Spectraa Technology Solutions IPO Day 3: Subscribed 76.93x; Retail surges to 107.41x
- Spectraa Technology Solutions IPO is subscribed 76.93 times on Day 3.
- Retail investors lead with 107.41x subscription; NII (bHNI) at 84.82x.
- Intraday momentum surged with Retail jumping 39.8% and NII (bHNI) up 44.5%.
- Issue priced between ₹112 and ₹118 closes on September 21, 2026.
*this image is generated using AI for illustrative purposes only.
Spectraa Technology Solutions IPO is subscribed 76.93 times on Day 3, with Retail investors leading the demand at 107.41x. The issue, priced between ₹112 and ₹118, closes on September 21, 2026.
Subscription Status
The Spectraa Technology Solutions IPO saw a massive surge in demand on Day 3, jumping from 19.73x on Day 2 to 76.93x. Retail investors were the primary drivers of this momentum, with their subscription multiple rising sharply to 107.41x. Non-Institutional Buyers (bHNI) also showed strong interest, reaching 84.82x.
| 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 | 7.03x | 84.82x | 105.97x | 107.41x | 76.93x |
Category-wise Breakdown
Retail investors dominated the subscription process, accounting for the highest multiple at 107.41x. Non-Institutional Buyers (bHNI) followed closely with 84.82x, while sHNI subscribers stood at 105.97x. Qualified Institutional Buyers (QIB) subscribed 7.03x, and Employee category showed 0x subscription.
Intra-day Timeline
The subscription figures picked up pace significantly after noon on September 21, 2026. NII (bHNI) jumped +44.5% today (from 58.69x to 84.82x), and Retail jumped +39.8% today (from 76.82x to 107.41x).
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 7.03x | 58.69x | 76.82x | 54.56x |
| 12:15 | 7.03x | 84.82x | 107.41x | 76.93x |
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 significant retail oversubscription of 107.41x influence the initial listing price and volatility on September 24, 2026?
What impact could the resolution of the missing 'Consent to Establish' for the Jaipur unit have on future operational continuity and regulatory compliance?
Given that top 5 customers account for nearly 47% of revenue, how vulnerable is Spectraa's growth trajectory to potential churn or renegotiation with key clients like breweries and FMCG firms?
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