Spectraa Technology Solutions IPO Day 1: Subscribed 5.5x; Retail jumps 319.1% to 9.22x
- Spectraa Technology Solutions IPO subscribed 5.5x on Day 1.
- Retail demand surged 319.1% to reach 9.22x.
- NII (bHNI) category jumped 457.5% to 5.91x.
- QIBs remained inactive with 0x subscription.
- Issue closes on 2026-09-21.
*this image is generated using AI for illustrative purposes only.
Spectraa Technology Solutions IPO is subscribed 272.88 times on Day 3, with Qualified Institutional Buyers surging 1976.8% to 146.00x. The issue, priced between ₹112 and ₹118, closes on September 21, 2026.
Subscription Status
The Spectraa Technology Solutions IPO witnessed a dramatic acceleration in demand on Day 3, with the overall subscription multiple jumping from 54.56x at 11:15 AM to 272.88x by 16:15 PM. The most significant mover was the QIB category, which saw a massive jump to reach 146.00x. Retail investors maintained strong participation with a 281.36x subscription, while Non-Institutional Buyers (bHNI) led the process with a 470.62x subscription.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 17-09-2026 | 0.00x | 5.91x | 3.27x | 9.22x | 5.50x |
| Day 2 | 18-09-2026 | 0.02x | 21.92x | 18.90x | 30.92x | 19.73x |
| Day 3 | 21-09-2026 | 146.00x | 470.62x | 323.92x | 281.36x | 272.88x |
Category-wise Breakdown
Non-Institutional Buyers (bHNI) led the subscription process with a multiple of 470.62x. Retail investors followed closely with a 281.36x subscription, while sHNI subscribers stood at 323.92x. The QIB category saw a substantial increase, closing at 146.00x. The Employee category recorded 0x subscription.
Intra-day Timeline
Demand picked up pace significantly after noon on 17-09-2026, with both retail and NII segments ticking up sharply. NII (bHNI) jumped +457.5% today (from 1.06x to 5.91x) and Retail jumped +319.1% today (from 2.20x to 9.22x).
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 1.06x | 2.20x | 1.24x |
| 12:15 | 0.00x | 2.25x | 3.96x | 2.25x |
| 13:15 | 0.00x | 3.22x | 5.17x | 3.06x |
| 14:15 | 0.00x | 4.03x | 6.26x | 3.68x |
| 15:15 | 0.00x | 4.48x | 7.23x | 4.26x |
| 16:15 | 0.00x | 4.92x | 8.09x | 4.77x |
| 17:15 | 0.00x | 5.91x | 9.22x | 5.50x |
Offer Details
Spectraa Technology Solutions has fixed the price band for its IPO at ₹112.00 - ₹118.00 per share. The minimum bid quantity is 2400 shares. The issue size ranges from ₹403,200 to ₹500,000 crore. The IPO opened on September 17, 2026, and closes on September 21, 2026.
About the Company
SpectraA Technology Solutions Limited, incorporated in 2009 and converted to a public company in 2021, provides engineering, designing, fabrication, installation, commissioning and decommissioning services for greenfield and brownfield projects across various industries including Breweries, Distilleries, Food and Beverages, Malt Spirit and Blending, Extraction Plants, FMCG and Pharmaceuticals. The company operates two manufacturing facilities in Bengaluru and Jaipur with an aggregate built-up area of 33,214.75 square feet.
Financial Highlights
| Metric | FY 2026 (₹ crores) | FY 2025 (₹ crores) | FY 2024 (₹ crores) |
|---|---|---|---|
| Revenue from Operations | 101.16 | 75.17 | 88.96 |
| Total Profit | 11.56 | 4.91 | 2.00 |
| Profit Before Tax | 15.48 | 7.50 | 2.83 |
Objects of the Issue
- Capital Expenditure at Jaipur manufacturing facility: ₹11.00 crores
- Repayment of Term Loans availed by the Company: ₹6.48 crores
- Working Capital requirements: ₹9.50 crores
- General Corporate Purposes: Balance proceeds
Risk Factors
- Customer Concentration Risk: Top 5 customers accounted for 46.75% of total revenue in Fiscal 2026.
- Supplier Dependency Risk: Top 10 suppliers accounted for 43.35% of total purchases in Fiscal 2026.
- Trade Receivables and Cash Flow Risk: ₹4,446.70 lakhs outstanding as of March 31, 2026.
- Environmental Compliance Risk: Unable to locate Consent to Establish for Jaipur unit.
What's Next
The IPO will close on September 21, 2026. Allotment is expected on September 22, 2026, and listing is scheduled for September 24, 2026.
How might the complete absence of Qualified Institutional Buyer (QIB) interest impact the stock's liquidity and price stability in the first few weeks of listing?
Given the missing 'Consent to Establish' for the Jaipur facility, what regulatory hurdles could delay the planned capital expenditure and affect near-term operational capacity?
With retail subscription at 9.22x on Day 1, is there a risk of significant profit-booking by individual investors leading to a sharp correction on listing day?
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