NewsSpectraa Technology Solutions IPO Day 3: Subscribed 272.88x; QIB surges 1976% to 146x; NII leadsSpectraa Technology Solutions IPO Day 3: Subscribed 272.88x; QIB surges 1976% to 146x; NII leads
- Spectraa Technology Solutions IPO subscribed 272.88x on Day 3
- QIB demand surged 1976.8% to 146.00x
- NII (bHNI) leads with 470.62x subscription
- Issue priced at ₹112-₹118 per share
- Listing scheduled for September 24, 2026
*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 momentum picked up sharply after noon on September 21, 2026. QIB jumped +1976.8% today (from 7.03x to 146.00x), NII (bHNI) jumped +451.9% today (from 58.69x to 323.92x), and Retail jumped +266.3% today (from 76.82x to 281.36x).
| 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 |
| 13:15 | 20.35x | 121.36x | 140.76x | 108.00x |
| 14:15 | 37.97x | 159.20x | 176.88x | 142.66x |
| 15:15 | 93.48x | 239.47x | 234.37x | 210.49x |
| 16:15 | 146.00x | 323.92x | 281.36x | 272.88x |
| 17:15 | 146.00x | 323.92x | 281.36x | 272.88x |
| 20:16 | 146.00x | 323.92x | 281.36x | 272.88x |
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 extreme oversubscription by NII (bHNI) investors influence the listing premium and initial trading volatility on September 24?
What impact could the identified 'Consent to Establish' compliance risk for the Jaipur unit have on future capital expenditure plans and regulatory approvals?
Given that top 5 customers account for 46.75% of revenue, how vulnerable is Spectraa's growth trajectory to potential churn in its key client base?
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