SPEB Adhesives Ltd
Complete IPO details, including price band, financials, subscription status, and key insights.
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IPO Snapshot
Key metrics and details at a glance.
Price Band
₹56
Per ShareLot Size
2000 Shares
Minimum Investment
₹1,12,000
Issue Size
₹33.73 Cr
Face Value
₹10
Per ShareIPO Type
Book Building - SME
Retail Quota
35%
QIB Quota
50%
NII Quota
15%
IPO Timeline
Important dates for your applying strategy.
Subscription Status
Live demand across investor categories.
Track real-time subscription levels:
*Real-time data subject to exchange updates
SPEB Adhesives Ltd
Business model, operations, and market positioning.
Promoter Holding (Pre-Issue)
100%
Promoter Holding (Post-Issue)
72.9%
Issue Type
Book Building - SME
ISIN
INE1CW901027
About the Company
Our company is engaged in the business of manufacturing solvent-based synthetic rubber adhesives. Within the synthetic rubber-based adhesive, we offer both solvent based and water-based adhesives. We primarily focus on in-house manufacturing of solvent-based adhesives, with water-based adhesives being produced on a contractual manufacturing basis. Within the solvent-based category, we primarily specialize in polychloroprene-based and SBS (styrene butadiene styrene) based adhesives, known for their high bonding strength, durability, and wide application range. Our product portfolio includes various products customized for industrial and retail applications, such as multi-purpose adhesives, spray-grade adhesives, premium bonding adhesives, Ducting and Insulation adhesives, woodworking adhesives, footwear-grade adhesives, and adhesives used in Generator Set. We follow a B2B business model, and our products are used in Hardware, Foam and Furnishing, Ducting and Insulation, Woodworking, Footwear, and Generator Set industries. To serve a diverse customer base, we operate through four major business channels, viz. Dealer-Distribution Network, Industrial Sales, Exports, and Government Supply Contracts.
Industry Overview
The India Adhesives Market size is estimated at 2.87 billion USD in 2024 and is expected to reach 3.76 billion USD by 2028, growing at a CAGR of 6.98% during the forecast period (2024-2028). The packaging industry, which represents one of the largest end-user segments, is witnessing remarkable growth with the sector developing at a CAGR of 22-25% according to the Packaging Industry Association of India (PIAI). The automotive sector is emerging as a crucial growth driver for the adhesive market size, with manufacturers increasingly adopting automotive adhesives-based bonding solutions to replace traditional mechanical fasteners. The passenger vehicle market, predicted to reach USD 54.84 billion by 2027, is driving demand for specialized adhesives in vehicle assembly, interior components, and structural applications. The electric vehicle (EV) segment, expected to reach USD 7.09 billion by 2025, is particularly driving innovation in adhesive technologies for battery assembly and lightweight construction applications.
Company History
Our company was originally formed as a partnership firm in the name and style of "Speb Rubber Industries" and the partnership firm was converted into Private Limited company and incorporated as "SPEB Adhesives Private Limited" as per the provision of Companies Act, 1956, pursuant to a certificate of incorporation dated November 07, 1990 issued by the Registrar of Companies, Maharashtra. The Company was then converted into a public limited company, pursuant to a shareholder's resolution passed at the general meeting of our Company held on January 16, 2025 and consequently, the name of our Company was changed to `SPEB Adhesives Limited', pursuant to the provisions of Chapter XXI of the Companies Act and a fresh certificate of incorporation dated January 24, 2025, was issued by the ROC, Assistant Registrar of Companies/ Deputy Registrar of Companies Registrar of Companies, Central Processing Centre.
Products & Services
- The company is engaged in the business of manufacturing solvent-based synthetic rubber adhesives.
Growth Strategy
- Expanding our product offerings and strategic diversification into water-based adhesive products to address evolving industrial and environmental demands.
- Establishing an online distribution channel through a dedicated mobile application to streamline product access and enhance customer engagement.
- Strengthening international presence by deepening market penetration across the GCC region.
- Strengthen relationships with our existing customers and expand customer base.
Customer Base
Wholesaler and Retailer
Financial Performance
Revenue, profit after tax and total assets across the last 3 reported financial years.
Revenue
Amount in ₹ crore
Profit After Tax (PAT)
Amount in ₹ crore
Total Assets
Amount in ₹ crore
Figures in ₹ crore, on a standalone basis, as reported for FY23 to FY25.
Objects of the Issue
How the company plans to utilize IPO proceeds.
Use of Proceeds
The funds raised through this IPO will be used for:
Initial public offering of up to 60,24,000 equity shares of face value of Rs. 10/- each ("Equity Shares") of Speb Adhesives Limited ("Company" or the "Issuer") for cash at a price of Rs. 56 per equity share (including a share premium of Rs. 46 per equity share) ("Offer Price") aggregating up to Rs. 33.73 crores comprising a fresh issue of up to 48,54,000 equity shares aggregating up to Rs. 27.18 crores by the company ("Fresh Issue") and an offer for sale of up to 11,70,000 equity shares aggregating up to Rs. 6.55 crores (the "Offered Shares") comprising up to 5,85,000 equity shares by Kirtikumar Vithlani aggregating up to Rs. 3.28 crores and up to 5,85,000 equity shares by Harish Vithlani aggregating up to Rs. 3.28 crores (the "Selling Shareholders" and such offer, the "Offer for Sale") (the "Offer for Sale" and together with the fresh issue, the "Offer") of which 38,000 equity shares aggregating to Rs.0.21 crores will be reserved for subscription by market maker to the offer (the "Market Maker Reservation Portion"). The offer, less market maker reservation, i.e. net offer 54,86,000 equity shares of face value of Rs.10/- each at price of Rs. 56 per equity share aggregating to Rs. 30.72 crores is herein after referred to as the "net offer". The offer and the net offer will constitute 26.82% and 24.42% respectively of the fully-diluted post-offer paid-up equity share capital of the company.
*Subject to approvals and market conditions.
Strengths & Risks
Key competitive advantages and factors to consider before investing.
- Strong Financial Foundation for Future Growth.
- Diverse product portfolio.
- Consistent Delivery Through a Trusted Network.
- Experienced Promoters and senior management team.
- The company depends on its Multipurpose Products category for a significant portion of the revenues (55.79%, 59.02%, 62.01%, and 64.75% of the revenue from operations for the period ended September 30, 2025 and Fiscal Year March 31, 2025, March 31, 2024, and March 31, 2023).
- The company relies on the availability of Toluene, Hexane, Synthetic Rubber and other raw materials, as well as third-party suppliers and manufacturers, for the uninterrupted supply of raw materials. Its do not have continuing or exclusive arrangements with any supplier, and the top 10 suppliers contribute to more than 76.74% of its total raw material and supply costs for the period ended September 30, 2025. The loss of key suppliers or delays in raw material deliveries could adversely impact the business, financial condition, results of operations, and cash flows.
- Our existing and proposed manufacturing facility situated in Maharashtra, which exposes us to regional risks and risks in relation to our manufacturing process. Any disruption, slowdown, or shutdown in our manufacturing operations could adversely affect our business, results of operations, financial condition and cash flows.
- Our revenues are highly dependent on customers primarily located in Maharashtra. Any decline economic health in Maharashtra could adversely affect our business, financial condition and results of operations.
- The Company dependent on third party transportation providers for delivery of raw materials to the company from its suppliers and delivery of the finished products to the customers. the company has not entered into any formal contracts with its transport providers and any failures on part of such service providers to meet their obligations could adversely affect its business, financial condition and results of operation.