Spectraa Technology Solutions IPO Day 2: Subscribed 19.73x; Retail jumps to 30.92x
- Spectraa Technology Solutions IPO is subscribed 19.73x on Day 2.
- Retail investors drove the surge, reaching 30.92x subscription.
- NII (bHNI) demand rose to 21.92x, while QIBs remain at 0.02x.
- The issue closes on 2026-09-21 with listing expected on 2026-09-24.
*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
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 17:15 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 |
| 14:15 | 0.00x | 16.33x | 24.11x | 14.93x |
| 15:15 | 0.00x | 18.38x | 26.63x | 16.72x |
| 16:15 | 0.00x | 19.85x | 28.63x | 17.97x |
| 17:15 | 0.02x | 21.92x | 30.92x | 19.73x |
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.
Will the significant disparity between retail oversubscription (30.92x) and negligible QIB interest (0.02x) lead to high volatility or a price correction post-listing?
How might the company's heavy reliance on its top five customers, who contributed nearly 47% of FY2026 revenue, impact long-term revenue stability after going public?
Given the use of IPO proceeds for term loan repayment, what is the expected impact on SpectraA's debt-to-equity ratio and future borrowing costs?
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