New Delhi, Dec. 26 -- The initial public offering (IPO) of Kolkata-based lubricants manufacturer, Sundrex Oil Company, concluded with modest subscription across segments. The NSE SME IPO, which opened on Monday, 22 December, and concluded on Wednesday, 24 December, saw an overall subscription of 1.5 times, with the retail portion subscribed to 2 times.

Priced at Rs.81 to Rs.86 per share, the SME IPO was a fresh issue of 37,50,400 shares of face value of Rs.10, aimed at raising about Rs.32.25 crore, which the company intends to utilise for meeting working capital expenses, capital expenditure, loan payments, general corporate purposes, and for meeting the offer-related expenses.

Sundrex Oil is a manufacturer and wholesaler of lubricants,...