Shares are priced in a band of Rs 52–56. Retail investors must apply for at least 4,000 shares, which is an investment of Rs 2.24 lakh at the upper band. The deal follows the standard SME allocation structure: up to 50% for QIBs, at least 35% for retail, and at least 15% for NIIs.
Business overview
Speb Adhesives manufactures solvent-based and water-based industrial adhesives used across packaging, automotive, footwear, construction, woodworking, and generator-set applications.Its product range includes multi purpose adhesives, spray-grade formulations, premium SR-series bonding agents and duct-fixing solutions. Manufacturing is centralised at its Taloja (Raigad) facility, which has a daily capacity of 12,000 litres.
Financial performance
The company posted steady growth in FY25, with revenue rising 5% and profit after tax up 19% year-on-year. EBITDA margin stood at 17.47%, while PAT margin was 13.16%.
Use of Proceeds
The bulk of the IPO funds — Rs 20.44 crore — will be deployed to set up a new manufacturing facility in Raigad for expanding water-based adhesive capacity. The remainder will go towards general corporate purposes.
With the GMP flat, early sentiment suggests a cautious market response. SME investors will now watch subscription trends over the next two days to gauge traction. Speb’s diversified industrial customer base and expansion-led capital plan may appeal to long-term investors, but the high retail ticket size could limit participation.
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