The initial public offer (IPO) of India’s largest wine maker Sula Vineyards will open on December 12. The firm plans to raise Rs 900 crore to Rs 1,000 crore through the share sale. The IPO will close on December 14.
Sula Vineyards received approval of the Securities and Exchange Board of India’s (SEBI) approval for its Initial Public Offering (IPO) on November 7. The Nashik-based wine maker had filed the IPO papers with the market regulator in July.
The issue will be an offer for sale (OFS) of nearly 27 million shares from promoters and private equity investors. The shares of the firm will be allotted to eligible bidders on December19 and the stock is likely to make its market debut on December 22.
Promoters of the IPO held 28.44% stake in the firm before the share sale.
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The company will not receive any proceeds of the offer for sale by the selling shareholders.
Kotak Mahindra Capital Company Limited , CLSA India Private Limited and IIFL Securities Ltd were the book running lead managers of the issue. KFin Technologies Limited is the registrar to the IPO.
Sula logged a net profit of Rs 52 crore in FY22, on a topline of Rs 457 crore.
Sula Vineyards Limited is the India’s largest wine producer and seller as of March 31, 2022. The company also distributes wines under a bouquet of popular brands including “RASA,” “Dindori”, “The source,” “Satori”, “Madera” & “Dia” with its flagship brand “Sula” being the “category creator” of wine in India. The company had a presence in 25 states and 6 union territories with a large distribution network of close to 13,000 retail touchpoints in 2021.
