Speb Adhesives Limited IPO
Speb Adhesives Limited IPO
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The Initial Public Offering of Speb Adhesives Limited's culminated in its successful listing on 08-12-2025 at the NSE trading platform. The company secured 60,24,000 Shares through this capital market exercise, with 48,54,000 Shares allocated to new capital formation and ₹6.55 Cr to existing shareholder liquidity.
Investors participated within the price parameters of ₹52 to ₹56, with minimum investment requirements of 2000 shares. The subscription period from 01-12-2025 to 03-12-2025 witnessed active investor engagement across categories.
Following the subscription closure, share allotment was processed on 04-12-2025. The subsequent listing established a public market for the company's shares, enabling price discovery and secondary market trading for investors.
Investors can bid starting from the minimum lot size specified for this IPO, and only in multiples of that lot size. The table below shows the minimum and maximum investment for retail investors and HNIs in terms of lots, quantity, and amount.
Speb Adhesives IPO About Company
Speb Adhesive Limited manufactures and distributes solvent-based synthetic rubber adhesives while also offering water-based options. The company specializes in polychloroprene-based and SBS-based adhesives and provides a wide range of products such as multi-purpose adhesives, spray-grade adhesives, premium bonding adhesives, ducting and insulation adhesives, woodworking and footwear-grade adhesives, and adhesives for generator sets. Operating under a B2B model, Speb Adhesive serves industries like packaging, automotive, footwear, construction, woodworking, and furniture. Its manufacturing facility is located in the MIDC industrial area of Taloja, Raigad, Maharashtra, with a production capacity of 12,000 liters per day. As of November 20, 2025, the company has 41 permanent employees.
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
Speb Adhesives IPO Strength Factors
- Solid Financial Strength for Sustainable Expansion : Strong and consistent financial performance provides the foundation to support future growth, invest in capacity, and enhance long-term scalability.
- Reliable Operational Network for Steady Business Delivery : A well-established distributor and customer ecosystem ensures smooth order fulfillment, repeat demand, and stable presence across diverse B2B markets.
- Experienced Leadership Driving Strategic Growth : Promoters and senior management with rich industry expertise enable efficient operations, innovation, and continual business expansion.
Speb Adhesives IPO Risk Factors
- High Revenue Reliance on Multipurpose Adhesives : Majority sales contribution (55.79%–64.75%) from a single category exposes the business to significant risk if demand or pricing in this segment declines.
- Dependence on Limited Raw Material Suppliers : Key inputs sourced from a concentrated supplier base (top 10 supplying ~76.74%) may lead to production disruption and cost volatility if supply issues occur.
- Regional Concentration of Manufacturing Operations : All current and future facilities being located in Maharashtra increases exposure to state-specific operational risks, potentially affecting revenue and profitability.
Speb Adhesives IPO Lead Manager(s)
- Unistone Capital Private Limited
Speb Adhesives IPO Promoter(s)
- Kirtikumar Vithlani
- Bhaumik Vithlani
- Gaurav Vithlani
- Harish Vithlani
Speb Adhesives IPO FAQs
Speb Adhesives Limited IPO subscribed 2.48 times. The public issue subscribed 1.75 times in the retail category,2.06times in QIB, and 5.86 times in the HNI (10+) category byDecember 8, 2025 4:15:00 AM (Day 8).
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
Speb Adhesives IPO IPO Investor Categories
The offer proceeds will be utilised towards the following investor categories in compliance with SEBI regulations:
Qualified Institutional Buyers (QIB)
Financial Institutions, Banks, FIIs, and Mutual Funds registered with SEBI are called QIBs. In most cases, QIBs represent small investors who invest through mutual funds, ULIP schemes, and pension schemes.
Non-Institutional Investors (NII / HNI)
Retail Individual Investors (HNI), NRIs, Companies, Trusts, etc. who bid for shares worth more than ₹2 lakhs are known as Non-Institutional Bidders. Unlike QIBs, they do not need SEBI registration.
Subcategories of NII:
- sNII (Small NII – bids below ₹10 Lakhs)
For bids between ₹2–10 lakhs. One-third of NII shares are reserved for this category, also known as Small HNI (sHNI).
- bNII (Big NII – bids above ₹10 Lakhs)
For bids above ₹10 lakhs. Two-thirds of NII shares are reserved for this category, also called Big HNI (bHNI).
- sNII (Small NII – bids below ₹10 Lakhs)
Retail Individual Investors (RII)
Individual investors or NRIs who apply up to ₹2 lakhs in an IPO are considered under the RII reserved category.
Employee (EMP)
A category of eligible employees who have a reserved quota in the IPO.
Others
This includes eligible shareholders or other investors with reserved quotas in the IPO.
Speb Adhesives IPO FAQs
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