As December 2025 begins, India’s SME IPO market continues to see interest from investors looking at niche manufacturing stories. Within this backdrop, Speb Adhesives Limited is launching its IPO on December 1, 2025, giving investors a chance to participate in the growth of a company engaged in solvent-based synthetic rubber and water-based adhesives, serving multiple industrial sectors.
Here is a detailed look at Speb Adhesives, its IPO details, financials and outlook.
About Speb Adhesives Ltd.
Speb Adhesives Limited is engaged in the manufacturing and distribution of solvent-based synthetic rubber adhesives and also offers water-based adhesives. Within solvent-based products, it focuses on polychloroprene-based and SBS-based adhesives.
The company follows a B2B business model, supplying products to a variety of sectors, including:
- Packaging sector
- Automotive sector
- Footwear sector
- Construction sector
- Woodworking sector
- Furniture sector
Its product portfolio includes:
- Multipurpose Adhesives: SPEB-7 Multipurpose Adhesive, SPEB-7 Multi-fix tube, SPEB-7 FlooRBonD, SPEB-7 WaLLFix
- Spray-grade Adhesives: SPEB-7 SPRAYGRADE, SPEB-7 G1, SPEB-7 G7
- Premium Bonding Adhesives: SPEB-7 Premium SR-911
- Ducting and Insulation Adhesives: SPEB-7 Duct Fix, SPEB-7 Duct Fix (Eco)
The company operates a manufacturing facility at the MIDC industrial area, Taloja, Raigad, Maharashtra, with an installed capacity of 12,000 litres per day.
As of November 20, 2025, Speb Adhesives has 41 permanent employees.
Promoters:
- Kirtikumar Vithlani
- Bhaumik Vithlani
- Gaurav Vithlani
- Harish Vithlani
Speb Adhesives IPO Details
Speb Adhesives IPO is a book-built issue aggregating to ₹33.73 crore. It is a combination of a fresh issue and an offer for sale (OFS).
Important IPO Timeline
| Event | Date |
| IPO Open Date | December 1, 2025 (Mon) |
| IPO Close Date | December 3, 2025 (Wed) |
| Tentative Allotment | December 4, 2025 (Thu) |
| Initiation of Refunds | December 5, 2025 (Fri) |
| Credit of Shares to Demat | December 5, 2025 (Fri) |
| Tentative Listing Date | December 8, 2025 (Mon) |
| Cut off time for UPI mandate confirmation | 5 PM on December 3, 2025 |
Key IPO Details
Here is the table on the Speb Adhesives IPO review:
| IPO Date | December 1, 2025 to December 3, 2025 |
| Face Value | ₹10 per share |
| Issue Price Band | ₹52 to ₹56 per share |
| Lot Size | 2,000 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 60,24,000 shares (aggregating up to ₹33.73 Cr) |
| Reserved for Market Maker | 5,38,000 shares (aggregating up to ₹3.01 Cr)Kalpalabdhi Financials Private Limited |
| Fresh Issue (Ex Market Maker) |
43,16,000 shares (aggregating up to ₹24.17 Cr) |
| Offer for Sale | 11,70,000 shares of ₹10 (aggregating up to ₹6.55 Cr) |
| Net Offered to Public | 54,86,000 shares (aggregating up to ₹30.72 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Share Holding Pre Issue | 1,76,10,570 shares |
| Share Holding Post Issue | 2,24,64,570 shares |
| Market Maker Reservation | Kalpalabdhi Financials Private Limited |
| Lead Manager | Unistone Capital Pvt. Ltd. |
| Registrar | MUFG Intime India Pvt. Ltd. |
Speb Adhesives IPO Reservation
Speb Adhesives IPO offers a total of 60,24,000 shares. Out of the net offer (excluding market maker portion), the reservation is as follows:
| Investor Category | Shares Offered |
| QIB | Not more than 50% of Net Offer |
| Retail | Not less than 35% of Net Offer |
| NII | Not less than 15% of Net Offer |
Lot Size of Speb Adhesives IPO
Investors can bid for a minimum of 4,000 shares and in multiples of 2,000 shares thereafter.
Here is the table of lot sizes for each category of investors:
| Application | Lots | Shares | Amount |
| Retail (Min) | 2 | 4,000 | ₹2,24,000 |
| Retail (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 |
Promoter Holding:
| Pre issue | Post issue | |
| Promoter Holding | 100 % | – |
Speb Adhesives Ltd. Financials
Speb Adhesives Ltd.’s revenue increased by 5% and profit after tax (PAT) rose by 19% between FY 2024 and FY 2025.
Key Company Financials
Amount in ₹ Crore
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 31.88 | 27.27 | 20.70 | 19.89 |
| Total Income | 25.04 | 45.54 | 43.21 | 38.79 |
| Profit After Tax | 3.65 | 5.89 | 4.94 | 1.83 |
| EBITDA | 4.88 | 7.83 | 6.53 | 2.43 |
| Net Worth | 29.01 | 25.36 | 19.47 | 19.46 |
| Reserves and Surplus | 11.40 | 7.75 | 19.30 | 19.27 |
Key Performance Indicators
As of March 31, 2025:
| KPI | Value |
| ROE | 26.30% |
| ROCE | 32.07% |
| RoNW | 26.30% |
| PAT Margin | 13.16% |
| EBITDA Margin | 17.47% |
| Price to Book Value | 4.32 |
| Market Capitalisation | ₹125.80 Cr |
Pre and Post IPO Valuation Metrics:
| Metric | Pre IPO | Post IPO |
| EPS (₹) | 3.35 | 3.25 |
| P E (x) | 16.73 | 17.22 |
Objects of the Issue
Speb Adhesives IPO proposes to utilise the net proceeds from the issue for the following purposes:
| S. No. | Objects of the Issue | Expected Amount (₹ in crores) |
| 1 | Part-finance the cost of establishing a new manufacturing facility to expand production of water-based adhesives at Village Tambati, Taluka Khalapur, District Raigad, Maharashtra | 20.44 |
| 2 | General corporate purposes | Balance |
Speb Adhesives Ltd.: Industry Outlook
- Adhesives are critical inputs across packaging, construction, woodworking, furniture, automotive and footwear industries, which are all expected to grow alongside India’s manufacturing and consumption story.
- Shift from unorganised to organised players and demand for speciality and high-performance adhesives can benefit companies with established brands and consistent quality.
- Speb Adhesives, with its B2B focus, diversified portfolio and expansion into water-based adhesives, is positioned to serve both traditional and emerging industrial use cases.
Speb Adhesives IPO: Peer Comparison
Speb Adhesives IPO can be compared with peers such as Pidilite Industries Ltd, Astral Ltd, Sika India, Jubilant Industries Ltd, and Apcotex Industries Ltd. Evaluating these companies helps investors understand Speb Adhesives’ positioning within the adhesives and speciality chemicals segment and make well-informed investment decisions.
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Conclusion
Speb Adhesives Ltd. presents an investment opportunity in the industrial adhesives segment, with a product mix covering multipurpose, spray grade, premium bonding, ducting and insulation adhesives. The company has shown steady revenue growth and improving profitability, and is planning capacity expansion through a new water-based adhesive facility.
However, the business operates in a highly competitive and fragmented market, and the sustainability of recent margin expansion may be a key factor to watch. Based on its recent financial data, the issue appears fully priced, so investors with a medium to long-term horizon and higher risk appetite may evaluate the IPO accordingly in line with their portfolio and sector view.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
