Comparison between Clear Secured IPO and Speb Adhesives IPO.
Clear Secured IPO is a SME Bookbuilding IPO proposed to list at NSE SME while Speb Adhesives IPO is a SME Bookbuilding proposed to list at NSE SME.
| Clear Secured IPO | Speb Adhesives IPO | |
|---|---|---|
| Logo |  |  |
| Issue Category | SME | SME |
| Issue Type | IPO | IPO |
| Process Type | Bookbuilding | Bookbuilding |
| Listing At | NSE SME | NSE SME |
| Lead Managers | Horizon Management Pvt.Ltd. | Unistone Capital Pvt.Ltd. |
| Registrar | Bigshare Services Pvt.Ltd. | MUFG Intime India Pvt.Ltd. |
| Market Maker | Choice Equity Broking Pvt.Ltd. | Kalpalabdhi Financials Private Limited |
| DRHP | DRHP  | DRHP |
| RHP | RHP | RHP |
| Final Prospectus | Final Prospectus | Final Prospectus |
| Anchor Investor | Anchor Investor | Anchor Investor |
| IPO Allotment URL | IPO Allotment URL | IPO Allotment URL |
The total issue size of Clear Secured IPO is up to ₹81.31 Cr whereas the issue size of the Speb Adhesives IPO is up to ₹30.72 Cr. The final issue price of Clear Secured IPO is ₹132.00 per share and of Speb Adhesives IPO is ₹56.00 per share.
| Clear Secured IPO | Speb Adhesives IPO | |
|---|---|---|
| Face Value | ₹10 per share | ₹10 per share |
| Issue Price (Lower) | ₹125.00 per share | ₹52.00 per share |
| Issue Price (Upper) | ₹132.00 per share | ₹56.00 per share |
| Issue Price (Final) | ₹132.00 per share | ₹56.00 per share |
| Discount (Retail) | ||
| Discount (Employee) | ||
| Market Lot Size | 1000 shares | 2000 shares |
| Fresh Issue Size | 61,60,000 shares | 43,16,000 shares |
| Fresh Issue Size (Amount) | up to ₹81.31 Cr | up to ₹24.17 Cr |
| OFS Issue Size | 0 shares | 11,70,000 shares |
| OFS Issue Size (Amount) | up to ₹0.00 Cr | up to ₹6.55 Cr |
| Issue Size Total | 61,60,000 shares | 54,86,000 shares |
| Issue Size Total (Amount) | up to ₹81.31 Cr | up to ₹30.72 Cr |
Clear Secured IPO opens on Dec 01, 2025, while Speb Adhesives IPO opens on Dec 01, 2025. The closing date of Clear Secured IPO and Speb Adhesives IPO is Dec 03, 2025, and Dec 03, 2025, respectively.
| Clear Secured IPO | Speb Adhesives IPO | |
|---|---|---|
| Anchor Bid Date | Nov 28, 2025 | Nov 28, 2025 |
| Issue Open | Dec 01, 2025 | Dec 01, 2025 |
| Issue Close | Dec 03, 2025 | Dec 03, 2025 |
| Basis Of Allotment (Tentative) | Dec 04, 2025 | Dec 04, 2025 |
| Initiation of Refunds (Tentative) | Dec 05, 2025 | Dec 05, 2025 |
| Credit of Share (Tentative) | Dec 05, 2025 | Dec 05, 2025 |
| Listing date (Tentative) | Dec 08, 2025 | Dec 08, 2025 |
| Anchor Lockin End date 1 | Jan 02, 2026 | Jan 02, 2026 |
| Anchor Lockin End date 2 | Mar 03, 2026 | Mar 03, 2026 |
Clear Secured IPO P/E ratio is 23.36, as compared to Speb Adhesives IPO P/E ratio of 16.73.
| Clear Secured IPO | Speb Adhesives IPO | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Financials | Company Financials (Restated Consolidated)Clear Secured Services Ltd.'s revenue increased by 38% and profit after tax (PAT) dropped by 18% between the financial year ending with March 31, 2025 and March 31, 2024.
| Company Financials (Restated)Speb Adhesives Ltd.'s revenue increased by 5% and profit after tax (PAT) rose by 19% between the financial year ending with March 31, 2025 and March 31, 2024.
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| Promoter Shareholding (Pre-Issue) | 99.84 | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Promoter Shareholding (Post-Issue) | 73.03 | 73.18 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| P/E Ratio | 23.36 | 16.73 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Market Cap | ₹317.42 Cr. | ₹125.80 Cr. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ROE | 10.74% | 26.30% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ROCE | 23.46% | 32.07% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt/Equity | 1.02 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EPS | ₹5.65 | ₹3.35 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RoNW | 10.74% | 26.30% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In the Clear Secured IPO Retail Individual Investors (RII) are offered 21,56,000 shares while in Speb Adhesives IPO retail investors are offered 21,56,000 shares. Qualified Institutional Buyers (QIB) are offered 12,32,000 shares in Clear Secured IPO and 11,22,000 shares in Speb Adhesives IPO.
| Clear Secured IPO | Speb Adhesives IPO | |
|---|---|---|
| Anchor Investor Reservation | 18,48,000 shares | 16,04,000 shares |
| Market Maker Reservation | 3,25,000 shares | 5,38,000 shares |
| QIB | 12,32,000 shares | 11,22,000 shares |
| NII | 9,24,000 shares | 8,28,000 shares |
| RII | 21,56,000 shares | 19,32,000 shares |
| Employee | 0 shares | 0 shares |
| Others | ||
| Total | 61,60,000 shares | 54,86,000 shares |
Clear Secured IPO subscribed 8.83x in total, whereas Speb Adhesives IPO subscribed 2.34x.
| Clear Secured IPO | Speb Adhesives IPO | |
|---|---|---|
| QIB (times) | 9.98x | 2.06x |
| NII (times) | 12.51x | 4.09x |
| Big NII (times) | 14.66x | 4.88x |
| Small NII (times) | 8.20x | 2.51x |
| RII (times) | 6.60x | 1.75x |
| Employee (times) | ||
| Other (times) | ||
| Total (times) | 8.83x | 2.34x |
