Sula Vineyards IPO: Sula Vineyards has gotten the Securities and Exchange Board of India’s (SEBI) approval for its Initial Public Offering (IPO). The company had filed the draft papers for the public offering in July this year.
“The issue with a face value of Rs 2 per equity share is a complete offer for sale (OFS) aggregating to 25,546,186 equity shares,” a press release issued by Sula Vineyards stated.
Kotak Mahindra Capital Company is the co-ordinating lead manager for Sula Vineyards IPO. After the IPO, the equity shares are proposed to be listed on BSE and NSE.
The company received its observation letter from Sebi on November 3. It filed its draft prospectus with the market regulator on July 18, 2022.
Sula Vineyards IPO: Financials
Sula Vineyards had clocked a profit of Rs 52.14 crore in the fiscal year 2021-22, as against Rs 3.01 crore recorded in the previous year. The company’s revenue from operations had increased from Rs 417.96 crore in FY21 to Rs 453.92 crore in FY22.
About Sula Vineyards
Sula set up its first vineyard in 1996 and, in 2000, it was the first to introduce varietal wines in India. Currently, the company produces 56 different labels of wine across 13 distinct brands at its four owned and two leased production facilities located in Maharashtra and Karnataka.
In addition to producing and selling wines, the company derives revenue from the hospitality segment through its two wine resorts, Beyond Sula and the Source at Sula, located in Maharashtra’s Nashik.
As of January, it had a production capacity of over 13 million litre, of which 11 million litre is housed in Nashik and 2 million litre in Karnataka.
The firm has a dominant market share in the domestic wine industry, driven by a varied vast portfolio of wine brands across different price categories and an expansive distribution network.
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