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Sula Vineyards Limited IPO Detail

Sula Vineyards Limited IPO Detail

Incorporated in 2003, Sula Vineyards Limited is the India's largest wine producer and seller as of March 31, 2021. The company also distribute 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's business is broadly classified under two categories (i) the production of wine, the import of wines and spirits, and the distribution of wines and spirits (the "Wine Business"); and (ii) the sale of services from ownership and operation of wine tourism venues, including vineyard resorts and tasting rooms (the "Wine Tourism Business")

Currently, the company produces 56 different labels of wine at four owned and two leased production facilities located in the Indian states of Maharashtra and Karnataka.

The company have managed to build the largest distribution network among wine companies in India, with close to 13,000 retail touchpoints across the country in 2021.

The company also have a strong direct-to-consumer ("D2C") selling channel primarily through the Wine Tourism Business facilities in Nashik and Bengaluru. Sula Vineyards Limited had entered into long-term supply arrangements (of up to 12 years) with grape growers for approximately 2,160 acres as of March 31, 2022.

The distribution platform of the company included over 47 distributors, 10 corporations, 23 licensed resellers, 7 company depots, 4 defence units, over 23,000 points of sale (including over 13,500 retail touchpoints and over 9,000 hotels, restaurants and caterers) and a sales force of more than 130 permanent employees as of March 31, 2022.

Company Promoters

Rajeev Samant is the company promoter.

IPO Details

IPO Opening DateDec 12, 2022
IPO Closing DateDec 14, 2022
Issue TypeBook Built Issue IPO
Face Value₹2 per equity share
IPO Price ₹340 - 357 per equity share
Market Lot42 Shares
Min Order Quantity42 Shares
Listing AtBSE, NSE
Issue Size₹960.35 Cr
Fresh Issue-
Offer for Sale₹960.35 Cr
Retail Portion 35%

IPO Subscription (Bidding Detail)

Day 1 0x 0.18x 0.48x - 0.28x
Day 2 0.0x 0.45x 0.99x - 0.59x
Day 3 4.13x 1.51x 1.65x - 2.33x

IPO Tentative Timetable

The Sula Vineyards Limited IPO open date is Dec 12, 2022, and the close date is Dec 14, 2022. The issue may list on Dec 22, 2022.

IPO Open DateDec 12, 2022
IPO Close DateDec 14, 2022
Basis of Allotment DateDec 19, 2022
Initiation of RefundsDec 20, 2022
Credit of Shares to Demat AccountDec 21, 2022
IPO Listing DateDec 22, 2022

IPO Lot Size

The Sula Vineyards Limited IPO market lot size is 42 shares. A retail-individual investor can apply for up to 13 lots (546 shares or ₹194922).

ApplicationLotsSharesAmount (Cut-off)

IPO Promoter Holding

Pre Issue Share Holding28.44%
Post Issue Share Holding27.33%

Company Financials:

For the year/period ended (₹ in Crore)

Financial Year Total Assets Total Revenue Profit After Tax
31-Mar-20 831.04 523.21 -15.94
31-Mar-21 751.6 421.53 3.01
31-Mar-22 758.56 456.7 52.14

Objects of the Issue:

The company will not receive any proceeds of the Offer for Sale by the Selling Shareholders.

Sula Vineyards Limited IPO Registrar:

KFin Technologies Limited

Sula Vineyards Limited IPO Lead Manager(s):

Kotak Mahindra Capital Company Limited CLSA India Private Limited IIFL Securities Ltd

Company Contact Information:

Sula Vineyards Limited

901, Hubtown Solaris, N.S. Phadke Marg, Andheri (East)