Sula Vineyards IPO: Sula Vineyards has received approval from the Securities and Exchange Board of India (SEBI) for its Initial Public Offering (IPO). The company had submitted the draft documents for the public offering in July this year.
“The problem with a par value of Rs 2 per share of shares is a complete offering for sale (OFS) amounting to 25,546,186 shares,” said a Sula Vineyards press release.
Kotak Mahindra Capital Company is the coordinating lead manager for the IPO of Sula Vineyards. After the IPO, it is proposed to list the shares on BSE and NSE.
The company received its observation letter from Sebi on November 3. It submitted its draft prospectus to the market regulator on 18 July 2022.
Sula Vineyards IPO: Finance
Sula Vineyards had clocked a profit of Rs 52.14 crore in fiscal year 2021-22, compared to Rs 3.01 crore in the previous year. The company’s operating income 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 was the first to introduce varietal wines to India. Currently, the company produces 56 different wine labels from 13 different brands at its four own and two leased production facilities 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 Nashik in Maharashtra.
In January, it had a production capacity of more than 13 million liters, of which 11 million liters in Nashik and 2 million liters in Karnataka.
The company has a dominant market share in the domestic wine industry, driven by a diverse comprehensive portfolio of wine brands in different price categories and an extensive distribution network.
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