Speb Adhesives IPO
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Speb Adhesives IPO details
Schedule of Speb Adhesives
| Issue open date | 01 Dec 2025 |
| Issue close date | 03 Dec 2025 |
| UPI mandate deadline | 03 Dec 2025 (5 PM) |
| Allotment finalization | 04 Dec 2025 |
| Refund initiation | 05 Dec 2025 |
| Share credit | 05 Dec 2025 |
| Listing date | 08 Dec 2025 |
| Mandate end date | 18 Dec 2025 |
| Lock-in end date for anchor investors (50%) | 03 Jan 2026 |
| Lock-in end date for anchor investors (remaining) | 04 Mar 2026 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Speb Adhesives
Speb Adhesives Limited was originally founded as M/s Speb Rubber Industries and incorporated as a private limited company in 1990. It was converted into a public limited company in 2025. The company is promoted and led by Gaurav Vithlani (Managing Director) and Kirtikumar Vithlani (Chairman & Whole-time Director). The company manufactures solvent-based synthetic rubber adhesives, with additional products in the water-based category through contract manufacturing. Its core offerings include polychloroprene-based and SBS-based adhesives, multipurpose adhesives, spray-grade adhesives, woodworking adhesives, footwear-grade adhesives, and specialised products for generator sets.
Speb operates on a B2B business model and serves a wide range of industries, including hardware, foam & furnishing, ducting & insulation, woodworking, footwear, and generator set manufacturing. Sales are channelled through dealer distribution, industrial sales, exports, and government supply contracts.Its key strengths include a diversified product portfolio, in-house manufacturing capability for high-performance adhesives, industry-specific formulations, and long-standing market presence.
Financials of Speb Adhesives
Issue size
| Funds Raised in the IPO | Amount |
| Total issue size | 33.73 |
| Fresh Issue – Proceeds go to the company | 27.18 |
| Offer for sale – Proceeds go to the existing investors | 6.55 |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Part-finance a new water-based adhesives manufacturing facility | 20.44 (75.17%) |
| General corporate purpose | 6.74 (24.83%) |
Strengths
- Diverse adhesive portfolio across multipurpose, woodworking, flooring, footwear, and DG-set segments.
- Strong financial growth with rising revenue and profitability over FY2023–FY2025.
- High-performance, technology-driven products with features like near-zero smell and extended open time.
- Longstanding industry presence since 1990 with experienced promoters.
- Wide industry coverage, including woodworking, footwear, insulation, flooring, and generator manufacturing.
Risks
- High revenue dependence on the multipurpose adhesives category.
- Significant reliance on key suppliers and customers.
- No prior public market for shares; post-listing price volatility risk.
- Exposure to economic changes impacting adhesive demand across industries.
- Future capital needs may dilute equity or increase borrowing costs.
Allotment Status for Speb Adhesives
To check your IPO allotment status:
- Visit the MUFG Intime India IPO Application Status page.
- Select the company name from the dropdown menu.
- Select and enter one of the following: PAN, Application Number, DP/Client ID, or Account Number/IFSC.
- Click Submit to view your allotment status.
Subscription Figures for Speb Adhesives
As per media reports (Link), the Grey Market Premium (GMP) of Speb Adhesives is reported at ₹0 over the IPO price. This metric is not reliable, and to track IPO interest, it is better to check subscription numbers published by exchanges, which are considered more reliable indicators.
Subscription numbers as of 5:00 PM on December 03, 2025:
| Category | Reserved (lakhs) | Applied (lakhs) | Subscription (X times) |
|---|---|---|---|
| Institutional | 11.22 | 23.16 | 2.06x |
| NII | 8.28 | 33.88 | 4.09x |
| Retail | 19.32 | 33.76 | 1.75x |
| Total | 38.82 | 90.80 | 2.34x |