two manufacturing facilities in Bengaluru and Jaipur, with an aggregate built-up area of 33,214.75 square feet. The company also has a rooftop solar capacity of 100 kWp installed across its Malur plant, Jaipur plant, and registered office. SpectraA Technology Solutions Limited was incorporated in Bengaluru in January 2009 as a private company and was converted into a public limited company in February 2021. Use of proceeds: The IPO consists of both a fresh issue of shares and an offer for sale (OFS). Proceeds from the OFS will go to the respective selling shareholders, whereas the net proceeds from the fresh issue will be utilised for the following purposes: Capital Expenditure at Jaipur manufacturing facility — Rs 11.00 crore Repayment of term loans availed by the company — Rs 6.48 crore Working capital requirements — Rs 9.5 crore General corporate purposes.
Pros
- • The company operates manufacturing facilities in Bengaluru and Jaipur, allowing it to cater to customers across southern, northern, and western India. As of the date of filing of the Red Herring Prospectus, its installation footprint covered 19 states and three Union Territories in India, along with exports to 10 countries.
- • The company claims to fabricate its equipment in-house, covering processes such as cutting, rolling, welding, passivation, pressure testing, and factory acceptance testing. This allows it to handle design changes and fabrication activities internally rather than relying on external vendors.
- • As of August 25, 2026, the company had an order book of Rs 81.30 crore. The order book covers projects across breweries, distilleries, malt spirit, extraction, food and beverage, and customised processing.
Cons
- • The top 10 customers contributed Rs 66.34 crore (65.60%), Rs 46.54 crore (61.91%), and Rs 64.38 crore (72.37%) to the company’s revenue from operations in FY26, FY25, and FY24, respectively. Any loss of key customers, reduction in their demand, disputes, plant shutdowns, or deterioration in their financial condition could adversely affect the company’s revenue, profitability, cash flows, and financial condition.
- • The company depends on a limited number of suppliers for its raw materials, with its top 10 suppliers accounting for Rs 21.06 crore (43.35%), Rs 23.39 crore (46.84%), and Rs 25.52 crore (50.94%) of total purchases in FY26, FY25, and FY24, respectively. The company does not have long-term supply agreements and typically procures materials through purchase orders, while switching suppliers mid-cycle may be difficult due to design requirements. Any disruption in supply, adverse changes in commercial terms, delays in delivery, or increases in raw material prices that cannot be passed on to customers could adversely affect its production schedules, margins, cash flows, and financial condition.
- • As of March 31, 2026, the company had total trade receivables of Rs 44.47 crore, compared with Rs 42.86 crore as of March 31, 2025, and Rs 36.31 crore as of March 31, 2024. Delay or failure in recovering these amounts could increase working capital requirements and result in additional credit-loss provisions, adversely affecting the company’s cash flows, liquidity, and profitability.
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