IPO of Sula Vineyards to open on Dec 12

The initial public offering IPO of India's largest wine maker Sula Vineyards will open on December 12. The share sale will raise the firm's total of Rs 900 crore to 1,000 crore. Sula Vineyards received approval from the Securities and Exchange Board of India's SEBI for its Initial Public Offering IPO on November 7. The IPO papers were filed with the market regulators in July.

There will be an offer to sell OFS of nearly 27 million shares from promoters and private equity investors. The stock is expected to make its market debut on December 22 because of the firm's shares being allocated to eligible bidders on December 19 and the stock is likely to make its market debut on December 22.

Before the share sale, the promoters held a 28.44% stake in the firm.

GMP hints at decent listing gains.

The company will not receive any proceeds from the offer for sale by the selling shareholders.

The book running managers of the issue were Kotak Mahindra Capital Company Limited CLSA India Private Limited and IIFL Securities Ltd. KFin Technologies Limited is the registrar of the IPO.

Sula logged a net profit of Rs 52 crore in FY 22, on a topline of Rs 457 crore.

Sula Vineyards Limited is India's largest wine producer and seller as of March 31, 2022. The company distributes wines under a bouquet of popular brands, including RASA, Dindori The Source and Satori Madera Dia, with its flagship brand Sula being the category 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.