SPEB Adhesives IPO

About Speb Adhesives IPO

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include up to 43,16,000 equity shares of face value of ₹ 10 each aggregating up to ₹24.17 crores. The offer for sale portion includes 11,70,000 shares of ₹10 (aggregating up to ₹6.55 crores). The total number of shares is 60,24,000 and the aggregate amount is aggregating up to ₹33.73 crores.

The Speb Adhesives IPO opens on Monday, 1 December 2025 and closes on Wednesday, 3 December 2025. The allotment of shares will take place on Thursday, 4 December 2025. The credit of shares to the demat account will take place on Friday, 5 December 2025. The initiation of refunds will take place on Friday, 5 December 2025. The tentative listing of shares will take place on Monday, 8 December 2025.

Speb Adhesives manufactures various synthetic rubber-based solvent-borne products 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 sets. They also offer rubber-based water-borne products such as FlooRBonD Adhesive, Wallfix Adhesive and Aqua-7 Adhesive which are manufactured by various job workers.

Objectives of Speb Adhesives

• Part finance the cost of establishing a new manufacturing facility to expand their production capabilities for water-based adhesives at Survey no. 120, 121/1 and 121/2, Village Tambati, Taluka Khalapur, District Raigad, Maharashtra, India (“Proposed new facility”).
  
• General corporate purposes.
  

Industry Outlook

The India Adhesives Market size is estimated at 287 crores USD in 2024 and is expected to reach 376 crores 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 adhesive-based bonding solutions to replace traditional mechanical fasteners.

Speb Adhesives Company Information

Speb Adhesives is engaged in the business of manufacturing solvent-based synthetic rubber adhesives. Within the synthetic rubber-based adhesive sector, they offer both solvent-based and water-based adhesives. They primarily focus on the in-house manufacturing of solvent-based adhesives, with water-based adhesives being produced on a contractual manufacturing basis.

Their product portfolio includes various products customised 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 sets. They follow a B2B business model, and their products are used in the hardware, foam and furnishing, ducting and insulation, woodworking, footwear, and generator set industries.

Strengths of Speb Adhesives

• Strong financial foundation for future growth.
  
• Diverse product portfolio.
  
• Consistent delivery through a trusted network.
  
• Experienced promoters and senior management team.
  

Risks of Speb Adhesives

• Loss of key suppliers or delays in raw material deliveries.
  
• Any disruption, slowdown, or shutdown in their manufacturing operations.
  
• Any decline in the economic health of Maharashtra.
  
• Foreign exchange risks.
  
• Any discontinuation of manufacturing of water-based adhesive products by their contract manufacturer or a failure of these contract manufacturers to adhere to the delivery schedule or the required quality and quantity.
  

Source: All the financial information for listed industry peers mentioned above is on a standalone/consolidated basis (If applicable) sourced from the Annual Reports of the peer company uploaded on the NSE/BSE website for the year ended March 31, 2025.

Notes: 1. P/E Ratio has been computed based on the closing market price of equity shares on the NSE/BSE website on November 20, 2025 divided by the Diluted EPS for the period ended March 31, 2025. 2. RoNW is computed as net profit after tax divided by the net worth. Net worth has Equity shareholders' fund. 3. NAV is computed as the closing net worth divided by the closing outstanding number of equity shares.

Anchor Investor Bidding Date: 28 November 2025

Registrar: MUFG Intime India Private Limited Book Running Lead Managers: Unistone Capital Private Limited

SPEB Adhesives Business Model

The company earns its revenue through the following:

• Manufacturing various synthetic rubber-based solvent-borne products 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 sets.

• They also offer rubber-based water-borne products such as FlooRBonD Adhesive, Wallfix Adhesive and Aqua-7 Adhesive which are manufactured by various job workers.

SPEB Adhesives Company Growth Trajectory

Speb Adhesives’ revenue from operations in the financial year 2024-25 is ₹44.79 crores. This represents ₹2.18 crores or a 5.11% increase compared to the previous financial year's revenue from operations of ₹42.62 crores.

The Profit After Tax (PAT) for the financial year 2024-25 reached ₹5.89 crores, marking an increase from ₹4.94 crores in the financial year 2023-24. In the financial year 2024-25, PAT constituted 12.94% of the total revenue, in contrast to 11.43% in the financial year 2023-24.

Their EBITDA increased from ₹6.53 crores in the financial year 2023-24 to ₹7.83 crores in the financial year 2024-25.

SPEB Adhesives Market Position

Speb Adhesives caters to a diverse range of industries including hardware, foam and furnishing, ducting and insulation, woodworking, footwear, and generator sets by providing quality adhesives suited to the specific needs of each sector. Over time, they have established strong relationships with clients across these industries by consistently meeting their product requirements with reliability and precision. Some of their dealers are also retailers through whom they are able to tap into the D2R (Direct-to-Retail) sector within Maharashtra. Their clientele comprises over 380 active customers.

Over the past three financial years, they have successfully served more than 400 repeat customers each year on average, demonstrating not only their commitment to dependable service and customer satisfaction, but also the strength and reach of their well-established distribution network.

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹45.540 crores, ₹5.895 crores, and ₹7.825 crores, respectively.

How to apply for Speb Adhesives IPO?

• Step 1: Log in to your Kotak Neo Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
  
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
  
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
  
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
  
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.