NSE SME Speb Adhesives debuts with a smooth coat

The stock listed at Rs 60, a 7.14% premium to the IPO price, and is currently down 3.25% over the listing price. It touched a high of Rs 60 and a low of Rs 57, with 18.82 lakh shares traded on the exchange.

Speb Adhesives' IPO was subscribed 2.17 times. The issue opened for bidding on 1 December 2025 and it closed on 3 November 2025. The price band of the IPO was fixed between Rs 52 to Rs 56 per share.

The IPO comprised 44,20,000 equity shares, including a fresh issue of 32,50,000 equity shares and offer for sale (OFS) of 11,70,000 equity shares. The company intends to utilize the net proceeds to partly finance the cost of establishing a new manufacturing facility to expand its production capabilities of water-based adhesives at Raigad, Maharashtra, India, and for general corporate purposes.

Ahead of the IPO, Speb Adhesives on 28 November 2025, raised Rs 8.89 crore from anchor investors. The board allotted 16.04 lakh shares at Rs 56 per share to 3 anchor investors.

Speb Adhesives manufactures solvent-based synthetic rubber adhesives and offers water-based variants through contract production. Its portfolio includes polychloroprene and SBS-based adhesives known for strong bonding and durability, catering to uses ranging from woodworking and footwear to insulation, ducting, furnishings and generator sets. Operating on a B2B model, the company sells through dealer networks, industrial clients, exports and government supply channels, serving a wide range of hardware and manufacturing industries. As of 20 November 2025, the company had 41 permanent employees.

The company recorded revenue from operations of Rs 24.75 crore and net profit of Rs 3.65 crore for the period ended 30 September 2025.