SPEB Adhesives Limited IPO

SPEB Adhesives Limited IPO

SME NSE SME 100% Book Built Offer
Closed

Price Band

₹52 - ₹56

Total Issue

₹33.73 Cr

Bid Dates

01 Dec - 03 Dec

Subscription

2.48x

Est. GMP

₹0 (0.00%)

Website RHP Check Allotment

Tentative Timetable

Open
Close
Allotment
Refunds
Credit
Listing

Business Overview

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.

Lot Info

Lot Information for SPEB Adhesives IPO
Category Lots Shares Amount
Individual (Min) 2 4,000 ₹2,24,000
Individual (Max) 2 4,000 ₹2,24,000
S-HNI (Min) 3 6,000 ₹3,36,000
S-HNI (Max) 8 16,000 ₹8,96,000
B-HNI (Min) 9 18,000 ₹10,08,000
Market Maker
5,38,000 EQ Shares
Employee
₹0.00
Shareholder
₹0.00

Issue Size

Total ₹33.73 Cr
Fresh Issue
₹27.18 Cr (0.49 Cr Shares)
Offer For Sale
₹6.55 Cr (0.12 Cr Shares)

Objects of the Issue

A1

₹B1 Cr

A2

₹B2 Cr

A3

₹B3 Cr

Grey Market Premium

GMP ₹0
Est. Price ₹56
Est. Gain 0.00%

SPEB Adhesives IPO Peer Comparison

(Rs. in crores)

SPEB Adhesives IPO Peer Comparison Table
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

Financial Performance

(Rs. in crores)

Financial Performance Metrics for SPEB Adhesives IPO
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

KPIs

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.

Shareholding

Promoter

99.76%

Public

0.24%

Kirtikumar Vithlani 30.55%
Harish Vithlani 30.55%
Gaurav Vithlani 19.33%
Bhaumik Vithlani 19.33%
Others 0.24%

Management

Kirtikumar Vithlani Chairman
Gaurav Vithlani MD
Anilkumar Pandya CFO

Registrar & Lead Managers

Registrar

MUFG Intime India

MUFG Intime India

Lead Managers (1)

Unistone Capital Unistone Capital

Subscription Status

Updated as on 03-Dec-2025 19:01:14 hrs

Category Sub (x) Offered Bids
QIB 2.04x 11,38,000 23,16,000
NII 4.12x 8,22,900 33,88,000
bHNI 4.91x 5,48,600 26,96,000
sHNI 2.52x 2,74,300 6,92,000
Individual Investor 1.76x 19,20,100 33,76,000
Total 2.34x 38,81,000 90,80,000

Frequently Asked Questions

What is SPEB Adhesives IPO?
SPEB Adhesives IPO is a SME IPO having an issue size of ₹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.
When will SPEB Adhesives IPO open?
SPEB Adhesives IPO opens on 01 Dec 25 and closes on 03 Dec 25.
What is the GMP of SPEB Adhesives IPO?
The estimated Grey Market Premium of SPEB Adhesives IPO is ₹0 per share (0.00%).
What is the lot size of SPEB Adhesives IPO?
The minimum lot size of SPEB Adhesives IPO is 2000 shares & the minimum application amount is Rs. 112000.
When is the allotment of SPEB Adhesives IPO?
The allotment date of SPEB Adhesives IPO is 04 Dec 25.
What is the listing date of SPEB Adhesives IPO?
The listing date of SPEB Adhesives IPO is 08 Dec 25.
What is the subscription of SPEB Adhesives IPO?
SPEB Adhesives IPO is subscribed 2.48 times.
What is the price band of SPEB Adhesives IPO?
SPEB Adhesives IPO is priced at ₹52 - ₹56 per share.
How to check allotment status of SPEB Adhesives IPO?
Click the allotment link on SPEB Adhesives IPO page of IPO360.
How to apply SPEB Adhesives IPO in Zerodha?
  1. Go to Kite App → Tap on Bids → Tap on IPO
  2. Select the IPO → Tap on apply → Enter UPI ID
  3. Enter Qty and Price
  4. Submit the application
  5. Approve the UPI Mandate on your UPI app
How to apply SPEB Adhesives IPO in Groww?
  1. Go to Groww App → Stocks Section → Select IPO option
  2. Select the IPO you want to apply
  3. Enter your bid details and price
  4. Enter UPI ID & submit
  5. Approve the UPI Mandate on your UPI app
How to apply SPEB Adhesives IPO using ASBA?
  1. Log in to your bank's net banking portal.
  2. Navigate to the 'IPO' or 'ASBA' section.
  3. Select SPEB Adhesives IPO from the list of available IPOs.
  4. Enter the required details: Bid quantity, Price, DP ID & Client ID, etc
  5. Submit the application.
  6. Money will remain blocked till the refund date