Speb Adhesives IPO: ₹62 Crore Issue Includes Fresh Fundraise and Offer for Sale
By Ankur Chandra | Updated at: Jan 14, 2026 03:50 PM IST
Speb Adhesives Limited, a specialist in solvent-based synthetic rubber adhesives, has filed its Draft Red Herring Prospectus (DRHP) with NSE Emerge for an upcoming Initial Public Offering (IPO) comprising a fresh issue and offer for sale of up to 62 lakh equity shares.
The IPO includes a fresh issue of 50 lakh equity shares and an offer for sale (OFS) of 12 lakh equity shares by promoters Kirtikumar Vithlani and Harish Vithlani. The price band, bid dates, and lot size are yet to be finalised.
IPO Snapshot
| Detail | Info |
|---|---|
| Issue Opens | [To be announced] |
| Issue Closes | [To be announced] |
| Price Band | ₹[●] – ₹[●] |
| Issue Size | 62,00,000 shares |
| Fresh Issue | 50,00,000 shares |
| Offer for Sale | 12,00,000 shares |
| Listing Exchange | NSE Emerge |
| Allotment Date | [To be announced] |
| Listing Date | [To be announced] |
Financial Highlights
Speb Adhesives has reported steady growth with a net profit of ₹354.09 lakh on revenues of ₹3,386.81 lakh for the nine-month period ended December 31, 2024.
| Metric | 9M FY25 | FY24 | FY23 |
|---|---|---|---|
| Revenue (₹ lakh) | 3,386.81 | 4,261.64 | 3,837.16 |
| Net Profit (₹ lakh) | 354.09 | 489.39 | 178.54 |
| Net Worth (₹ lakh) | 2,284.47 | 1,930.37 | 1,933.80 |
| EPS (₹) | 2.01 | 2.55 | 0.92 |
| Total Borrowings | Nil | Nil | Nil |
IPO Objectives
The company proposes to use ₹1,829.55 lakh from the net proceeds to set up a new manufacturing facility for water-based adhesives at Tambati, Raigad district, Maharashtra. The expansion will help Speb diversify into eco-friendly adhesives used in automotive interiors, HVAC systems, and woodworking.
Remaining funds will be used for general corporate purposes.
Promoter & Offer for Sale Details
Promoters Kirtikumar Vithlani and Harish Vithlani will offload 6 lakh shares each as part of the OFS. Pre-issue, promoters hold 99.76% of the equity, which will reduce post-listing.
The average cost of acquisition for the selling shareholders is just ₹0.13 per share.
Lead Manager & Registrar
The IPO is being managed by Unistone Capital Private Limited with MUFG Intime India Private Limited acting as the registrar.
What to Watch
- Over-dependence on Maharashtra (69% revenue share)
- 59%+ revenue from multipurpose adhesive category
- No long-term supplier contracts; top 10 suppliers account for 83% of raw material spend
- High client concentration (top 10 customers contribute ~38% of revenue)
- Plans to launch water-based adhesives via new capex-led expansion
About Speb Adhesives
Originally established as “M/s Speb Rubber Industries” in 1990 and recently converted into a public company, Speb Adhesives manufactures a range of industrial and retail adhesives. Its product suite includes multipurpose adhesives, spray-grade adhesives, premium bonding solutions, ducting adhesives, and woodworking adhesives.
The company operates through four major business channels:
- Dealer-Distributor Network
- Industrial Sales
- Exports
- Government Supply Contracts
Speb’s customer base is concentrated in Maharashtra, which accounted for over 69% of revenue as of Dec 2024.
Stay tuned for the announcement of Speb Adhesives’ IPO opening date and price band in the coming weeks.
REF: https://nsearchives.nseindia.com/emerge/corporates/content/Registration_24062025223125_DRHPSpeb.pdf
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