Kolkata, December 24, 2025 : Sundrex Oil Company Limited’s SME initial public offering (IPO) has
been fully subscribed, receiving an overall subscription of 1.15 times as of
day 2, reflecting healthy investor participation across categories.
The Retail Individual Investors (RII) portion was
subscribed 1.45 times, with bids for 30,20,800 equity shares against 20,89,600
shares reserved. The Qualified Institutional Buyers (QIB) segment was fully
subscribed at 1.00 time, receiving bids for 75,200 shares, matching the shares
offered. The Non-Institutional Investors (NII) category garnered bids for
12,06,400 equity shares, translating into a subscription of 0.80 times against
15,85,600 shares on offer. The Market Maker portion, comprising 1,88,800 equity
shares, was also fully subscribed at 1.00 time.
In total, bids were received for 43,02,400 equity
shares against 37,50,400 shares available across categories. The issue also
witnessed strong retail engagement, with 944 retail applications received.
Commenting on the response, Mr. Mahesh Sonthalia,
Chairman & Managing Director, Sundrex Oil Company Limited, said, “The full
subscription of our IPO within the second day reflects growing confidence in
Sundrex Oil’s business fundamentals and long-term vision. The strong
participation from retail investors, along with complete subscription in the
QIB category, reinforces our belief that the market recognises our focus on
quality manufacturing, operational discipline, and sustainable growth. We
remain committed to deploying the proceeds efficiently to strengthen our
capabilities and scale responsibly.”
The SME IPO comprises a fresh issue of 37,50,400
equity shares, aggregating to an issue size of ₹32.25 crore. The issue opened
on December 22, 2025, and will close on December 24, 2025. The price band is
fixed at ₹81 to ₹86 per equity share, and the equity shares are proposed to be
listed on the NSE Emerge platform.
The company intends to utilise the net proceeds
towards working capital requirements, capital expenditure, repayment or
prepayment of borrowings, general corporate purposes, and issue-related
expenses, in accordance with the objects stated in the Red Herring Prospectus.
Affinity Global Capital Market Pvt. Ltd. is the book
running lead manager to the issue, while Cameo Corporate Services Ltd. is the
registrar. Sunflower Broking Pvt. Ltd. is acting as the market maker.
Sundrex Oil Company Limited is promoted by Mr. Mahesh
Sonthalia, Mr. Shashank Sonthalia, and Mr. Aman Sonthalia, who bring extensive
experience across manufacturing, operations, and financial management in the
lubricants and industrial products sector. The promoters are supported by a
professional management team and independent directors, ensuring strong
governance and compliance standards as the company transitions into a listed entity.
About Sundrex Oil Company Limited
Sundrex Oil Company Limited, incorporated in 2010, is
a manufacturer and wholesaler of industrial and automotive lubricants, greases,
and specialty oils, catering primarily to B2B customers across infrastructure,
manufacturing, automotive, and public sector undertakings (PSUs) in India.
The company offers a comprehensive product portfolio
including industrial lubricants, white oils (LLP), metalworking fluids,
greases, transformer oils, and automotive lubricants, supported by in-house
R&D, quality assurance, and ISO 9001:2015 certified manufacturing
facilities. Sundrex Oil also undertakes contract manufacturing, toll blending,
and private labelling for leading industrial clients.
With a strong PSU and tender-driven business model, a
growing pan-India footprint, and exports to Bangladesh, Nepal, Bhutan and the
UAE. Sundrex Oil is focused on scalable growth, operational excellence, and
sustainability-led innovation through its green subsidiary aligned with India’s
Extended Producer Responsibility (EPR) framework.
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