Speb Adhesives IPO opens on December 1, 2025, and closes on December 3, 2025. The SME IPO aims to raise about ₹33.73 crores through a Book Build Issue. The structure includes a fresh issue of ₹27.18 crores and an offer for sale of 11,70,000 equity shares. The price band is set at ₹52 to ₹56 per share. The allotment will be declared on December 4, 2025 and the shares will list on NSE SME on December 8, 2025.
The company has shown steady financial growth with revenue rising from ₹43.21 crores in 2024 to ₹45.54 crores in 2025. Net profit also improved from ₹4.94 crores to ₹5.89 crores in the same period. Based on the financials and stability in margins, long-term investors may consider applying.
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Speb Adhesives IPO Details
| Particular | Details |
|---|---|
| IPO Open Date | December 1, 2025 |
| IPO Close Date | December 3, 2025 |
| Face Value | ₹10 per share |
| Price Band | ₹52 to ₹56 per share |
| Issue Size | Approx ₹33.73 crores |
| Fresh Issue | Approx ₹27.18 crores |
| Offer for Sale | 11,70,000 equity shares |
| Issue Type | Book Build Issue |
| Listing | NSE SME |
| DRHP Draft Prospectus | View PDF |
| RHP Draft Prospectus | View PDF |
Speb Adhesives IPO
Open: 1-3 Dec
Issue Size: ₹33.73 Cr.
Objective: Expand by building a new facility for water-based adhesives.
Exchange: NSE SME
Speb Adhesives IPO GMP
The latest GMP for the Speb Adhesives IPO is showing steady interest in the grey market, reflecting positive sentiment among early investors. Although GMP trends usually fluctuate closer to the listing date, the current premium indicates that the IPO is likely to see healthy demand from retail and HNI investors.
Market observers note that the company’s consistent revenue growth, strong profit numbers, and expansion plans are supporting the GMP movement.
While GMP is never a guaranteed indicator of listing price, the present trends suggest a potential listing gain if the momentum continues. Investors should still focus on fundamentals, but the early GMP signals do add confidence to the overall outlook for this SME issue.
Speb Adhesives IPO Review
Speb Adhesives has maintained consistent revenue growth and healthy margins. The company operates in the adhesives manufacturing sector with a growing demand base.
The valuation appears reasonable for the SME segment, backed by strong ROE and ROCE numbers. Long-term investors may find it suitable based on the stable financial track record and expansion plans.
Speb Adhesives IPO Market Lot
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 4,000 | ₹2,24,000 |
| Retail Maximum | 2 | 4,000 | ₹2,24,000 |
| S-HNI Minimum | 3 | 6,000 | ₹3,36,000 |
| S-HNI Maximum | 8 | 16,000 | ₹8,96,000 |
| B-HNI Minimum | 9 | 18,000 | ₹10,08,000 |
IPO Reservation
| Investor Category | Shares Offered | % Shares |
|---|---|---|
| Anchor Investor | – | – |
| QIB | – | 50% |
| NII | – | 15% |
| Retail | – | 35% |
Speb Adhesives IPO Anchor Investors
| Particular | Details |
|---|---|
| Anchor Bidding Date | November 28, 2025 |
| Anchor List | View PDF |
| Shares Offered | [.] |
| Anchor Size | [.] Cr |
| Lock-in 50% (30 Days) | January 3, 2026 |
| Lock-in 50% (90 Days) | March 4, 2026 |
- Also Read: Astron Multigrain IPO
Speb Adhesives IPO Dates
| Event | Date |
|---|---|
| IPO Open Date | December 1, 2025 |
| IPO Close Date | December 3, 2025 |
| Basis of Allotment | December 4, 2025 |
| Refunds | December 5, 2025 |
| Credit to Demat | December 5, 2025 |
| Listing Date | December 8, 2025 |
| Cut-off Time | December 3, 2025 – 5 PM |
Promoters and Shareholding
| Particular | Shares | % Share |
|---|---|---|
| Pre-Issue Holding | 1,76,10,570 | 100% |
| Post-Issue Holding | 2,24,64,570 | –% |
Objects of the Issue
The company plans to use a major part of the fresh issue funds to build a new manufacturing facility for expanding its water-based adhesives production at Village Tambati, Taluka Khalapur, Raigad, Maharashtra. The remaining funds will go towards general corporate requirements.
About Speb Adhesives
Speb Adhesives is engaged in manufacturing water-based adhesives used in multiple industrial applications. The company focuses on product development, efficient production, and expanding its operational capacity to cater to increasing demand.
Speb Adhesives Company Financial Report (₹ in Crores)
| Period | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2023 | ₹38.79 | ₹36.27 | ₹1.83 | ₹19.89 |
| 2024 | ₹43.21 | ₹36.57 | ₹4.94 | ₹20.70 |
| 2025 | ₹45.54 | ₹37.41 | ₹5.89 | ₹27.27 |
| September 2025 | ₹25.04 | ₹20.13 | ₹3.65 | ₹31.88 |
Speb Adhesives IPO Valuation – FY2025
| KPI | Value |
|---|---|
| ROE | 26.30% |
| ROCE | 32.07% |
| EBITDA Margin | 17.47% |
| PAT Margin | 13.16% |
| Debt-to-Equity | – |
| EPS | ₹3.35 |
| P/E Ratio | N/A |
| RoNW | 26.30% |
| NAV | ₹14.40 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| HP Adhesives | 1.99 | 23.57 | 10.33% | 20.06 | 252.87 Cr |
| Nikhil Adhesives | 3.59 | 28.13 | 13.58% | 28.10 | 584.59 Cr |
| Jyoti Resins & Adhesives | 61.56 | 19.49 | 37.36% | 191.03 | 284.12 Cr |
IPO Lead Manager
Unistone Capital Pvt. Ltd.
Company Address
| Detail | Information |
|---|---|
| Company Name | Speb Adhesives Ltd. |
| Address | Plot No. J 33, MIDC, Taloja, Raigad, Panvel, Maharashtra, 410208 |
| Phone | +91 7738532223 |
| cs@speb7.com | |
| Website | http://www.speb7.com/ |
IPO Registrar
| Detail | Information |
|---|---|
| Registrar | MUFG Intime India Pvt. Ltd. |
| Phone | +91-22-4918 6270 |
| spebadhesives.ipo@in.mpms.mufg.com | |
| Website | https://in.mpms.mufg.com/Initial_Offer/public-issues.html |
Speb Adhesives IPO FAQs
What is Speb Adhesives IPO?
It is an SME IPO worth ₹33.73 crores with a price band of ₹52 to ₹56 per share. The IPO will list on NSE SME.
When does the IPO open?
The IPO opens on December 1, 2025 and closes on December 3, 2025.
What is the investor allocation?
QIB gets 50%, NII gets 15%, and Retail gets 35%.
How to apply for the IPO?
You can apply through ASBA via your bank or UPI applications through your stock broker.
What is the lot size?
The minimum lot size is 4,000 shares.
What is the allotment and listing date?
Allotment is on December 4, 2025 and listing is on December 8, 2025.
Expert Comment
Speb Adhesives shows stable financial growth, strong profitability metrics, and a clear expansion plan backed by the IPO proceeds. With solid ROE and ROCE levels, the company is positioned well within its segment.
The valuation appears comfortable for long-term investors looking for steady performance in the adhesives manufacturing space.
