SPEB Adhesives
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 08 Dec 2025 | ₹0 | 0.00% | ₹0 | ₹56 | ₹0 |
| 07 Dec 2025 | ₹0 | 0.00% | ₹0 | ₹56 | ₹0 |
| 06 Dec 2025 | ₹0 | 0.00% | ₹0 | ₹56 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 01 Dec 2025 – 03 Dec 2025
- Listing date
- 08 Dec 2025
- Face value
- ₹10 per share
- Issue price
- ₹56 per share
- Lot size
- 2,000 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹33.73 Cr
- Market cap at offer price
- ₹126 Cr
- Promoter holding
- 100.00% → 73.18% pre-issue → post-issue
- ISIN
- INE1CW901027
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Unistone Capital Pvt.Ltd.
- Registered office
- Plot No.J 33, MIDC, Taloja, Raigad, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 16,04,000 | — | — |
| Market maker | 5,38,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹56
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,12,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,24,000 |
| S-HNI (max) | 8 | 16,000 | ₹8,96,000 |
| B-HNI (min) | 9 | 18,000 | ₹10,08,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹56 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 3.35 | 3.25 |
| P/E (×) | 16.72 | 17.23 |
| Price to book (×) | 4.32 | — |
| Market cap | — | ₹126 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 26.30%
- ROCE
- 32.07%
- PAT margin
- 13.16%
- EBITDA margin
- 17.47%
- NAV per share
- ₹14.40
- Price to book
- 4.32
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About SPEB Adhesives
SPEB Adhesives Limited, originally formed as M/s. Speb Rubber Industries partnership in 1990 and incorporated as a private company in 1990, converted to a public limited company in January 2025. The company manufactures solvent-based synthetic rubber adhesives, specializing in polychloroprene-based and SBS (styrene-butadiene-styrene)-based adhesives known for high bonding strength, durability, and wide application range. The company also produces water-based adhesives on a contractual manufacturing basis and plans to establish in-house water-based adhesive manufacturing. It operates through four business channels: Dealer-Distribution Network, Industrial Sales, Exports, and Government Supply Contracts. The company's revenue from operations was ₹2,474.65 lakhs for the period ended September 30, 2025, with Multipurpose Products representing 55.79% of revenues. The company is based in Maharashtra, India.
Company Analysis
from RHPSPEB Adhesives Limited manufactures solvent-based synthetic rubber adhesives for industrial and retail applications across hardware, foam, furnishing, construction, woodworking, footwear, and generator set industries.
SPEB Adhesives Limited, originally formed as M/s. Speb Rubber Industries partnership in 1990 and incorporated as a private company in 1990, converted to a public limited company in January 2025. The company manufactures solvent-based synthetic rubber adhesives, specializing in polychloroprene-based and SBS (styrene-butadiene-styrene)-based adhesives known for high bonding strength, durability, and wide application range. The company also produces water-based adhesives on a contractual manufacturing basis and plans to establish in-house water-based adhesive manufacturing. It operates through four business channels: Dealer-Distribution Network, Industrial Sales, Exports, and Government Supply Contracts. The company's revenue from operations was ₹2,474.65 lakhs for the period ended September 30, 2025, with Multipurpose Products representing 55.79% of revenues. The company is based in Maharashtra, India.
Objects of the Issue
- Part finance the cost of establishing new manufacturing facility to expand our production capabilities of Water based Adhesives at Survey no. 120, 121/1 and 121/2, Village Tambati, Taluka Khalapur, District Raigad, Maharashtra, India ₹2,043.57 lakhs p.30
- General corporate purposes p.30
- Part finance the cost of establishing new manufacturing facility to expand our production capabilities of Water based adhesives at Survey no. 120, 121/1 and 121/2, Village Tambati, Taluka Khalapur, District Raigad, Maharashtra, India ₹2,043.57 lakhs p.116
- General corporate purposes [●] p.116
- Part finance the cost of establishing new manufacturing facility to expand production capabilities of water-based adhesives ₹2,043.57 lakhs from Net Proceeds (Total project cost ₹2,605.42 lakhs) p.118
- General corporate purposes Up to 15% of gross proceeds or ₹1,000.00 lakhs, whichever is lower p.117
- —
- General corporate purposes p.311
Issue Structure
- Total Issue
- Up to 60,24,000 Equity Shares of face value of ₹10 each aggregating up to ₹[●] lakhs
- Fresh Issue
- Up to 48,54,000 Equity Shares of face value of ₹10 each aggregating up to ₹[●] lakhs
- Offer for Sale
- Up to 11,70,000 Equity Shares of face value of ₹10 each aggregating up to ₹[●] lakhs (5,85,000 by Kirtikumar Vithlani and 5,85,000 by Harish Vithlani)
- Face Value
- ₹10 per equity share
Business Model
B2B manufacturing and distribution of synthetic rubber adhesives through four channels: Dealer-Distribution Network, Industrial Sales, Exports, and Government Supply Contracts. Revenue generation from sale of specialized adhesive products to industries including hardware, foam and furnishing, ducting and insulation, woodworking, footwear, and generator set manufacturers.
Business Segments
SWOT Analysis
- • Diverse product portfolio addressing multiple end-user industries(p.29)
- • Multi-channel distribution strategy across B2B segments(p.29)
- • Established manufacturing facility with demonstrated capacity utilization(p.46)
- • Positive profitability trajectory with growth in net worth(p.31)
- • Growing trade receivables base indicates increasing customer engagement(p.58)
- • No customer defaults in recent financial periods(p.58)
- • Dual manufacturing strategy with both in-house and contract capabilities(p.61)
- • Strong board composition with relevant sector experience(p.58)
- • ISO 9001:2015 certification demonstrates quality commitment(p.62)
- • Specialized adhesive solutions across diverse industries(p.193)
- • Strong client relationships and quality commitment(p.193)
- • Innovation and diverse product portfolio(p.193)
- • Established manufacturing facility with long-term lease(p.194)
- • Promoter experience of 35+ years in adhesive industry(p.215)
- • Established market presence in synthetic rubber adhesives with proven manufacturing capability(p.273)
- • Diversified product portfolio serving multiple industrial segments(p.273)
- • Profitability and positive financial performance showing improvement trajectory(p.277)
- • Multiple distribution channels providing market reach(p.273)
- • Strong net worth and positive balance sheet position(p.296)
- • Heavy dependence on single product category (Multipurpose Products)(p.37)
- • Concentrated supplier base with top 10 suppliers accounting for majority of purchases(p.38)
- • Customer concentration with top 10 customers accounting for significant revenue(p.42)
- • Geographic concentration with revenue heavily dependent on Maharashtra(p.40)
- • Negative operating cash flows in recent periods(p.45)
- • No long-term supplier agreements limiting supply security(p.38)
- • Single manufacturing facility location creating operational concentration risk(p.40)
- • History of delays in statutory compliance (EPF, ESIC payments)(p.50)
- • Multiple discrepancies and errors in regulatory filings with RoC(p.54)
- • Heavy dependence on single contract manufacturer for water-based adhesives(p.61)
- • Lack of formal agreement with contract manufacturer creates operational risk(p.61)
- • High dependence on contract labour at potentially unfavourable costs(p.59)
- • Significant exposure to rising job work costs reducing profitability(p.60)
- • No prior director experience in listed company governance(p.58)
- • Promoters hold conflicting interests that could override minority shareholder interests(p.58)
- • No dividend payment history; uncertain future dividend capacity(p.64)
- • Reliance on commissioned third-party industry data with inherent limitations(p.59)
- • High dependence on few customers(p.193)
- • Single manufacturing facility location concentration(p.194)
- • Limited insurance coverage relative to net tangible assets(p.194)
- • Significant dependence on a small number of suppliers(p.281)
- • Concentration of customer revenue among limited accounts(p.281)
- • Outstanding income tax demand and tax compliance issues(p.284)
- • Tax proceedings against promoters creating potential legal and reputational risk(p.285)
- • Rapid growth in Indian adhesives market with strong CAGR(p.29)
- • Packaging industry emerging as largest end-user segment with exceptional growth(p.29)
- • Automotive sector adoption of adhesives as replacement for mechanical fasteners(p.29)
- • Electric vehicle market expansion driving adhesive technology innovation(p.29)
- • Expansion into water-based adhesives segment through new manufacturing facility(p.47)
- • Capacity expansion plan to improve production capability and economies of scale(p.44)
- • Expansion of water-based adhesive production capacity to capture growing demand(p.115)
- • Premium pricing potential for high-margin adhesive products in niche markets(p.62)
- • Scale-up of adhesive product portfolio in growing premium segments(p.62)
- • Benefits of listing on stock exchange to enhance brand and create public market(p.115)
- • Growth in evolving adhesive market driven by technological improvements(p.59)
- • Expansion into new product formulations(p.205)
- • Geographic expansion and international presence(p.208)
- • Strategic collaborations with research institutions(p.207)
- • Eco-friendly adhesive product development(p.207)
- • Continued demand for adhesive products across core end-use segments(p.277)
- • Favorable normalization of input costs in adhesive industry(p.277)
- • Potential for migration to NSE main board after meeting eligibility criteria(p.318)
- • Capacity expansion plans to support growth(p.303)
- • Volatility in raw material prices, particularly Toluene, Hexane, and Synthetic Rubber(p.38)
- • Disruption risks in raw material supply chain from third-party suppliers(p.38)
- • Dependence on third-party transportation providers with no formal contracts(p.41)
- • Regional concentration exposes company to Maharashtra-specific economic risks(p.41)
- • Competition from larger players and market consolidation pressures(p.51)
- • Foreign exchange volatility affecting export revenues(p.51)
- • Regulatory and compliance risks in manufacturing and operations(p.41)
- • Industry cyclicality and potential downturns affecting demand(p.27)
- • Intense competition and pricing pressure from larger players(p.59)
- • Rapid market evolution and technology disruption risk(p.59)
- • Contract manufacturer discontinuation or supply failures(p.62)
- • Equipment obsolescence, destruction, theft and maintenance risks affecting operations(p.60)
- • Rising inflation impacting cost structure and margins(p.69)
- • Regulatory changes and compliance risks affecting operations(p.62)
- • Economic slowdown and reduced customer demand in India(p.68)
- • Global economic uncertainty and geopolitical conflicts affecting markets(p.69)
- • Intense competition from local unorganized players(p.193)
- • Regulatory compliance requirements for hazardous chemical storage and handling(p.196)
- • Public liability insurance mandates for hazardous substances(p.196)
- • Environmental compliance obligations(p.200)
- • Foreign trade policy and import restrictions(p.201)
- • Competitive market with potential for new entrants and intensified competition(p.273)
- • Volatility in raw material prices impacting margins(p.275)
- • Exposure to economic cycles and changes in fiscal conditions(p.273)
- • Regulatory and compliance risks from tax and legal proceedings(p.284)
- • Technology and infrastructure system risks(p.273)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Kirtikumar Vithlani | Promoter/Promoter Selling Shareholder | 30.55% | — |
| Harish Vithlani | Promoter/Promoter Selling Shareholder | 30.55% | — |
| Gaurav Vithlani | Promoter | 19.33% | — |
| Bhaumik Vithlani | Promoter | 19.33% | — |
| Kirtikumar Vithlani | Promoter | 30.55% | [●] |
| Harish Vithlani | Promoter | 30.55% | [●] |
| Gaurav Vithlani | Promoter | 19.33% | [●] |
| Bhaumik Vithlani | Promoter | 19.33% | [●] |
| Kirtikumar Vithlani | Promoter | — | — |
| Harish Vithlani | Promoter | — | — |
| Gaurav Vithlani | Promoter | — | — |
| Bhaumik Vithlani | Promoter | — | — |
| Kirtikumar Vithlani | Promoter | 30.55% | — |
| Harish Vithlani | Promoter | 30.55% | — |
| Gaurav Vithlani | Promoter | 19.33% | — |
| Bhaumik Vithlani | Promoter | 19.33% | — |
| Kirtikumar Vithlani | Promoter | 30.55% | — |
| Harish Vithlani | Promoter | 30.55% | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.