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Sula Vineyards IPO: IPO price fixed, issue open on December 12; Full details here

Sula Vineyards IPO: The price band for Sula Vineyards’ initial public offering (IPO) has been fixed. The company said that it has kept its IPO pricing range of Rs 340-357. Through this IPO, the company hopes to raise Rs 960 crore. This IPO will go on sale from December 12 and close on December 14. The bid for anchor investors will begin on December 9, according to the business. This IPO is entirely based on an Offer for Sale (OFS). The promoter, investor, and other shareholders will sell a total of 26,900,532 equity shares under this agreement.

Details of company:

Sula Vineyards is a leading winery and market leader in red, white and sparkling wines. It was established in 1999. It is India’s most-awarded wine brand, offering the finest wines including red wines, rose wines, white, sparkling wines and many more varities. Besides Sula, talking about its popular brands, it sells wines under the brand names Rasa, Dindori, The Source, Satori, Madera and Dia. It produces 56 different branded wines under 13 different labels. In Maharashtra and Karnataka, it has four owned and two leased production plants. This Nashik winery is one of the country’s fastest growing alcoholic beverage enterprises. Profit after tax for the six months ending September 30, 2022 increased more than thrice to Rs 30.51 crore, up from Rs 4.53 crore the previous year. Its revenue from operations increased by 40.8 percent to Rs 224.07 crore for the six months ended September 30, 2022, from Rs 159.15 crore in the same time last fiscal. Reliance Corporate Advisory Services, a wholly owned subsidiary of Reliance Capital, sold 19.05 percent of Sula Vineyards for Rs 256 crore in 2018.

Sula Vineyards IPO details

  1. The IPO is projected to raise Rs 960.35 crore at the highest price band.
  2. Those selling shares under the OFS include promoter, founder and CEO Rajeev Samant and investors such as Cofintra, Haystack Investments Ltd., SAMA Capital III, Ltd., SWIP Holdings Ltd., Verlinvest SA and Verlinvest France SA.
  3. The IPO lot size for Sula Vineyards is 42 shares. A retail investor may request up to 13 lots.
  4. This indicates that a maximum of 546 shares or Rs 194,922 can be purchased.
  5. Kotak Mahindra Capital Company, CLSA India and IIFL Securities are the book running lead managers. It is proposed to list the Equity Shares on BSE and NSE.

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