As per market observers, Sula Vineyards shares have slipped from premium (GMP) and are available at a discount of ₹12 in the grey market today. The company's shares are expected to list on leading stock exchanges BSE and NSE this week on Thursday, December 22, 2022.
The three-day initial public offering (IPO) of Sula Vineyards got subscribed 2.33 times by the last day of offer. The ₹960-crore initial share-sale received bids for 4,38,36,912 shares against 1,88,30,372 shares on offer. The company had fixed a price band of ₹340-357 a share.
Sula Vineyards IPO was an entirely an offer for sale (OFS) aggregating to 26,900,532 equity shares by the promoter, investors and other shareholders, which included the sale of shares by Rajeev Suresh Samant, founder and CEO of Sula Vineyards as well as Belgian investment firms Verlinvest and Cofintra SA.
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. Notably, Sula is recognised as the market leader across wine variants, including red, white, and sparkling wines.
Sula has grown to become India's largest producer and seller of wine, with a portfolio of 56 labels from 13 of its own brands and 20 international ones. Its net revenue rose 8% year-over-year to ₹457 crore in fiscal 2022.
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.
At present, Sula produces 56 different labels of wine across 13 distinct brands at its four owned and two leased production facilities located in the Indian states of Maharashtra and Karnataka.
