This is one IPO of the year on which we had an eye. We have seen this company grow and have even visited their vineyard in Nashik and tasted their wines.
India's largest winemaker Sula Vineyards is all set to raise a toast to D-street and launch its IPO from Dec 12 to Dec 14; looking to raise Rs 950-Rs 1000 crs
India's largest wine maker, Sula has set the price band for its initial public offering (IPO) at Rs 340-357 a share. The issue will open for subscription on December 12 and close on December 14. At the upper end of the price band, the issue size comes to Rs 960.34 crore. Grey market premium is approx Rs 30
It needs to beseen how aggressively the IPO is priced and will it leave something on the table for the retail traders. We will advise traders to not jump for the IPO and let it list and stabilise for few days for original share value to come out in public.
Update
Sula Vineyards Limited’s IPO has been successfully subscribed 2.3 times, with the company receiving over 44 million bids for 19 million shares on offer
The IPO is purely an offer for sale, providing an exit to shareholders who have offloaded shares worth $116M in the public markets. The company will not receive any proceeds
Sula controls ~52% market share of India's domestic wine industry, dwarfing its closest rivals, Fratelli and Grover Zampa, in terms of production and sales
Sula has managed to improve its gross margins by focusing on premiumization of its products mix and pushing its own brands over imported ones.
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