Sula Vineyards IPO will be entirely an offer for sale (OFS) aggregating to 26,900,532 equity shares by the promoter, investors and other shareholders. At the upper end of the price band, the public issue is expected to fetch ₹960 crore.
As per market observers, Sula Vineyards shares are commanding a premium (GMP) of ₹43 in the grey market today. The company's shares are expected to list on leading stock exchanges BSE and NSE on Thursday, December 22, 2022.
Incorporated in 2003, Sula Vineyards Limited is the India's largest wine producer and seller as of March 31, 2022. The company also distribute wines under a bouquet of popular brands including RASA, Dindori, Satori, with its flagship brand Sula being the category creator of wine in India.
Currently, it produces 56 different labels of wines across 13 distinct brands at its four owned and two leased production facilities located in Maharashtra and Karnataka. The company build the largest distribution network among wine companies in India, with close to 13,000 retail touchpoints across the country in 2021. Reliance Corporate Advisory Services, a wholly-owned subsidiary of Reliance Capital, in 2018 sold a 19.05 per cent stake in Sula Vineyards for ₹256 crore.
During the fiscal 2005, the company launched the first wine tasting room in India at its winery in Nashik, Maharashtra followed by the country’s first vineyard resort in 2008, and in the same year, the wine-maker launched the first wine-themed music festival in India, “SulaFest", at its Nashik facility in 2008. In Fiscal 2017, it launched a wine-tasting room at its “Domaine Sula" facility in Karnataka.
Companies like Kotak Mahindra Capital Company, CLSA India, and IIFL Securities are acting as the book-running lead managers for the IPO, while KFin Technologies is the registrar of the initial share sale.
