SpectraA Technology Solutions Limited opens a 36,03,600-share SME IPO on September 17, 2026 and closes it on September 21. The shares list on NSE EMERGE on September 24. FY26 revenue rose 34.58% to ₹10,116.21 lakh. Profit stood at ₹1,155.71 lakh.
Issue structure: Up to 36,03,600 shares of ₹10 face value, split into a fresh issue and an offer for sale.
Promoter holding: Promoters and the promoter group fall from 96.04% to 70.00% after the issue.
Anchor portion: Up to 10,24,800 shares, locked in for 30 days from allotment.
FY26 performance: Return on equity of 60.95% and an order book of ₹8,129.61 lakh.
SpectraA Technology Solutions IPO at a Glance
SpectraA Technology Solutions Limited makes process plants for breweries and distilleries. The offer is a 100% book-built issue. Indcap Advisors Private Limited is the lead manager, and Maashitla Securities Private Limited is the registrar.
Particular
Details
IPO Date
17 to 21 September 2026
Listing Date
Thursday, 24 September 2026
Face Value
₹10 per share
Price Band
₹112 to ₹118 per share
Issue Price
₹118 per share
Lot Size
1,200 shares
Sale Type
Fresh Capital cum OFS
Issue Type
Bookbuilding IPO
Listing At
NSE SME
Total Issue Size
36,03,600 shares, aggregating up to ₹43 Cr
Reserved for Market Maker
1,82,400 shares, aggregating up to ₹2 Cr
Fresh Issue (Ex-Market Maker)
30,73,200 shares, aggregating up to ₹36 Cr
Offer for Sale (OFS)
3,48,000 shares of ₹10 each, aggregating up to ₹4 Cr
Net Offered to Public
34,21,200 shares, aggregating up to ₹40 Cr
Shareholding Pre-Issue
1,00,91,646 shares
Shareholding Post-Issue
1,33,47,246 shares
Promoter Shareholding Pattern: Pre-Issue vs Post-Issue
The promoter group comprises A L Arun Kumar, Sailaja Arun Kumar, Praveen Kumar Appukuttan Nair Leela and Divya Praveen. The offer document states that the promoter group intends to retain a 70% holding after the issue, while continuing to hold a majority stake in the company.
Stage
Promoter and promoter group shares
Holding
Before the issue
96,91,646
96.04%
After the issue
93,43,646
70.00%
Anchor Investor Allocation
The company may allot up to 60% of the QIB portion, or 10,24,800 shares, to anchor investors. Domestic mutual funds receive 33.33% of it, and insurers and pension funds receive 6.67%. Anchor bidding takes place on September 16, 2026. Half the anchor allocation is locked in for 30 days from allotment and the remainder for 90 days.
SpectraA Technology Solutions IPO Subscription Schedule and Important Dates
Bidding window: Opens September 17, 2026 and closes September 21, 2026. The UPI mandate ends at 5:00 p.m. on the closing day.
Allotment finalization: The basis of allotment is set on September 22, 2026.
Refunds and share credit: Refunds and demat credit follow on September 23, 2026.
Listing date: Trading on NSE EMERGE is expected to start on September 24, 2026.
According to RHP, all dates are indicative.
Price Band, Market Lot and Retail Quota Allocation
Price Band Breakdown
The price band is ₹112 to ₹118 per share. A pre-IPO transfer of 4,00,000 shares took place at ₹118 on September 9, 2026. That transaction does not set the band, though the transfer price coincides with the cap.
Lot Size and Investment Thresholds
One lot equals 1,200 shares. The minimum investment equals lot size multiplied by the final price, which comes down to ₹1,41,600 per lot.
Category
Application size
Individual (retail)
Two lots (2,400 shares), bid value above ₹2,00,000
Non-institutional (HNI), first tier
More than two lots, up to ₹10 lakh
Non-institutional (HNI), second tier
Above ₹10 lakh
Category Reservation Structure
Investor Category
Shares
% of Net Issue
% of Total Issue
QIB
17,08,800
49.95%
47.42%
− Anchor Investor
10,24,800
28.44%
− QIB (Ex. Anchor)
6,84,000
18.98%
NII (HNI)
5,14,800
15.05%
14.29%
− bNII > ₹10L
3,43,200
9.52%
− sNII < ₹10L
1,71,600
4.76%
Retail
11,97,600
35.01%
33.23%
Market Maker
1,82,400
5.06%
Total
36,03,600
100.00%
100.00%
The offer has no employee quota or discount.
Company Overview and Business Model
The company was incorporated in Bengaluru on January 20, 2009. It designs, fabricates, installs and commissions turnkey plants for breweries, distilleries, food and beverage makers, extraction units, FMCG firms and pharmaceutical companies. Its systems follow ISO 9001:2015.
Operational Footprint and Market Presence
Two plants operate at Bengaluru and Jaipur. Installations cover 19 states, 3 union territories and 10 countries. The company serves more than 50 clients, and exports made up 29.38% of FY26 revenue.
Service and Solution Offerings
Product vertical
FY26 revenue (₹ lakh)
Share
Commercial brewery equipment
6,893.43
68.14%
Distillery equipment
1,179.88
11.66%
Malt spirit equipment
1,040.24
10.28%
Microbrewery equipment
857.60
8.48%
Food and beverage, extraction, others
145.06
1.44%
Emerging Growth Drivers
Commercial brewery equipment remains the company’s largest revenue contributor. At the same time, the business has identified opportunities in specialised and higher-margin segments, where engineering capabilities and customised solutions can support improved margins.
Financial Performance and Growth Analysis
Key Financial Metrics (₹ lakh)
Particular
FY2024
FY2025
FY2026
Revenue from Operations
₹88.96 Cr
₹75.17 Cr
₹101.16 Cr
EBITDA
₹4.48 Cr
₹10.33 Cr
₹19.26 Cr
EBITDA Margin
5.03%
13.48%
19.04%
PAT
₹2.00 Cr
₹4.91 Cr
₹11.56 Cr
PAT Margin
2.25%
6.54%
11.42%
ROCE
20.55%
31.92%
37.61%
ROE
27.92%
46.14%
60.95%
Balance Sheet and Asset Health (₹ lakh)
Metric
FY26
FY25
FY24
Total assets
10,628.84
9,999.74
6,664.47
Net worth*
2,480.76
1,311.70
818.41
Debt-to-equity (times)*
1.09
1.31
1.73
*Calculated from the restated balance sheet, as the RHP summary does not state them.
Valuation Indicators and Key Ratios
Earnings per share: ₹11.45 in FY26 after the bonus issue.
Returns: ROE 60.95%, ROCE 37.61% and RoNW 46.59%.
P/E ratio: 10.31(Pre-IPO), 13.63(Post IPO)
Peer Comparison
Company
EPS (₹)
P/E
RoNW
SpectraA Technology Solutions
11.45
Not disclosed
46.59%
Praj Industries
1.30
258.89
1.82%
Objects of the Public Issue
Object
Amount (₹ lakh)
Capital expenditure at Jaipur plant
Up to 1,160.89 (₹1,100 from proceeds)
Repayment of term loans
Up to 1,061.53 (₹647.72 from proceeds)
Working capital
Up to 950.00
Working capital: Steel and copper inventory drives the need, and the company expects it to grow in FY27.
Business expansion: The Jaipur project adds 40,710 sq ft of manufacturing area.
General corporate purposes and issue expenses: General corporate purposes cannot exceed 15% of the amount raised or ₹1,000 lakh, whichever is lower.
No agency has appraised these objects. The company receives nothing from the offer for sale.
Investment Analysis and Review
Key Strengths
Two plants that shorten delivery times.
In-house fabrication from cutting to pressure testing.
An order book of ₹8,129.61 lakh as of August 25, 2026.
A 100% factory acceptance test success ratio.
Key Risks and Vulnerabilities
Customer concentration: The top ten customers supplied 65.60% of FY26 revenue.
Sector dependence: Beer and malt spirit producers drive demand.
Uneven growth: Revenue fell in FY24 and FY25 before recovering.
Compliance: The RHP records delayed statutory filings, and the company cannot locate the Consent to Establish for the Jaipur plant.
Final Verdict: Short-Term Gains or Long-Term Investment?
The SpectraA Technology Solutions IPO combines a growing industrial business with significant recent improvement in profitability and an expansion programme. However, customer concentration, sector dependence and the characteristics of an SME-listed company remain relevant considerations.
Short-term investors typically weigh the price band, subscription levels and the market maker, who quotes two-way prices for 75% of each trading day. Long-term investors may weigh strong return ratios and the order book against concentration and compliance risks. This article is informational and is not investment advice. Readers should study the full RHP and consult a SEBI-registered adviser.
Frequently Asked Questions
1. What is the issue size and price band for the SpectraA Technology Solutions IPO?
The issue covers up to 36,03,600 shares. The RHP leaves the price band blank, and the company will announce it in newspapers before bidding opens.
2. When does the subscription for the SpectraA IPO open and close?
Bidding opens on September 17, 2026 and closes on September 21, 2026.
3. What is the minimum lot size and investment required for retail investors?
One lot is 1,200 shares. Individual investors apply for two lots, or 2,400 shares, with a bid value above ₹2,00,000.
4. What core business services does SpectraA Technology Solutions provide?
The company engineers, fabricates, installs and commissions turnkey plants for breweries, distilleries, malt spirit producers, extraction units and food and beverage makers.
5. How can I check my SpectraA Technology Solutions IPO allotment status online?
The registrar, Maashitla Securities Private Limited, handles allotment. Its website is www.maashitla.com, and the basis of allotment is set on September 22, 2026.
6. Where will the shares of SpectraA Technology Solutions be listed?
The shares will list on NSE EMERGE. The RHP names no other exchange.
7. What is the tentative listing date for the SpectraA Technology Solutions IPO?
This blog is for general informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. The information is based on publicly available sources and market understanding at the time of writing and may change due to global developments. Past performance of markets during geopolitical events does not guarantee future results. Readers are encouraged to conduct their own research and consult qualified professionals before making investment decisions. Jainam Broking does not provide any assurance regarding outcomes based on this information.
