Speb Adhesives IPO (Dec 2025): The Sticky ₹33.73 Crore Chemistry That’s Binding Investors to NSE SME

1. At a Glance

Ladies and gentlemen, roll out the red carpet forSpeb Adhesives Ltd., the latest entrant trying to glue itself to investor attention. With a total issue size of₹33.73 crore, this one’s not your typical glue-stick story—it’s a solvent-based adhesive play trying to stick firmly in the ₹125.80 crore market-cap club.

The IPO opensDecember 1, 2025, and closes onDecember 3, 2025, with a listing date tentatively fixed forDecember 8, 2025, onNSE SME. The price band is a polite ₹52–₹56 per share, but with a lot size of2,000 shares, minimum retail entry is ₹2.24 lakh—definitely not your Fevikwik sachet-level investment.

The company’sPAT jumped 19%YoY in FY25, revenue up by 5%, and EBITDA margin rose to17.47%—clearly, something’s bonding right in their formulas. But wait,P/E at 17.22xpost-issue hints that the valuation is… let’s say, firmly glued to optimism.

So, is this an adhesive business or just a sticky situation in disguise? Let’s dissolve the solvent.

2. Introduction

Every now and then, a small-cap company from Maharashtra decides to take the leap from “local favourite” to “listed hero.” EnterSpeb Adhesives Ltd., a Raigad-based adhesive manufacturer now ready to stretch itself into public markets.

Their IPO isn’t massive by size, but it’s got that curious mix of ambition and chemical fragrance. After all, how often do you find a company that literallymakes things stick—from your shoes to your kitchen cabinet, to perhaps, your portfolio?

The timing feels right—industrial adhesives are getting hot in India’s manufacturing revival theme. But, of course, every investor must ask:Is the glue strong enough to hold long-term returns together?

Between FY23 and FY25, PAT zoomed from ₹1.83 crore to ₹5.89 crore—a more than 3x jump. That’s stickier than any Pidilite advertisement. However, seasoned investors know: when profit margins rise faster than resin prices, someone better check what’s cooking in the mixing drum.

Let’s peel the layers and see whether Speb’s IPO will be a “solid bond” or a “slippery spread.”

3. Business Model – WTF Do They Even Do?

At its core,Speb Adhesives Ltd.manufactures and sellssolvent-based synthetic rubber adhesives—the kind that makes your furniture joints tighter, your shoes durable, and your air-conditioning ducts leak-proof.

The company operates in bothsolvent-basedandwater-basedadhesives. Their chemistry revolves aroundpolychloroprene-basedandSBS (styrene-butadiene-styrene)adhesives—materials that only engineers and adhesive geeks can pronounce without flinching.

They sell through aB2B model, catering topackaging, footwear, construction, automotive, and woodworking sectors.Basically, wherever two surfaces need a strong relationship, Speb is the counsellor.

Its manufacturing facility sits proudly inTaloja, Raigad, with a capacity of12,000 litres per day. For context, that’s enough to glue together the entire furniture of a housing society and still have some left for the gates.

Flagship products includeSPEB-7 Multipurpose Adhesive,SPEB-7 Duct Fix, andSPEB-7 Premium SR-911—the last one sounding suspiciously like a superhero version of Fevicol.

And guess what? They’ve even got spray-grade adhesives likeSPEB-7 G1andSPEB-7 G7, because who wants to apply glue like it’s 1995?

It’s a serious operation with 41 employees and experienced promoters from the Vithlani family. But with India’s adhesive market already dominated by biggies like Pidilite and Astral, Speb’s challenge is to prove it’s not just another sticky sidekick.

4. Financials Overview

Here’s where numbers get sticky—in a good way.

Commentary:Profitability is clearly on a roll. The company has turned modest revenue growth into strong margin expansion. That’s either operational efficiency—or some solid pricing power in a niche B2B market.

An annualised EPS of around ₹6.5 gives aP/E of ~8.6xat the upper price if you use post-issue diluted earnings—suggesting a decent risk-reward mix for an SME listing. But post-listing exuberance can change that ratio