Spectraa Technology Solutions IPO Day 2: Subscribed 13.41x; Retail surges to 21.67x
- Spectraa Technology Solutions IPO is subscribed 13.41 times on Day 2.
- Retail demand surged to 21.67x, up 35.9% from morning levels.
- QIB subscription remains at 0x throughout Day 2.
- Issue closes on September 21, 2026, with listing on September 24.
*this image is generated using AI for illustrative purposes only.
Spectraa Technology Solutions IPO is subscribed 13.41 times by the end of Day 2. Retail investors accelerated demand significantly, jumping to 21.67x, while Qualified Institutional Buyers remain at 0x.
Subscription Status
The issue saw a strong intraday surge on Day 2, with total subscription rising from 9.75x at 11:15 AM to 13.41x by 1:15 PM. Retail category continues to be the primary driver of interest, increasing from 15.95x to 21.67x within two hours. Non-Institutional Buyers (bHNI) also picked up pace, ticking up from 10.94x to 14.78x.
| 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 | 0.00x | 14.78x | 10.62x | 21.67x | 13.41x |
Intra-day Timeline
Subscription figures picked up pace after opening on 18-09-2026, with significant jumps recorded in both Retail and NII categories between 11:15 AM and 1:15 PM.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 10.94x | 15.95x | 9.75x |
| 12:15 | 0.00x | 13.27x | 19.25x | 11.85x |
| 13:15 | 0.00x | 14.78x | 21.67x | 13.41x |
Category-wise Breakdown
Retail investors have shown overwhelming interest, subscribing 21.67 times to their quota. Non-Institutional Buyers (bHNI) are at 14.78x, while sHNI stands at 10.62x. Qualified Institutional Buyers have not participated so far, remaining at 0x. Employee category also shows 0x subscription.
Offer Details
- Price Band: ₹112.00000 - ₹118.00000
- Issue Size: 403200 - 500000
- Min Bid Qty: 2400
- Open Date: 2026-09-17
- Close Date: 2026-09-21
What's Next
The IPO will close on 2026-09-21. Allotment is expected on 2026-09-22, followed by listing on 2026-09-24.
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. It serves industries including Breweries, Distilleries, Food and Beverages, Malt Spirit, 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
| Particulars | 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 |
| Total Assets | 106.29 | 100.00 | 66.64 |
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.
How might the complete absence of Qualified Institutional Buyers (QIBs) impact the stock's volatility and price stability in the initial days post-listing?
Given the high retail subscription of 21.67x, what is the projected listing gain percentage compared to similar engineering sector IPOs with strong retail demand?
Could the company's heavy reliance on its top 5 customers (46.75% of revenue) pose a significant risk to future earnings consistency if key contracts are not renewed?
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