| Basis of Allotment |
| THIS IS A PUBLIC ANNOUNCEMENT FOR INFORMATION PURPOSES ONLY AND IS NOT A PROSPECTUS ANNOUNCEMENT. THIS DOES NOT CONSTITUTE AN INVITATION OR OFFER TO ACQUIRE, PURCHASE OR SUBSCRIBE TO SECURITIES. | |
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THIS PUBLIC ANNOUNCEMENT IS NOT INTENDED FOR RELEASE PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY OUTSIDE INDIA. |
| SUNDREX OIL COMPANY LIMITED | |
| Our Company was originally incorporated in the name & style of "Sundrex Oil Company Limited" on May 08, 2010, in Kolkata, West Bengal as a Public Limited Company under the provisions of the Companies Act, 1956 vide Certificate of Incorporation bearing CIN: U23200WB2010PLC147053. For details of change in the name of our Company and address of Registered Office of our Company, see "History and Certain Corporate Matters" on page 245 of the Prospectus. | |
| Registered Office: 16 India Exchange Place, 3rd Floor, Room No. 14, Kolkata - 700001, India. | |
| Corporate Office: 33/1, Netaji Subhas Road Marshall House, 8th Floor, Room no.846, Kolkata, West Bengal, India, 700001. | |
| Contact Person: Ms. Akansha Lakhani, Company Secretary and Compliance Officer; Tel: +91 8335073185, E-mail: cs@sundrex.co; Website: www.sundrex.com | |
| Corporate. Identity Number: U23200WB2010PLC147053 | |
| THE ISSUE IS BEING MADE IN ACCORDANCE WITH CHAPTER IX OF THE SEBI ICDR REGULATIONS (IPO OF SMALL AND MEDIUM ENTERPRISES) AND THE EQUITY SHARES ARE PROPOSED TO BE LISTED ON SME PLATFORM OF NATIONAL STOCK EXCHANGE OF INDIA LIMITED (NSE EMERGE). | |
| OUR PROMOTERS: MR. MAHESH SONTHALIA, MR. SHASHANK SONTHALIA AND MR. AMAN SONTHALIA | |
| BRIEF DESCRIPTION OF THE BUSINESS OF THE COMPANY | |
Our Company prides itself as one well-established ISO 9001:2015 certified public limited company catering to lubrication needs of industries across India and foreign countries (Nepal, Bhutan, Bangladesh and UAE). We are a manufacturer and wholesaler of lubricants, greases, and a wide range of industrial products, serving both B2B and B2C markets across India. The company's revenue profile is predominantly concentrated in the Business-to-Business (B2B) segment, which accounts for approximately 99% of the total revenue whereas the remaining 1 % of revenue is generated from the Business-to-Customer (B2C) segment. Our portfolio includes the production of industrial lubricant, automotive lubricant, and specialty products (co).
| BASIS OF ALLOTMENT |
INITIAL PUBLIC OFFER OF 37,48,800 EQUITY SHARES OF FACE VALUE OF RS. 10/- EACH ("EQUITY SHARES") OF SUNDREX OIL COMPANY LIMITED ("OUR COMPANY" OR 'THE ISSUER') OF WHICH FRESH ISSUE OF 37,48,800 I EQUITY SHARES FOR CASH AT A PRICE OF RS. 86/- PER EQUITY SHARE, INCLUDING SHARE PREMIUM OF RS. 76/- PER EQUITY SHARE) ("OFFER PRICE"). AGGREGATING TO RS. 3,223.97 LACS (THE "OFFER"), OF WHICH 1,88,800 EQUITY SHARES OF FACE VALUE OF RS. 10/- EACH FOR CASH AT AN OFFER PRICE OF RS. 86/- PER EQUITY SHARE, AGGREGATING TO RS. 162.37 LACS WILL BE RESERVED FOR SUBSCRIPTION BY THE MARKET MAKER TO THE OFFER (THE "MARKET MAKER RESERVATION PORTION"). THE OFFER LESS MARKET MAKER RESERVATION PORTION I.E., OFFER OF 35,60,000 EQUITY SHARES OF FACE VALUE OF RS. 10/- EACH FOR CASH AT AN OFFER PRICE OF RS. 86/- PER EQUITY SHARE, AGGREGATING TO RS. 3,061.60 LACS IS HEREINAFTER REFERREO TO AS THE "NET OFFER". THE OFFER AND THE NET OFFER WILL CONSTITUTE 28 % AND 26.59 %. RESPECTIVELY OFTHE POST ISSUE PAID UP EQUITY SHARE CAPITAL OFTHE COMPANY.
| OFFER PERIOD | BID OPENED ON :- MONDAY, DECEMBER 22, 2025 |
| BID CLOSED ON :- WEDNESDAY, DECEMBER 24, 2025 | |
| FACE VALUE OF EQUITY SHARES IS RS 10.00 EACH AND ISSUE PRICE IS RS 86 EACH THE ISSUE PRICE IS 8.6 TIMES OF THE FACE VALUE OF EQUITY SHARE | |
| RISKS TO INVESTORS | |
For detailed Risk Factor refer to page 42 of the Prospectus.
1. Risk to Investors: Summary description of key risks based on materiality:
a. Our business is substantially dependent on certain key customers, from whom we derive a significant portion of the revenue. The loss of any significant customer may have a material and adverse effect on the business and results of operations.
b. Our business is highly dependent on their suppliers for uninterrupted supply of Raw-Materials. Any shortfall in the supply of the raw materials, or an increase in the raw material costs and other input costs, may adversely affect the pricing and supply of the products with subsequently having an adverse effect on the business, results of operations and financial conditions of the company.
c. The pricing of our base oil, which is our primary raw material, is tied to international indices. These indices are influenced by exchange rates, so any significant depreciation in the currency can lead to an increase in our raw material costs.
d. Significant portion of the company's revenue has been generated from Eastern states of India, any loss of business from these states may adversely affect their revenues and profitability.
e. Our Company operations require significant amount of working capital for a continuing growth. Our inability to meet our working capital requirements may adversely affect our results of operations.
f. Our raw materials are derived from crude oil, making us vulnerable to price spikes or supply disruptions from events like wars, directly impacting costs. Price increases are slow to pass through, squeezing margins and limiting ROI due to restricted working capital.
g. Fraud, theft, employee negligence or similar incidents may adversely affect our results of operations and financial condition.
h. We are dependent on our promoters and senior management and other key personnel, and the loss of, or our inability to attract or retain, such persons could affect our business, results of operations, financial condition and cash flows.
i. We are dependent on third party transportation providers for the delivery of our raw material and products. Accordingly, continuing increase in transportation costs or unavailability of transportation services for them, as well the extent and reliability of Indian infrastructure may have an adverse effect on our business, financial condition, results of operations and prospects.
j. We have taken guarantees from Promoters and members of Promoter Group in relation to debt facilities provided to us.
The Merchant Banker associated with the Issue has handled 7 public issues in the past out of which none of the SME Issue closed below the Issue Price on listing date.
| Name of BRLM | Total Issue | Issue closed below IPO Price on listing date | |
| Mainboard | SME | ||
| Affinity Global Capital Market | 0 | 6 | 2 |
2. The average cost of acquisition per Equity Share held by our Promoters is as follows:
| Name of Promoter | No. of Shares Held | Average Cost of Acquisition (in Rs.) * |
| Mr. Mahesh Sonthalia | 81,98,040 | 7.11 |
| Mr. Shashank Sonthalia | 6,19,920 | 0.79 |
| Mr. Aman Sonthalia | 1,37,782 | 7.04 |
And the Otter price at the Upper end of the Price band is Rs. 86 per Equity Share.
3. The Price/ Earnings ratio based on Diluted EPS for Fiscal 2025 for the company at the upper end of the Price Band is 24.32 times.
4. Weighted Average Return on Net worth for Fiscals 2025, 2024 and 2023 is 44.20%
5. Weighted average cost of acquisition compared to floor price and cap price
| Type of transaction | Weighted average cost of acquisition (Rs. per equity shares) | Floor Price (in times) | Cap Price (in times) |
| Weighted average cost of primary / new issue acquisition | 4.75 | 17.05 | 18.10 |
| Weighted average cost of secondary acquisition | NA | NA | NA |
* calculated for last 18 months
** There were no secondary transactions in last 18 months from the date of this prospectus.
| PROPOSED LISTING : TUESDAY DECEMBER 30, 2025 |
The Issue was being made through the Book Building Process, in terms of Rule 19(2)(b)(1) of the Securities Contracts (Regulation) Rules, 1957, as amended ("SCRR") read with Regulation 253 of the SEBI ICDR Regulations, as amended, wherein not more than 50% of the Net Issue was available for allocation on a proportionate basis to Qualified Institutional Buyers ('QIBs", the "QIB Portion"). Further, not less than 15% of the Net Issue shall be available for allocation on a proportionate basis to Non-lnstitutional Bidders and not less than 35% of the Net Issue was made available for allocation to Individual Bidders in accordance with the SEBI (ICDR) Regulations, subject to valid Bids being received at or above the Issue Price. All potential Bidders were required to mandatorily utilise the Application Supported by Blocked Amount ("ASBA") process providing details of their respective ASBA accounts, and UPI ID in case of RIBs using the UPI Mechanism, if applicable, in which the corresponding Bid Amounts was blocked by the SCSBs or by the Sponsor Bank under the UPI Mechanism, as the case may be, to the extent of respective Bid Amounts, Anchor Investors were not permitted to participate in the Issue through the ASBA process. We do not have an anchor investor for the issue. For details, see Offer Procedure" beginning on page 418 of the Prospectus.
The investors are advised to refer to the Prospectus for the full text of the Disclaimer clause pertaining to NSE. For the purpose of this Offer, the designated Stock Exchange will be the National Stock Exchange of India Limited EMERGE platform.
| SUBSCRIPTION DETAILS |
The issue received 4108 applications for 14536000 equity shares (including marker maker reservation portion) as per the Application data after considering invalid bids. Other than RC10 Transaction declined by Investors. RC10 Mandate not accepted by Investors and Withdrawal / Cancelled Bids reported by SCSB and technical rejections resulting in 1.37 times subscription (including reserved portion of market maker). The Details of the Applications received from various categories (before technical rejection) are as under:
Detail of the Applications Received:
| Sr No. | Category | Valid Shares Received in each category | No. of Equity Shares available for allocation (as per Prospectus) | Spilled Over | Equity Shares Allotted | Total Allotment Amount (Rs.) |
| 1. | Qualified Institutional Buyers - MF (excluding Anchor Investors) | 75200 | 70400 | 4800 | 75200 | 6467200.00 |
| 2. | Non Institutional Investors - above Rs. 2 Lakhs and Upto Rs. 10 Lakhs | 497600 | 465600 | 32000 | 497600 | 42793600.00 |
| 3. | Non Institutional Investors - Above Rs. 10 Lakhs | 465600 | 931200 | 465600 | 465600 | 40041600.00 |
| 4. | Individual Investors | 3894400 | 2089600 | 433600 | 2521600 | 216857600.00 |
| 5. | Market Maker | 188800 | 188800 | 0 | 188800 | 16236800.00 |
| TOTAL | 5121600 | 3750400 | 3748800* | 322396800.00* |
*ln the category of "Individual Investors applying for minimum application size", we had to allot 1600 shares less than the shares available for allotment, in order to ensure that the allotment is done in minimum lot, as allotment of one more lot in this category will result in exceeding the overall issue size.
A summary of the final demand as per NSE as on the Bid/lssue Closing Date at different Bid prices is as under:
| SI No | Bid Price | Bids Quantity | % of Total | Cumulative Total | % of Cumulative | No of Bids |
| 1 | 81 | 534400 | 3.68% | 534400 | 3.68% | 32 |
| 2 | 82 | 27200 | 0.19% | 27200 | 3.86% | 8 |
| 3 | 83 | 6400 | 0.04% | 6400 | 3.91% | 2 |
| 4 | 84 | 44800 | 0.31% | 44800 | 4.22% | 9 |
| 5 | 85 | 38400 | 0.26% | 38400 | 4.48% | 12 |
| 6 | 86 | 13884800 | 95.52% | 13884800 | 100.00% | 4045 |
| TOTAL | 14536000 | 100.00% | 4108 |
| SUBSCRIPTION DETAILS |
1) Allocation on Individual Investor (After Technical Rejections): The Basis of Allotment to the Individual Investors, who have bid at cut-off Price or at or above the Issue Price of Rs. 86 per equity share, was finalised in consultation with NSE. The category was subscribed by 1.54 times i.e., for 2521600 Equity Shares. Total number of shares allotted in this category is 2521600 Equity Shares to 788 successful applicants. The category wise details of the Basis of Allotment are as under
| Sr.No | No. of Shares applied for (Category wise) | Number of applications received | % to total | Total No. of Shares applied in each category | % to total | Proportionate shares available | Allocation per Applicant | Ration of allottees to applicants | Number of successful applicants (after rounding) | % to total | Total No of shares allocated/ alloted | % to total | Surplus' Deficit (7)- (14) | ||
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | Before Rounding off (8) | After Rounding off (9) | (10) | (12) | (13) | (14) | (15) | (16) | |
| 1 | 3200 | 1217 | 100 | 3894400 | 100 | 2523200 | 1.54 | 3200 | 349 | 539 | 788 | 100 | 2521600 | 100 | -1600 |
| Grand Total | 1217 | 100 | 3894400 | 100 | 788 | 100 | 2521600 | 100 | -1600 | ||||||
2) Allocation on Non-lnstitutional Investor (After Technical Rejections) Below 10 Lakhs: The Basis of Allotment to Other than Individual Investors, who have bid at Issue price of 86 per equity share or above, was finalised in consultation with NSE. The category was subscribed by 1.0 times i.e.. for 497600 Shares. Total number of shares allotted in this category is 497600 Equity Shares to 94 successful applicants. The category wise details of the Basis of Allotment are as under:
| Sr.No | No. of Shares applied for (Category wise) | Number of applications received | % to total | Total No. of Shares applied in each category | % to total | Proportionate shares available | Allocation per Applicant | Ration of allottees to applicants | Number of successful applicants (after rounding) | % to total | Total No. of shares allocated/ alloted | % to total | Surplus/ Deficit (7)- (14) | ||
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | Before Rounding off (8) | After Rounding off (9) | (10) | (12) | (13) | (14) | (15) | (16) | |
| 1 | 4800 | 79 | 84.04 | 379200 | 76.21 | 709628.3 | 8982.64 | 4800 | 1 | 1 | 79 | 84.04 | 379200 | 76.21 | -330428 |
| 2 | 6400 | 8 | 8.52 | 51200 | 10.29 | 95814.79 | 11976.85 | 6400 | 1 | 1 | 8 | 8.51 | 51200 | 10.29 | -44615 |
| 3 | 8000 | 3 | 319 | 24000 | 4.82 | 44913.18 | 14971.06 | 8000 | 1 | 1 | 3 | 3.19 | 24000 | 4.82 | -20913 |
| 4 | 9600 | 1 | 1.06 | 9600 | 1.93 | 17965.27 | 17965.27 | 9600 | 1 | 1 | 1 | 1.07 | 9600 | 1.93 | -8365 |
| 5 | 11200 | 3 | 3.19 | 33600 | 6.75 | 62878.46 | 20959.49 | 11200 | 1 | 1 | 3 | 3.19 | 33600 | 6.75 | -29278 |
| Grand Total | 94 | 100 | 49760 | 0 | 100 | 931199 | 94 | 100 | 497600 | 100 | -433599 | ||||
3. Allocation on Non-lnstitutional Investor (After Technical Rejections) Above 10 Lakhs: The Basis of Allotment to Other than Retail Individual Investors, who have bid at Issue price of 86 per equity share or above, was finalised in consultation with NSE. The category was subscribed by 1.00 times i.e., for 465600 Shares. Total number of shares allotted in this category is 465600 Equity Shares to 35 successful applicants. The category wise details of the Basis of Allotment are as under:
| Sr.No | No. of Shares applied for (Category wise) | Number of applications received | % to total | Total No. of Shares applied in each category | % to total | Proportionate shares available | Allocation per Applicant | Ration of allottees to applicants | Number of successful applicants (after rounding) | % to total | Total No. of shares allocated/ alloted | % to total | Surplus.'' Deficit (7)- (14) | ||
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | Before Rounding off (8) | After Rounding off (9) | (10) | (12) | (13) | (14) | (15) | (16) | |
| 1 | 12800 | 32 | 91.43 | 409600 | 91.43 | 819200 | 8960 | 12800 | 1 | 1 | 32 | 91.43 | 409600 | 87.98 | -409600 |
| 2 | 16000 | 2 | 5.71 | 32000 | 5.71 | 64000 | 11200 | 16000 | 1 | 1 | 2 | 5.71 | 32000 | 687 | -32000 |
| 3 | 24000 | 1 | 2.86 | 24000 | 2.86 | 48000 | 16800 | 24000 | 1 | 1 | 1 | 2.86 | 24000 | 5.15 | -24000 |
| Grand Total | 35 | 100 | 465600 | 100 | 931200 | 35 | 100 | 465600 | 100 | -465600 | |||||
4) Allocation to QIBs (After Technical Rejections): The Basis of Allotment to QIBs, who have bid at issue price of 86 per equity share or above, was finalised m consultation with NSE. The category was subscribed by 1.00 times i.e., for 75200 Shares. Total number of shares allotted in this category is 75200 Equity Shares to 1 successful applicant. The category wise details of the Basis of Allotment are as under:
| Sr.No | No. of Shares applied for (Category wise) | Number of applications received | % to total | Total No. of Shares applied in each category | % to total | Proportionate shares available | Allocation per Applicant | Ration of allottees to applicants | Number of successful applicants (after rounding) | % to total | ||
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | Before Rounding off (8) | After Rounding off (9) | (10) | (12) | (13) | |
| 1 | 75200 | 1 | 100 | 75200 | 100 | 75200 | 75200 | 75200 | 1 | 1 | 1 | 100 |
| Grand Total | 1 | 100 | 75200 | 100 | 75200 | 1 | 100 | |||||
| Category | FI'S BANK S | MF'S | IC'S | NBFC'S | AIF | FPC/FII | VCF | TOTAL |
| QIB | - | - | - | 75200 | - | - | - | 75200 |
5) Allocation to Market Maker (After Technical Rejections): The Basis of Allotment to Market Maker, who have bid at Issue price of 86 per equity share or above, was finalised in consultation with NSE. The category was subscribed by 1.00 time i.e., for 188800 Shares. Total number of shares allotted in this category is 188800 Equity Shares to 1 successful applicant. The category wise details of the Basis of Allotment are as under:
| Sr. No | No. of Shares applied for (Category wise) | Number of applications received | % to total | Total No. of Shares applied in each category | % to total | Proportionate shares available | Allocation per Applicant | Ration of allottees to applicants | Number of successful applicants (after rounding) | % to total | Total No. of shares allocated/ alloted | % to total | Surplus/ Deficit (7)- (14) | ||
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | Before Rounding off (8) | After Rounding Off (9) | (10) | (12) | (13) | (14) | (15) | (16) | |
| 1 | 188800 | 1 | 100 | 188800 | 100 | 188800 | 188800 | 188800 | 1 | 1 | 1 | 100 | 188800 | 100 | 0 |
| Grand Total | 1 | 100 | 188800 | 100 | 188800 | 1 | 100 | 188800 | 100 | 0 | |||||
The Board of Directors of the company at its meeting held on December 26, 2025, has approved the Basis of Allocation of Equity Shares as approved by the Designated Stock Exchange (NSE) and has authorised the corporate action for issue of Equity shares to various successful applicants. The CAN- cum-allotment advices and/or notices will forward to the Email Id's and address of the applicants as registered by the depositories/ as filed in the application form on or before Monday, December 29, 2025. Further the instructions to SCSB's for unblocking the amount will process on or prior to Monday, December 29, 2025. In case the same is not received within 10 days, investors may contact at the address given below. The Equity Shares allocated to the successful applicants are being credited to their beneficiary accounts subject to validation of the account details within the depositories concerned. The company is taking steps to get the Equity Shares admitted for trading on the NSE Emerge within Four working days from the date of the closure of the issue.
Note: All capitalized terms used and not defined herein shall have the respective meanings assigned to them in the Prospectus dated December 26, 2025 ("Prospectus") filled with the Registrar of Companies, Kolkata.
| CORRIGENDUM |
| On page no. 85: Allocation to mutual fund portion shall be read as : 5% of the OIB portion shall be allocated to Mutual Funds |
| On page no. 107: Allocation to mutual fund portion shall be read as 5% of the QIB portion shall be allocated to Mutual Funds |
| On page no. 413: Allocation to mutual fund portion shall be read as 5% of the QIB portion shall be allocated to Mutual Funds |
| On page no. 318 under note 16.ii 1085.22 shall be read as 1045.88 and 158.49 shall be read as 197.85 |
| On page no. 316 under note 11. Grand total 561.20 shall be read as 649.68 and 203.25 shall be read as 203.29 |
| On page no. 304 under note 2 S ii. September 30, 2024 shall be read as June 30, 2025 |
| On page no. 91 Address of ROC Kolkata shall be read as Corporate Bhawan, Newtown, Kolkata, New Town, West Bengal 700135 |
| INVESTORS, PLEASE NOTE |
The details of the allotment made would also be hosted on the website of Registrars the Offer, Cameo Corporate Services Limited at www.cameoindia.com.
All future correspondence in this regard may kindly be addressed to the Registrar to the Offer quoting full name of the First/ Sole applicants. Senal number of the Application Form, number of Equity Shares applied for and Bank Branch where the application had been lodged and payment details at the address of the Registrar given below:
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Cameo Corporate Services Limited |
| Subramanian Building" 1 Club House Road, | |
| Chennai- 600 002 Tel: +91 40 6716 2222 | |
| E-mail: ipo@cameoindia.com | |
| Investor Grievance e-mail: investor@cameoindia.com | |
| Website: www.cameoindia.com | |
| Contact Person: Mrs. K. Sreepriya | |
| SEBI Registration No.: INR000003753 | |
| For Sundrex Oil Company Limited | |
| Sd/- | |
| Date: December 29, 2025 | Mahesh Sonthalia Managing Director |
| Place: Kolkata, West Bengal | DIN:00755021 |
THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET PRICE Of THE EQUITY SHARES ON LISTING OR THE BUSINESS ROSPECTS OF SUNDREX OIL COMPANY LIMITED.
Sundrex Oil Company Limited is proposing, subject to market conditions, public issue of its equity shares and has filed Prospectus with the Registrar of Companies, West Bengal. The Prospectus is available on the website of the SEBI at www.sebi.gov.in as well as on the website of the BRLM i.e., Affinity Global Capital Market Private Limited at www.affinityglobalcap.in, the website of the NSE Emerge at www.nseindia.com. Investors should note that investment in Equity Shares involves a high degree of risk and for details relating to same, see section titled 'Risk Factors" beginning on page 42 of the Prospectus which has been filed with the ROC. The Equity Shares have not been and will not be registered under the U.S. Securities Act (the "Securities Act") or any state securities laws in the United States, and may not be offered or sold within the United States or to, or for the account or benefit of "U.S. persons" (as defined in the Regulations S under the Securities Act), except pursuant to an exemption from, or in a transaction not to subject to the registration requirements of the Securities Act of 1933.
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