Speb Adhesives Ipo
Speb Adhesives IPO Review & Key Points
Review:
IPO Lead Managers aka Merchant Bankers
Unistone Capital Pvt. Ltd.
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 2 | 4,000 | ₹2,24,000 |
| Retail Maximum | 2 | 4,000 | ₹2,24,000 |
| S-HNI Minimum | 3 | 6,000 | ₹3,36,000 |
| S-HNI Maximum | 8 | 16,000 | ₹8,96,000 |
| B-HNI Minimum | 9 | 18,000 | ₹10,08,000 |
| Investor Category | Share Offered | -% Shares |
| Anchor Investor | – Shares | -% |
| QIB (Ex. Anchor) | – Shares | 50% |
| NII Shares Offered | – Shares | 15% |
| Retail Shares Offered | – Shares | 35% |
| Anchor Bidding Date | November 28, 2025 |
| Anchor Investors List | |
| Shares Offered | [.] Shares |
| Anchor Size | [.] Cr. |
| lock-in period end date 50% shares (30 Days) | January 3, 2026 |
| lock-in period end date 50% shares (90 Days) | March 4, 2026 |
| IPO Open Date: | December 1, 2025 |
| IPO Close Date: | December 3, 2025 |
| Basis of Allotment: | December 4, 2025 |
| Refunds: | December 5, 2025 |
| Credit to Demat Account: | December 5, 2025 |
| IPO Listing Date: | December 8, 2025 |
| IPO Bidding Cut-off Time: | December 3, 2025 – 5 PM |
| Particular | Shares | % Share |
| Promoter Holding Pre Issue | 1,76,10,570 | 100% |
| Promoter Holding Post Issue | 2,24,64,570 | -% |
| Purpose | Crores |
| Part finance the cost of establishing new manufacturing facility to expand the production capabilities of Water based adhesives at Survey no. 120, 121/1 and 121/2, Village Tambati, Taluka Khalapur, District Raigad, Maharashtra, India (“Proposed new facility”); | ₹20.44 |
| General Corporate Purpose | ₹- |
| Period Ended | Revenue | Expense | PAT | Assets |
| 2023 | ₹38.79 | ₹36.27 | ₹1.83 | ₹19.89 |
| 2024 | ₹43.21 | ₹36.57 | ₹4.94 | ₹20.70 |
| 2025 | ₹45.54 | ₹37.41 | ₹5.89 | ₹27.27 |
| September 2025 | ₹25.04 | ₹20.13 | ₹3.65 | ₹31.88 |
| KPI | Values |
| ROE: | 26.30% |
| ROCE: | 32.07% |
| EBITDA Margin: | 17.47% |
| PAT Margin: | 13.16% |
| Debt to equity ratio: | – |
| Earning Per Share (EPS): | ₹3.35 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 26.30% |
| Net Asset Value (NAV): | ₹14.40 |
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| HP Adhesives Limited | 1.99 | 23.57 | 10.33% | 20.06 | 252.87 Cr. |
| Nikhil Adhesives Limited | 3.59 | 28.13 | 13.58% | 28.10 | 584.59 Cr. |
| Jyoti Resins & Adhesives Limited | 61.56 | 19.49 | 37.36% | 191.03 | 284.12 Cr. |
| IPO Open Date | December 1, 2025 |
| IPO Close Date | December 3, 2025 |
| Face Value | ₹10 Per Equity Share |
| IPO Price Band | ₹52 to ₹56 Per Share |
| Issue Size | Approx ₹33.73 Crores |
| Fresh Issue | Approx ₹27.18 Crores |
| Offer for Sale: | Approx 11,70,000 Equity Shares |
| Issue Type | Book Build Issue |
| IPO Listing | NSE SME |
| DRHP Draft Prospectus | |
| RHP Draft Prospectus |