Leading wine producer Sula Vineyards announced on Wednesday that it had set a price range of Rs.340-357 per share for its Rs.960 billion initial public offering (IPO) which will open for subscription on December 12.
The three-day initial share sale will close on Dec. 14 and the tender for anchor investors will open on Dec. 9, the company said in a statement.
The public offering will be entirely an offer to sell (OFS) for a total of 26,900,532 shares by the promoter, investors and other shareholders.
Those outsourcing shares through the OFS route are promoter, founder and CEO Rajeev Samant and investors such as Cofintra, Haystack Investments Limited, Saama Capital III, Ltd, SWIP Holdings Limited, Verlinvest SA and Verlinvest France SA
At the higher end of the price range, the IPO is expected to bring in Rs 960.35 crore.
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Investors can bid for a minimum of 42 shares and multiples thereafter.
Sula Vineyards is recognized as a leader in wine varieties, including reds, whites, and sparkling wines. The company sells wines under a bouquet of popular brands such as Sula, its flagship brand, alongside other popular brands such as RASA, Dindori, The Source, Satori, Madera & Dia.
It currently produces 56 different wine labels from 13 different brands in its four owned and two leased production facilities in Maharashtra and Karnataka.
The Nashik-based winemaker’s profit after tax rose multiples to Rs.30.51 crore for the six months ended 30 September 2022 from Rs.4.53 crore a year earlier. Revenue from operations increased by 40.8 per cent to Rs.224.07 crore for the six months ended 30 September 2022 from Rs.159.15 crore recorded in the same period of the previous financial year.
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Kotak Mahindra Capital Company, CLSA India and IIFL Securities are the lead managers. The shares are to be listed on the BSE and NSE.
Reliance Corporate Advisory Services, a wholly owned subsidiary of Reliance Capital, sold a 19.05 per cent stake in Sula Vineyards for Rs 256 crore in 2018.
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