Speb Adhesives Limited is a manufacturer of solvent-based synthetic rubber adhesives, with select water-based adhesives produced through contract manufacturing. Its core strength lies in polychloroprene-based and SBS-based adhesives, known for strong bonding and durability.
The company serves industrial and retail customers across sectors such as Hardware, Foam & Furnishing, Ducting & Insulation, Woodworking, Footwear, and Generator Set industries. Its wide portfolio includes multi-purpose adhesives, spray-grade adhesives, premium bonding products, flooring adhesives, ducting/insulation adhesives, and footwear adhesives.
Speb operates on a B2B model through three major business channels:
- Dealer–Distributor Network
- Industrial Sales
- Government Supply Contracts
The company follows a continuous manufacturing model, ensuring ready inventory for distributors rather than producing only against orders. Products are offered in SKUs ranging from 10 ml to 30 litres, with a new 200 kg industrial SKU added recently.
Manufacturing is carried out at its MIDC Taloja, Raigad (Maharashtra) plant with a capacity of 12,000 litres/day, supporting both domestic and export demand—especially to the UAE market.
As of November 20, 2025, the company had 41 permanent employees.
Speb Adhesives IPO – Details
| IPO Opening Date | 01 December 2025 |
| IPO Closing Date | 03 December 2025 |
| Issue Type | Bookbuilding IPO |
| Issue Size | Total Issue: 60,24,000 Shares Worth ₹33.73 Crore Fresh Issue: 43,16,000 Shares Worth ₹24.17 Crore Offer For Sale: 11,70,000 Shares Worth ₹6.55 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹52 – ₹56 per share |
| Market Lot | 2000 Shares |
| Min Order | 2000 Shares [ 1 Lot ] |
| Listing At | NSE SME |
| Registrar | MUFG Intime India Pvt.Ltd. |
| QIB Shares Offered | 50% |
| NII Shares Offered | 15% |
| Retail Shares Offered | 35% |
Speb Adhesives IPO – Date Schedule
| IPO Open Date | 01 December 2025 |
| IPO Close Date | 03 December 2025 |
| Basis of Allotment | 04 December 2025 |
| Initiation of Refund | 05 December 2025 |
| Credit of Shares to Demat | 05 December 2025 |
| IPO Listing Date | 08 December 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on December 03, 2025 |
Speb Adhesives IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 4000 | ₹2,24,000 |
| Retail (Max) | 2 | 4000 | ₹2,24,000 |
| S-HNI (Min) | 3 | 6000 | ₹3,36,000 |
| S-HNI (Max) | 8 | 16,000 | ₹8,96,000 |
| B-HNI (Min) | 9 | 18,000 | ₹10,08,000 |
Competitive Strength
- Strong Financial Foundation for Future Growth.
- Consistent Delivery Through a Trusted Network.
- Experienced Promoters and senior management team.
Company Promoters
- Kirtikumar Vithlani
- Bhaumik Vithlani
- Gaurav Vithlani
- Harish Vithlani
Company Financials
| Period | Total Revenue | Total Expense | Profit After Tax | Total Borrowings |
|---|---|---|---|---|
| 31 March 2023 | ₹38.79 Cr | ₹36.27 Cr | ₹1.83 Cr | ₹19.27 Cr |
| 31 March 2024 | ₹43.21 Cr | ₹36.57 Cr | ₹4.94 Cr | ₹19.30 Cr |
| 31 March 2025 | ₹45.54 Cr | ₹37.41 Cr | ₹5.89 Cr | ₹7.75 Cr |
| 30 September 2025 | ₹25.04 Cr | ₹20.13 Cr | ₹3.65 Cr | ₹11.40 Cr |
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 26.30% |
| ROCE | 32.07% |
| RoNW | 26.30% |
| PAT Margin | 13.16% |
| EBITDA Margin | 17.47% |
| Price to Book Value | 4.32 |
| Market Capitalization | ₹125.80 Cr. |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 3.35 | 3.25 |
| P/E (x) | 16.73 | 17.22 |
Object Of The Issue
| Objects of the Issue | Expected Amount (in Crore) |
|---|---|
| Part finance the cost of establishing new manufacturing facility to expand the production capabilities of Water based adhesives at Survey no. 120, 121/1 and 121/2, Village Tambati, Taluka Khalapur, District Raigad, Maharashtra, India (“Proposed new facility”); | ₹20.44 |
| General Corporate Purposes. | – |
✅Strengths
- Wide product portfolio across multipurpose, spray, premium, flooring, ducting, woodworking, footwear & generator adhesives.
- Strong distributor network with 380+ active & 400+ repeat customers yearly.
- Presence in multiple industries reduces dependency on any one sector.
- Experienced promoters with 22–35 years of industry experience.
- Continuous manufacturing model ensuring quick supply & ready inventory.
- Established plant at MIDC Taloja with 12,000 L/day capacity.
- Growing UAE exports with structured distributor-based model.
⚠️Risks
- High revenue dependence on multipurpose adhesives (55–64%).
- No long-term supplier contracts; top 10 suppliers = 76.74% of raw material cost.
- Key raw materials: volatile (toluene, hexane, synthetic rubber).
- Exports are concentrated only in the UAE.
- Competitive, price-sensitive industry with easy customer switching.
- No dividends declared in the last two years.
- Execution risk in new water-based adhesive facility expansion.
Speb Adhesives IPO Promoter Holding
| Pre Issue Share Holding | 100% |
| Post Issue Share Holding | – |
Speb Adhesives IPO Prospectus
Company Contact Information
| Speb Adhesives Ltd. Plot No. J 33, MIDC, Taloja, Raigad, Panvel, Maharashtra, 410208 Phone: +91 7738532223 Email: cs@speb7.com Website: http://www.speb7.com/ |
Speb Adhesives IPO Registrar
| MUFG Intime India Pvt.Ltd. Phone: +91-22-4918 6270 Email: spebadhesives.ipo@in.mpms.mufg.com Website: https://linkintime.co.in/Initial_Offer/public-issues.html |
Speb Adhesives IPO Lead Manager(s)
| 1. Unistone Capital Pvt.Ltd. |
Speb Adhesives IPO FAQ
| What is Speb Adhesives IPO? Speb Adhesives IPO is an SME IPO. The issue is priced at ₹52 – ₹56 per equity share. The IPO is to be listed on NSE SME. |
| When Speb Adhesives IPO will open? The IPO is to open on 01 December 2025 for QIB, NII, and Retail Investors. |
| What is Speb Adhesives IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the Speb Adhesives IPO Size? Speb Adhesives IPO size is ₹33.73 Crore. |
| What is Speb Adhesives IPO Minimum and Maximum Lot Size for Retail? The minimum bid is 4000 Shares with ₹2,24,000 amount, while the maximum bid is 4000 Shares with ₹2,24,000. |
| What is the Speb Adhesives IPO Allotment Date? Speb Adhesives IPO allotment date is 04 December 2025. |
| What is the Speb Adhesives IPO Listing Date? Speb Adhesives IPO listing date is 08 December 2025. The IPO is to be listed on the NSE SME. |
