SPEB ADHESIVES LIMITED

01 Dec 2025 - 03 Dec 2025 Individual Category SME NSE

Min Investment

₹224000

Price Band

₹52-₹56

Issue Size

₹34.00 Cr

Lot Size

2000 (per lot)

IPO Dates
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01 Dec 2025

Open Date

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03 Dec 2025

Close Date

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04 Dec 2025

Allotment Date

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08 Dec 2025

Listing Date

Know Before Investing

Strengths icon

  • 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.

Weaknesses icon

  • 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.

About Speb Adhesives Limited

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.

IPO Objectives

1. 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 (“Proposed new facility”);

2. General corporate purposes.

Company Promoters

Bhaumik Vithlani

Gaurav Vithlani

Harish Vithlani

Kirtikumar Vithlani

How to Apply for IPO

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