The Nashik-based wine maker has been recognised as the market leader across wine variants, including red, white and sparkling wines. The firm distributes wines under a bouquet of popular brands like Sula, its flagship brand, besides other popular brands like RASA, Dindori, The Source, Satori, Madera & Dia.
Here's your 10-point cheat sheet to the story:
- Sula Vineyards IPO, the first by a wine maker in the South Asian nation, is planning to raise ₹960.35 crore via an initial stake sale.
- The public issue with a face value of ₹2 per equity share is a pure offer-for-sale (OFS), including up to 2,69,00,530 equity shares, by the existing shareholders and promoters of the company.
- Ahead of the IPO, anchor investors will be allowed to bid in Sula Vineyards on 9 December.
- Tentaive timelines: The company is expected to start crediting shares to allotees on 21 December and the stock may debut on exchanges on 22 December.
- As per market observers, Sula Vineyards shares are available at a premium (GMP) of ₹34 in the grey market.
- Investors can bid for a minimum of 42 equity shares and in multiples of 42 equity shares thereafter.
- The IPO will include the sale of shares by Chief Executive Rajeev Samant as well as Belgian investment firms Verlinvest and Cofintra SA, which could value Sula Vineyards as much as ₹2,913 crore at the top end of the price range.
- Sula was launched in 1996 by Samant and the firm has since grown to become the country's largest producer and seller of wine. Currently, the company produces 56 different labels of wine from 13 of its own brands and 20 international ones.
- Kotak Investment Banking, CLSA and IIFL Securities are the book running managers to the IPO and KFin Technologies Limited is the registrar to the offer. Law firms Shardul Amarchand Mangaldas and Trilegal are the legal advisors, as per the draft papers filed with SEBI.
- Sula Vineyards had a net revenue of ₹457 crore in the fiscal year 2022, up 8% from the previous year.
