SpectraA Technology
What they do: The company primarily engages in manufacturing and distribution within its sector, focusing on domestic markets with some export activities.
By IPO Milega Research · Published · Updated
Analysis score 6.4 +1.5 for 184.55x QIB subscription
The company shows moderate financial fundamentals with steady revenue growth but declining profit margins.
- Listing gain
- +90%
- Listed at ₹224.2
- Subscribed
- 304.06x
- Total
- Retail odds
- 0.32%
- 1 in 313
GMP is an unofficial grey market indication. GMP updated 24 Sept, 17:05 IST.
- Price band
- ₹112-118
- Lot size
- 2400 shares
- Min. investment
- ₹2,83,200
- Issue size
- 42.52 Cr.
- Open17 Sept 2026
- Close21 Sept 2026
- Allotment22 Sept 2026
- Listing24 Sept 2026
Overview
Estimated from the current subscription figures. Tap a category to work it out for your application size.
- QIB
- 184.55x
- NII
- 441.66x
- Retail
- 313.16x
₹199 (+68.64%)
GMP trend
Unofficial grey market quotes, times in IST
Where the money goes
- To the company
- ₹38.42 Cr
- Fresh issue
- To selling shareholders
- ₹4.1 Cr
- Offer for sale
- Capital Expenditure at Jaipur manufacturing facility₹11 Cr35%
- Repayment of Term Loans availed by the Company₹6.48 Cr21%
- Working Capital requirements₹9.5 Cr31%
- General Corporate PurposesNot stated
- Offer for sale: goes to selling shareholders₹4.1 Cr13%
Outer ring: estimated gain
How the score adds up
The overall score is the average of these five, nudged by QIB demand once bidding closes.
- Financials5.0
- Performance7.0
- Flexibility7.0
- Timing7.0
- Risk6.0
The approximate gains potential is based on the company's moderate financial fundamentals and performance, with steady revenue growth but declining profit margins. The lack of GMP data limits the precision of this estimate. The company's strategic timing and market adaptability are positive factors, but the competitive industry and financial constraints temper expectations.
Strengths2
- Successfully expanded into new regional markets.
- Launched a new product line that increased market share.
Concerns5
- Pending GST and VAT litigations involving significant amounts.
- Outstanding income tax demands against the company and promoters.
- High outstanding dues to a single material creditor.
- Potential financial impact from unresolved tax disputes.
- Pending criminal case filed by the company for cheque dishonor.
Who gets shares
- QIB50%
- NII15%
- Retail35%
- Retail Minimum2,83,2002 lots, 2400 shares
- Retail Maximum2,83,2002 lots, 2400 shares
- S-HNI Minimum4,24,8003 lots, 3600 shares
- S-HNI Maximum9,91,2007 lots, 8400 shares
- B-HNI Minimum11,32,8008 lots, 9600 shares
| Application | Lot size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 2400 | 2,83,200 |
| Retail Maximum | 2 | 2400 | 2,83,200 |
| S-HNI Minimum | 3 | 3600 | 4,24,800 |
| S-HNI Maximum | 7 | 8400 | 9,91,200 |
| B-HNI Minimum | 8 | 9600 | 11,32,800 |
Timing
7.0/10The IPO is well-timed, considering the structured allocation to institutional investors and the strategic involvement of market makers, which are likely to enhance investor confidence and market reception.
- Time to market
- The IPO's timing aligns with a period of positive market sentiment and investor appetite for technology sector offerings. The structured approach to anchor investor allocation and market making arrangements suggests a proactive strategy to optimize market conditions.
- How allotment works
- Basis of allotment finalized and shares credited to demat
- Market timing
- Favourable
- Time to market
- 8.0
- Listing on
- NSE SME
Key milestones
- 17 Sept 2026IPO Opens
- 21 Sept 2026IPO Closes
- 22 Sept 2026Basis of Allotment
- 23 Sept 2026Refunds Initiated
- 23 Sept 2026Credit to Demat Account
- 24 Sept 2026Listing Date
Financials
5.0/10- Revenue
- ₹103 Cr
- +36.4%
- Profit after tax
- ₹11.56 Cr
- +135.4%
- Net margin
- 11.2%
- +4.7 pts
- Assets
- ₹106 Cr
- +6.3%
- Return on equity
- 5%
- Debt to equity
- 1
- Current ratio
- 1.2
- Revenue CAGR
- 10%
- ROCE
- 37.61%
- Return on net worth
- 46.59%
- NAV per share (₹)
- 24.58
Financial performance trend
Amount ₹ in croresThe company shows moderate financial fundamentals with steady revenue growth but declining profit margins. The balance sheet indicates a manageable level of debt relative to equity, though liquidity ratios suggest potential short-term financial constraints.
Risk
6.0/10Read this score as a safety rating: 10/10 means the lowest risk, 1/10 the highest.
Where the risks sit
- Financial risks2
- Operational risks1
- Regulatory risks2
Moderate risk due to pending tax litigations and significant trade payables. No major criminal or regulatory issues identified.
How the company offsets these
Company has filed appeals and rectification applications for tax disputes.
Financial risks2
- Outstanding income tax demands against the company and promoters.
- High outstanding dues to a single material creditor.
Operational risks1
- Pending criminal case filed by the company for cheque dishonor.
Regulatory risks2
- Pending GST and VAT litigations involving significant amounts.
- Potential financial impact from unresolved tax disputes.
Performance
7.0/10The company has shown moderate historical growth with a stable revenue stream and a strong management team. It has a few key achievements and upcoming projects that indicate potential for future growth. However, market competition remains a challenge.
- Historical growth
- The company has experienced moderate growth over the past few years, with a steady increase in revenue., Moderate
- Market comparison
- The company is positioned well against its peers, but faces stiff competition from larger, more established players in the industry.
- Future potential
- The company is expected to grow at a steady pace, driven by new projects and market expansion.
- Operational consistency
- The company has maintained a stable revenue stream over the past five years, indicating consistent operational performance.
- Experience
- The management team has extensive experience in the industry, with several members having over 20 years of experience.
- Track record
- The management has a strong track record of achieving business targets and expanding operations.
Key achievements
- 01Successfully expanded into new regional markets.
- 02Launched a new product line that increased market share.
Flexibility
7.0/10The company shows strong market adaptability, leveraging its understanding of local market dynamics and consumer preferences to tailor its offerings effectively.
The company exhibits good operational agility, with efficient processes and the ability to respond quickly to operational challenges.
The company demonstrates moderate flexibility and adaptability, with strengths in market adaptability and operational agility, but limited product diversification and pivoting history.
- Product diversification
- The company has a narrow product range, focusing primarily on its core offerings without significant diversification into other product lines.
- Future adaptability
- The company has potential for future adaptability, particularly if it leverages its market knowledge and operational strengths to explore new opportunities or expand its product range.
Latest on SpectraA Technology IPO
The data on this page has been reviewed manually by the IPO Milega research team. It is not investment advice, and IPO Milega accepts no responsibility for losses arising from any investment decision. Investments in the securities market are subject to market risks. Read all the related documents, including the full prospectus, carefully before investing.