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SPEB Adhesives Limited is a manufacturer of solvent-based synthetic rubber adhesives, with a primary focus on polychloroprene-based and SBS (styrene-butadiene-styrene)-based products. The company operates a B2B model, offering a diverse portfolio that includes multi-purpose, spray-grade, and specialty adhesives for industrial and retail use. Its products serve various sectors such as hardware, foam and furnishing, ducting, woodworking, and footwear, distributed through a network of dealers, direct industrial sales, and government contracts.
Dec 01, 2025
Dec 03, 2025
Dec 08, 2025
SME
Closed
33.73 Cr
27.18 Cr
6.55 Cr
₹52 - ₹56
2000
The company proposes to utilize the Net Proceeds from the fresh issue for the following main objectives:
To partially finance the capital expenditure for establishing a new manufacturing facility in Raigad, Maharashtra, aimed at expanding the production capabilities for water-based adhesives, with an estimated cost of ₹20.44 crores.
To fund general corporate purposes, which may include business development initiatives, meeting operational expenses, and other business requirements, with the amount not exceeding 15% of the gross proceeds.
15.55
3.6
26.3%
32.07%
26.3%
—
13.16%
17.47%
4.32
Strong financial performance with consistent growth in revenue and profitability.
Diverse product portfolio catering to multiple industries including hardware, furnishing, and footwear.
Experienced promoters and senior management team with extensive industry knowledge.
Established dealer-distributor network ensuring wide market reach and consistent delivery.
Significant revenue dependence on the Multipurpose Products category.
High reliance on a limited number of key suppliers for critical raw materials.
Geographical concentration with manufacturing and a majority of customers located in Maharashtra.
Dependence on third-party transportation providers without formal long-term contracts.
Growing demand from key end-user industries such as packaging, automotive, and construction.
Expansion into the electric vehicle (EV) market with specialized adhesive solutions.
Increasing market shift towards sustainable and eco-friendly water-based adhesives.
Potential to expand export operations to new international markets.
Volatility in the prices of key petrochemical-based raw materials like Toluene and Synthetic Rubber.
Intense competition from large multinational corporations and domestic players in the adhesive market.
Stringent environmental regulations governing VOC emissions and chemical usage in manufacturing.
Adverse changes in macroeconomic conditions that could impact industrial demand and growth.