Summary
The SME offering of SpectraA Technology Solutions on the NSE is worth ₹42.52 crore and has been priced at ₹112 to ₹118 per share.
The company offers engineering and turnkey solutions for process plants in the breweries, distilleries, food and beverages, and pharmaceuticals industries.
Although the IPO has growth potential, investors should go on to evaluate the level of business concentration, the amount of borrowings, and the risks associated with the SME market before proceeding with their application.
SpectraA Technology Solutions Limited IPO is an SME IPO with a price band of ₹112 to ₹118 per share. The IPO will open for subscription on 17th September 2026 and close on 21st September 2026. The IPO is scheduled to list on the NSE SME platform, with a tentative listing date of 24th September 2026. The issue comprises a fresh issue of equity shares and an offer for sale.
SpectraA Technology Solutions IPO Details
The following table sets out the main details of the SpectraA Technology Solutions IPO.
| Particulars | Details |
| IPO Open Date | September 17, 2026 |
| IPO Close Date | September 21, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹112 to ₹118 per share |
| Total Issue Size | 36,03,600 shares aggregating up to ₹42.52 crore |
| Fresh Issue | 32,55,600 shares aggregating up to ₹38.42 crore |
| Offer for Sale | 3,48,000 shares aggregating up to ₹4.11 crore |
| Market Maker Portion | 1,82,400 shares |
| Minimum Lot Size | 1,200 shares |
| Minimum Investment | 2 lots (2,400 shares) – ₹2,83,200 at the upper price band |
| Listing Exchange | NSE SME |
SpectraA Technology Solutions IPO Timeline
The table below shows the expected timetable for the SpectraA Technology Solutions IPO.
| Particulars | Date |
|---|---|
| IPO Open Date | September 17, 2026 |
| IPO Close Date | September 21, 2026 |
| Tentative Allotment | September 22, 2026 |
| Initiation of Refunds | September 23, 2026 |
| Credit of Shares to Demat | September 23, 2026 |
| Tentative Listing Date | September 24, 2026 |
| UPI Mandate Closing Time | September 21, 2026, 5:00 PM |
SpectraA Technology Solutions Key Performance Indicators
The KPIs listed below relate to the company’s profitability, capital efficiency and leverage for fiscal year 2026 according to the most recent offer document.
| KPI | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| ROE | 60.95% | 37.45% | 24.45% |
| ROCE | 37.61% | 31.92% | 20.55% |
| Debt Equity | 1.09x | 1.31x | 1.73x |
| RoNW | 46.59% | 37.46% | 24.49% |
| PAT Margin | 11.42% | 6.53% | 2.25% |
| EBITDA Margin | 19.04% | 13.48% | 5.02% |
| Price Book Value | 4.80x | – | – |
SpectraA Technology Solutions IPO Financials
The following table shows the company’s main financial figures for the three previous financial years.
| Particulars (₹ in Cr) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total Income | 89.68 | 75.53 | 103.05 |
| Total Assets | 66.64 | 100.00 | 106.29 |
| Profit After Tax | 2.00 | 4.91 | 11.56 |
SpectraA Technology Solutions IPO Subscription Status
| Date | QIB (Ex Anchor) | NII* | Individual Investors | Total |
|---|---|---|---|---|
| Sep 17 (Day 1) | 0.00 | 4.17 | 9.54 | 5.66 |
| Sep 18 (Day 2) | 0.00 | 12.68 | 23.55 | 14.49 |
SpectraA Technology Solutions IPO Grey Market Premium (GMP Today)
The grey market premium (GMP) for SpectraA Technology Solutions IPO is an unofficial indicator of market sentiment before listing. GMP activity started on September 13, 2026, at ₹27 and subsequently increased to ₹50 before falling to ₹30 on the IPO opening day.
As of September 17, 2026, at 11:33 AM, the latest reported GMP is ₹30 against the upper price band of ₹118. This indicates an estimated listing price of ₹148, or an indicative premium of 25.42%. GMP is unofficial and can change frequently.
| GMP Date | GMP | Trend Direction | Subscription | Est. Listing Price (cap price + GMP) | Last Updated |
|---|---|---|---|---|---|
| 18-09-2026 | ₹30 ─ | Stable | 13.56x | ₹148 (25.42%) | 18-Sep-2026 13:02 |
| 17-09-2026 Open | ₹30 ▼ | Stable | 5.66x | ₹148 (25.42%) | 17-Sep-2026 23:37 |
| 16-09-2026 | ₹50 ─ | Upward | ₹168 (42.37%) | 16-Sep-2026 23:31 | |
| 15-09-2026 | ₹50 ▲ | Upward | ₹168 (42.37%) | 15-Sep-2026 23:32 | |
| 14-09-2026 | ₹44 ▲ | Stable | ₹162 (37.29%) | 14-Sep-2026 23:28 | |
| 13-09-2026 | ₹27 ─ | Initial | ₹145 (22.88%) | 13-Sep-2026 23:29 |
Note that the GMP figures come from the grey market and can change quickly in response to demand, market sentiment, and the level of IPO subscriptions. The GMP does not guarantee the actual listing price or the listing gain.
SpectraA Technology Solutions IPO Reservation
The shares offered in the IPO are allocated among various categories of investors as determined by the issue structure.
| Investor Category | Shares Offered |
|---|---|
| Market Maker Shares | 1,82,400 |
| Anchor Investor Shares | 10,24,800 |
| QIB Shares (excluding Anchor Investors) | 6,84,000 |
| NII Shares | 5,14,800 |
| Retail Shares | 11,97,600 |
| Total Shares Offered | 36,03,600 |
The part subscribed to by the anchor investor makes up 28.44% of the entire issue, and the retail portion amounts to 33.23%.
SpectraA Technology Solutions IPO Lot Size
The number of shares in the IPO is 1,200, but when individual investors apply via the SME issuance structure they are required to apply for a minimum of two lots.
| Application Category | Lots | Shares | Amount |
|---|---|---|---|
| Individual Investors (Retail) Min | 2 | 2,400 | ₹2,83,200 |
| Individual Investors (Retail) Max | 2 | 2,400 | ₹2,83,200 |
| S-HNI Min | 3 | 3,600 | ₹4,24,800 |
| S-HNI Max | 7 | 8,400 | ₹9,91,200 |
| B-HNI Min | 8 | 9,600 | ₹11,32,800 |
The figures are determined by using the higher price level of ₹118 for each share.
SpectraA Technology Solutions IPO Anchor Investors
SpectraA Technology Solutions intends to conduct its bidding for anchor investors on September 16, 2026, that being one working day before the IPO opens.
The names of the investors and the total amount raised should be changed once the allocation of the anchor shares has taken place.
| Particulars | Details |
|---|---|
| Bid Date | September 16, 2026 |
| Shares Offered | 10,24,800 |
| Anchor Portion | 28.44% of total issue |
| Anchor lock-in period end date for 50% shares (30 Days) | To be updated after allocation |
| Anchor lock-in period end date for remaining shares (90 Days) | To be updated after allocation |
SpectraA Technology Solutions IPO Prospectus
For more detailed information about the company’s business, its financial performance, the risk factors involved and the proposed use of the proceeds from the IPO, investors can refer to the company’s official IPO documents.
About SpectraA Technology Solutions
SpectraA Technology Solutions Limited was set up in Bengaluru in January 2009 and was converted into a public limited company in February 2021. The company offers engineering, design, fabrication, installation, commissioning and decommissioning services for both greenfield and brownfield projects.
The company carries out projects in such sectors as breweries, distilleries, food and beverages, malt spirit and blending, extraction plants, FMCG and pharmaceuticals and at the same time takes on projects from the design stage right through to handover, as well as offering operator training and support for operations and maintenance.
SpectraA has manufacturing plants in Bengaluru and Jaipur and its range of products comprises commercial brewery equipment, distillery equipment, food and beverage plants, microbrewery equipment, malt spirit equipment and extraction plants.
The company is also involved internationally and provides services to customers in a number of Indian states as well as in overseas markets.
Founded in: 2009
Managing Director: A L Arun Kumar
Business: Engineering, fabrication and turnkey process-plant solutions
Key Intermediaries
| Particulars | Details |
|---|---|
| Book Running Lead Manager | Indcap Advisors Private Limited |
| Registrar of the Issue | Maashitla Securities Private Limited |
| Market Maker | Asnani Stock Broker |
Objectives of the SpectraA Technology Solutions IPO
The company plans to use the net proceeds from the fresh issue for business and financial requirements.
| Use of IPO Proceeds | Amount |
|---|---|
| Capital expenditure at Jaipur manufacturing facility | ₹11.00 crore |
| Repayment of term loans | ₹6.48 crore |
| Working capital requirements | ₹9.50 crore |
| General corporate purposes | Balance, subject to applicable limit |
The way the funds are proposed to be used shows that the IPO is meant to support both the company’s capacity expansion and its working capital needs, and part of the proceeds will also be used to pay down the existing term-loan obligations.
Strengths of SpectraA Technology Solutions
Integrated engineering capabilities
The company looks after various stages of a project, covering engineering and fabrication as well as installation and commissioning, and on this basis it is able to offer turnkey solutions rather than just individual equipment.
Diversified industrial applications
SpectraA provides its services to breweries, distilleries, companies in the food and beverages sector, those involved in extraction, the FMCG sector, and the pharmaceutical industry. The company thus has access to a number of end-use markets.
Improving profitability
The company has seen a significant increase in its EBITDA and PAT over the past three financial years, the higher margins showing that its operating profitability has improved when compared with that of earlier periods.
Manufacturing and project capabilities
SpectraA has manufacturing plants in Bengaluru and Jaipur and manufactures its main equipment itself. The organisation’s method of carrying out projects is based on standard modules as well as custom engineering.
Risks of SpectraA Technology Solutions
High customer concentration
SpectraA Technology Solutions depends significantly on a limited number of customers. Its top 10 customers accounted for 65.60% of revenue from operations in FY2026, compared with 61.91% in FY2025 and 72.37% in FY2024. The loss of a major customer or a reduction in orders could therefore affect the company’s revenue and cash flows.
Dependence on key suppliers
The company also relies on a limited supplier base for raw materials. Its top 10 suppliers accounted for 43.35% of total purchases in FY2026. SpectraA does not have long-term supply agreements with its suppliers and generally procures materials through purchase orders. Any disruption in supply or changes in supply terms could affect project schedules and costs.
High trade receivables
SpectraA had trade receivables of about ₹44.47 crore as of 31 March 2026. The company states that around 10% of receivables are linked to payments due after installation, commissioning and customer technical approval. Delays in receiving these payments could increase working-capital requirements and put pressure on cash flows.
Dependence on commercial brewery equipment
SpectraA serves breweries, distilleries, food and beverage, malt spirit, extraction and other industries, but its revenue remains concentrated in particular product categories. Commercial brewery equipment accounted for a significant share of FY2026 revenue, making demand from this segment an important factor for the company’s business performance.
Project completion and payment risk
SpectraA undertakes customised engineering projects covering design, fabrication, installation and commissioning. Its RHP identifies a risk that around 10% of receivables are payable after installation, commissioning and customer technical approval. Delays in completing projects or obtaining customer approvals could therefore delay collections and affect working capital.
Raw material price risk
The company’s projects require raw materials and fabricated components, exposing it to changes in commodity prices and other input costs. The RHP notes that SpectraA may not always be able to pass higher raw-material costs to customers immediately. This can put pressure on project margins when input prices increase.
SpectraA Technology Solutions IPO Review
SpectraA Technology Solutions is entering the IPO market having achieved improved profitability, possessing an integrated engineering model and being involved in a number of industrial sectors; the funds it plans to raise will be used for capacity expansion, for working capital and for reducing debt.
Investors should take into account the fact that the company is dependent on demand generated by specific projects, the concentration within the industry, and its existing borrowings.
Other Recent IPOs
Look into the details of other current and forthcoming IPOs in India in order to compare their issue dates, price bands, lot sizes, financial performance, and GMP trends.
| National Stock Exchange IPO | Jindal Supreme IPO |
| Hero Motors IPO | Shakti Polytarp IPO |
| Robokidz Eduventures IPO | Quanto Agroworld IPO |
| Sonaselection India IPO | Vama Wovenfab IPO |
SpectraA Technology Solutions IPO FAQs
The IPO of SpectraA Technology Solutions is a book-built offering on the NSE SME segment with a size of ₹42.52 crore; the price per share will be in the range of ₹112 to ₹118 and the issue is scheduled to start on 17th September and end on 21st September 2026.
Investors may submit their applications via their broker’s IPO platform, provided that they have a valid Demat account and, where applicable, a UPI facility; the minimum number of lots they can apply for is two, which equals 2,400 shares.
The IPO does have some advantages, including an improvement in profitability, integrated engineering capabilities, and a range of industrial applications. At the same time, investors should also take into account the project’s dependence, the level of borrowings, industry concentration, and the risks associated with the SME market.
The presently reported GMP is ₹50 as of 17 September 2026, which shows that there is no unofficial premium above the upper issue price of ₹118. It should be understood that GMP is merely an indicator of market sentiment and does not guarantee the actual listing price or the returns.
The subscription period for the SpectraA Technology Solutions IPO will begin on September 17, 2026, and end on September 21, 2026.
The size of the lot is 1,200 shares and individual investors are required to apply for at least two lots, which equals 2,400 shares. If the price per share is ₹118, then the minimum amount that one has to apply is ₹2,83,200.
Investors can apply for the SpectraA Technology Solutions IPO through their broker using the UPI payment method. Select the IPO in the broker’s application section, enter the required number of lots and bid price within the ₹112 to ₹118 price band, and submit the application. After submitting the bid, approve the UPI mandate to complete the application process.
The tentative allotment date is September 22, 2026. Refunds and credit of shares to Demat accounts are scheduled for September 23, subject to finalisation.
The shares are scheduled to list on the NSE SME platform on September 24, 2026, subject to the completion of the IPO process and applicable approvals.
