Updated on 04.04.2026 @ 6:07 PM
Speb Adhesives Limited is launching its Initial Public Offering (IPO) on the NSE EMERGE platform.
Investors who want to explore more SME and mainboard listings can check our IPO Hub page.
It is a manufacturer of synthetic rubber adhesives for industries like woodworking and footwear.
The subscription for this public issue will open on December 1, 2025, and close on December 3, 2025.
The company aims to raise up to ₹33.73 crores through a mix of a fresh issue and an Offer for Sale (OFS). New investors looking to build long-term wealth can also visit our mutual fund learning page for foundational concepts.
The price band has been fixed at ₹52 to ₹56 per share, with a minimum lot size of 2,000 shares.
Speb Adhesives has demonstrated strong financial growth and is completely debt-free, but investors must be mindful of its small size and raw material price risks.
In this article, you will find Speb Adhesives IPO GMP today, subscription status, allotment date, price band, and a detailed, unbiased review to help you make an informed decision.
Briefs of Speb Adhesives IPO Details
- Price Band: ₹52 to ₹56 per share
- IPO Open / Close Dates: December 1, 2025 – December 3, 2025
- Lot Size: 2,000 Shares
- Issue Size: 60,24,000 shares (aggregating up to ₹33.73 Crores)
- Fresh Issue: 43,16,000 shares (₹24.17 Crores)
- Offer for Sale (OFS): 11,70,000 shares (₹6.55 Crores)
- Registrar: MUFG Intime India Pvt.Ltd.
- Listing Exchange: NSE SME
For the investors who want to know more about MUFG Intime allotment status, check our detailed guide on MUFG Intime allotment status which carries all the required information on share credits, refunds, allotment status and all.
What is The Speb Adhesives IPO GMP Today?
Get update about GMP of this and other IPOs twice a day. Check our Grey market premium hub page and don't miss the details.
Listing Updates:
| Type | Issue Price | Open | Gain/loss |
| Lisiting | 56 | 60 | 7.1 |
What Are The Speb Adhesives IPO Dates & Allotment Schedule?
- IPO Open & Close Date: December 1, 2025 – December 3, 2025
- Basis of Allotment Date: December 4, 2025
- Refund Initiation Date: December 5, 2025
- Credit of Shares: December 5, 2025
- Listing Date: December 8, 2025
What Are The Objectives of Speb Adhesives IPO?
The company intends to utilise the net proceeds from the fresh issue for its strategic expansion:
- Setting up a New Manufacturing Facility (₹20.44 Crores): The primary use of funds is to establish a new plant dedicated to water-based adhesives, diversifying its product portfolio beyond solvent-based products.
- General Corporate Purposes: The balance amount will be used for other strategic and operational requirements.
- Note: The proceeds from the Offer for Sale (OFS) of ₹6.55 crores will go to the selling promoters and not the company.
How is The Financial Performance of Speb Adhesives?
The following table summarizes the company's financial performance based on restated standalone data.
(Amounts in ₹ Crores)
| Particulars | Period Ended 30 Sep 2025 | Year Ended 31 Mar 2025 | Year Ended 31 Mar 2024 | Year Ended 31 Mar 2023 |
Total Income | 25.04 | 45.54 | 43.21 | 38.79 |
Profit After Tax (PAT) | 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 | 1.86 | 1.85 |
Total Borrowing | 0.00 | 0.00 | 0.00 | 0.00 |
Assets | 31.88 | 27.27 | 20.70 | 19.89 |
Key Financial Observations:
Profit After Tax (PAT):
PAT has shown a consistent upward trend, growing from ₹1.83 Crores in FY23 to ₹5.89 Crores in FY25.
This steady growth is driven by improved margins and a normalization of industry supply chains, allowing the company to capture better value.
Total Income:
Revenue has grown steadily to ₹45.54 Crores in FY25, with a heavy reliance on the domestic market, particularly Maharashtra.
The growth is fueled by demand for its specialized adhesives in sectors like footwear and woodworking.
EBITDA:
EBITDA margins have expanded sharply from 6.32% in FY23 to 17.47% in FY25.
This significant jump reflects strong operational efficiency and pricing power, despite the volatility in raw material costs.
Total Borrowings:
The company maintains a pristine zero-debt balance sheet, with no long-term or short-term borrowings. This financial resilience allows it to fund its new expansion plans largely through internal accruals and equity, minimizing financial risk.
Assets:
Total assets have grown to ₹31.88 Crores as of September 2025, supported entirely by equity. The upcoming capex for the new manufacturing facility will further expand the asset base, positioning the company for future volume growth.
P/E Ratio & Peer Comparison
Based on its Fiscal Year 2025 earnings per share (EPS) of ₹3.35, the IPO is priced at a Price-to-Earnings (P/E) multiple of approximately 16.7x at the upper end of the price band (₹56).
P/E Ratio = ₹56 (Price) / ₹3.35 (Earnings Per Share)
P/E Ratio ≈ 16.7x
This valuation appears quite attractive when compared to its listed industry peers.
| Company Name | P/E Ratio | RoNW (%) (FY25) | EPS (₹) |
Speb Adhesives (at IPO price) | ~16.7x | 26.30% | 3.35 |
| HP Adhesives Ltd | 23.57x | 10.33% | 1.99 |
| Nikhil Adhesives Ltd | 28.13x | 13.58% | 3.59 |
| Jyoti Resins & Adhesives Ltd | 19.49x | 37.36% | 61.56 |
Analysis for Investors:
The comparison shows that Speb Adhesives is priced at a discount to the industry average P/E of around 23.7x.
Furthermore, its Return on Net Worth (RoNW) of over 26% is superior to peers like HP Adhesives and Nikhil Adhesives, indicating highly efficient use of capital.
This combination of fair valuation, zero debt, and high efficiency makes it a compelling investment case.
Industry Outlook
- Speb Adhesives operates in the specialized synthetic rubber adhesive market.
- The demand for adhesives is closely linked to the growth of end-user industries like furniture, footwear, and automotive.
- With increasing urbanization and infrastructure development, the demand for woodworking and industrial adhesives is set to rise.
- The company's strategic move into water-based adhesives aligns with the global trend towards eco-friendly and sustainable products.
What Are The Strengths and Risks of Speb Adhesives IPO?
Strengths:
- Debt-Free Company: A zero-debt status provides immense financial stability and flexibility.
- Strong Financial Growth: Consistent revenue growth and expanding profit margins over the last three years.
- High Return Ratios: Excellent RoNW and ROCE indicate efficient management.
- Strategic Expansion: A clear plan to diversify into water-based adhesives using IPO proceeds.
Risks:
- Raw Material Volatility: The business is sensitive to prices of commodities like Toluene and Synthetic Rubber.
- Geographic Concentration: A heavy reliance on the Maharashtra market for revenue.
- Negative Cash Flow: The company has reported negative cash flows from operations in recent periods, which needs monitoring.
- SME Segment Risks: The stock will be listed on the NSE SME platform, which typically has lower liquidity.
What Are The Expert Recommendations – Should You Apply?
Subscribe
The Speb Adhesives IPO presents an attractive opportunity to invest in a financially robust, debt-free company at a reasonable valuation.
- For Value Investors: The P/E of ~16.7x is a discount to the industry average, making it an attractive value pick.
- For Growth Investors: The company's expansion into new product lines and its strong profitability growth indicate future potential.
- Our View: Despite the risks of negative cash flow and raw material volatility, the company's zero-debt status and superior return ratios make it a strong candidate. We recommend "Subscribe" for potential listing gains and long-term holding.
Key Takeaways
- IPO Price Band: ₹52 to ₹56 per share
- Lot Size: 2,000 Shares (Minimum Investment: ₹1,12,000)
- Allotment & Listing Dates: Tentative listing on December 8, 2025.
- Recommendations of experts: A debt-free company with strong financials offered at an attractive valuation compared to its peers.
FAQs on Speb Adhesives IPO
What is Speb Adhesives IPO price band?
The price band for the IPO is set at ₹52 to ₹56 per equity share. Learn about price band and similar IPO terms in our IPO glossary section which has 100+ key IPO terms.
What is Speb Adhesives IPO allotment date?
The allotment of shares is tentatively expected to be finalized on Thursday, December 4, 2025.
How to check Speb Adhesives IPO allotment status?
You can check the allotment status on the website of the IPO registrar once the basis of allotment is finalized.
What is Speb Adhesives IPO listing date?
The company's shares are tentatively scheduled to be listed on the NSE SME platform on Monday, December 8, 2025.
Should I apply for Speb Adhesives IPO?
Yes, this is a recommended IPO. The company boasts a zero-debt balance sheet, strong financial performance, and is offered at a valuation lower than its industry peers, making it an attractive investment opportunity.
Useful Links: Speb Adhesives IPO
Disclaimer:
The information provided here is for educational and informational purposes only and should not be considered financial or investment advice. Investing in an IPO involves risks, and you should conduct your own research or consult with a qualified financial advisor before making any investment decisions. Past performance is not indicative of future results.
