Sundrex Oil shares debut 20% below IPO price on NSE Emerge
Sundrex Oil made its stock market debut on NSE Emerge, opening at ₹68.80 per share—down 20% from its IPO price of ₹86.
The IPO raised ₹32.25 crore, giving the company a market cap of ₹92.15 crore.
Retail investors showed the most interest, subscribing at 1.9 times, while overall subscription was 1.53 times.
What does Sundrex Oil do?
Based in Kolkata since 2010, Sundrex Oil makes and sells industrial and automotive lubricants, greases, transformer oils, and specialty fluids across India and select overseas markets.
They also offer contract manufacturing plus blending and packaging services for other brands.
Where's the IPO money going?
Most of the funds—about ₹21 crore—are set aside for working capital to keep things running smoothly.
The rest will help pay off loans, cover some new equipment costs, and support general business needs.