Sundrex Oil files revised DRHP for its IPO
By Ankur Chandra | Updated at: May 31, 2025 07:30 PM IST
Mumbai, May 30, 2025: Sundrex Oil Company Limited has submitted a revised Draft Red Herring Prospectus (DRHP) dated May 23, 2025, to the Securities and Exchange Board of India (SEBI), following the withdrawal of its initial public offering (IPO) proposal from December 2024. The revised DRHP introduces notable updates to the promoter structure, financials, and strategic direction as the company prepares for a public issue on the NSE Emerge platform.
Key Revisions in the DRHP
Updated Promoter Group
The new filing names Mr. Mahesh Sonthalia, Mr. Shashank Sonthalia, and Mr. Aman Sonthalia as promoters. Mrs. Seema Sonthalia, included in the December 2024 filing, has been excluded.
Subsidiary Additions and Strategic Focus
Two wholly-owned subsidiaries have been introduced:
- Ecolixir Greentech Pvt Ltd – Engaged in re-refined base oils and circular economy initiatives, including EPR compliance.
- OPRS Enterprises Pvt Ltd – A B2B distributor targeting both industrial and retail lubricant markets.
These align with Sundrex’s vertical integration and sustainability agenda.
Capital Restructuring
Recent changes to the share capital include:
- Rights issue of 58.8 lakh equity shares at ₹10 each (Sept 30, 2024)
- Bonus issue of 27.84 lakh shares (Nov 19, 2024)/ This raised the paid-up capital to 96.44 lakh shares pre-issue.
Financial Highlights
| Metric | FY25 (Consolidated) | FY24 (Consolidated) | FY23 (Standalone) |
|---|---|---|---|
| Total Revenue | ₹6,911.86 lakh | ₹4,919.21 lakh | ₹2,779.02 lakh |
| Profit After Tax | ₹544.46 lakh | ₹256.50 lakh | ₹39.82 lakh |
| Net Worth | ₹1,528.05 lakh | ₹395.66 lakh | ₹138.84 lakh |
The revised DRHP reflects a robust growth trajectory with improved margins, balance sheet strength, and scale of operations.
Revised IPO Objectives
The fresh issue of up to 37,50,400 equity shares now includes:
- ₹1,684.55 lakh for working capital
- ₹73.40 lakh for capital expenditure
- ₹274.80 lakh for loan repayment
- Remaining towards general corporate purposes and issue expenses
Previously, the DRHP focused solely on working capital and capex without detailing debt repayment.
IPO Snapshot
| Detail | New DRHP (May 2025) |
|---|---|
| Issue Size | Up to 37,50,400 Equity Shares |
| Fresh Issue | 100% (No Offer for Sale) |
| Listing Platform | NSE Emerge |
| Lead Manager | Affinity Global Capital Market Pvt Ltd |
| Registrar | Cameo Corporate Services Ltd |
| Promoters | Mahesh, Shashank & Aman Sonthalia |
Utilisation of Proceeds
- ₹1,684.55 lakh for working capital
- ₹73.40 lakh for capex
- ₹274.80 lakh for loan repayment
- Remaining for general corporate purposes and IPO expenses
Strategic Direction
Sundrex also plans to explore export opportunities in the Middle East and diversify into white oil and LLP-IP grade oil segments, signalling a broader product mix and market reach. The updated DRHP reflects a well-structured, growth-driven IPO proposal. Market participants now await SEBI’s feedback and the final RHP for clarity on listing.
Disclaimer: This content is only for informational purpose. It does not make any recommendation to act or invest. Please read the offer documents carefully before investing. Investments are subject to market risks and other risks. There is no guarantee of the actual returns that will be given.
