SpectraA Technology Solutions IPO
smelistedAbout the company
Spectraa Technology Solutions was incorporated in Bengaluru on January 20, 2009. It provides engineering, design, fabrication, installation, commissioning and decommissioning for greenfield and brownfield process-plant projects across breweries, distilleries, food and beverages, malt spirit and blending, extraction plants, FMCG and pharmaceuticals. The company operates a B2B turnkey design-build-commission model, assumes responsibility from design through handover, fabricates key equipment in-house and provides operator training, spares, annual maintenance contracts and operations-and-maintenance support after handover. Its product verticals comprise commercial brewery, distillery, food and beverage, microbrewery, malt spirit and extraction-plant equipment. In FY26, commercial brewery equipment contributed 68.1% of revenue from operations, followed by distillery equipment at 11.6%, malt spirit equipment at 10.2%, microbrewery equipment at 8.4%, extraction plants at 0.8%, food and beverage plants at 0.3% and others at 0.3%. Commercial brewery, distillery and microbrewery shares were 70.3%, 12.04% and 11.09%, respectively, in FY24, while malt spirit increased from 3.5% to 10.2% by FY26. Turnkey projects generated ₹87.78 crore, or 86.77% of FY26 revenue from operations; non-turnkey projects generated ₹13.38 crore. The company fabricates at Malur, Karnataka and Chomu, Rajasthan, with shop footprints of 13,789.77 sq. ft. and 19,424.98 sq. ft., respectively, and an aggregate built-up area of 33,214.75 sq. ft. The company has served more than 50 clients and has an installation footprint across 19 Indian states, 3 union territories and 10 export countries. FY26 domestic revenue was 70.62% and exports were 29.38%; Germany and Nepal contributed 15.01% and 10.80% of revenue, respectively. Export sales were ₹29.72 crore, while imported goods were ₹1.61 crore, including ₹0.97 crore from Germany. Repeat orders contributed 50.07% of FY26 revenue and new customers contributed 49.9%; the company does not use dealers or distributors. Its top ten customers accounted for 65.6% of FY26 revenue from operations.
GMP trend (Grey Market Premium by date)
| Date | GMP (₹) | Est. Listing | Change |
|---|---|---|---|
| 16 Sep | ₹50 | ₹168 | 0 |
| 15 Sep | ₹50 | ₹168 | +6 |
| 14 Sep | ₹44 | ₹162 | +17 |
| 13 Sep | ₹27 | ₹145 | +27 |
| 12 Sep | ₹0 | ₹118 | 0 |
| 11 Sep | ₹0 | ₹118 | 0 |
Strengths
- Turnkey engineering capabilities covering design, fabrication, installation and commissioning
- Diversified presence across breweries, distilleries, food and beverages, FMCG and pharmaceuticals
- In-house manufacturing and engineering capabilities
- Established experience in customized process-plant projects
- International project execution experience across multiple countries
- Strong improvement in profitability and margins in recent periods
- Healthy order book provides visibility for future revenue
- Planned expansion of the Jaipur manufacturing facility can support higher execution capacity
Risks
- Revenue has declined in recent financial periods despite improved margins
- Business depends heavily on successful execution of large engineering projects
- Delays in project completion could affect revenue, profitability and cash flows
- Working-capital requirements can be high because of project-based operations
- Dependence on key customers and large orders creates concentration risk
- Exposure to raw-material price fluctuations can affect project margins
Financial performance (₹ Cr)
Subscription breakup (final, times)
IPO Roadmap / Timeline
IPO Opens
Completed17 Sept 2026Bidding starts for all investor categories
IPO Closes
Completed21 Sept 2026Last day to place your bid
Basis of Allotment
Completed22 Sept 2026Share allotment finalised
Refund Initiation
Completed23 Sept 2026Refunds credited for non-allottees
Credit to Demat
Completed23 Sept 2026Allotted shares credited to demat account
Listing on Exchange
Completed24 Sept 2026Shares list on NSE / BSE
Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.
Lot size & minimum investment
| Investor Type | Min Lots | Min Shares | Min Amount | Max Lots | Max Amount | Notes |
|---|---|---|---|---|---|---|
| Retail / Individual | 1 | 1200 | ₹141,600 | 1 | ₹141,600 | 1 lot only |
| HNI | 2 | 2400 | ₹283,200 | 2 | ₹283,200 | Min 2 lots |
Shares reserved per category & allotment probability
| Category | Reservation | Shares Offered | Amount (₹ Cr) | Shares Bid | Subscribed | Allotment % |
|---|---|---|---|---|---|---|
| QIB | 50% | 1,869,565 | 21.5 | 0 | 0.00x | 100% |
| NII | 15% | 560,870 | 6.45 | 6,999,658 | 12.48x | 8% |
| Retail | 35% | 1,308,696 | 15.05 | 12,354,090 | 9.44x | 10.6% |
Retail is a lottery-based allotment when oversubscribed; QIB/NII get pro-rata. Probability ≈ 1 / subscription times (100% if under-subscribed).
