BackSula Vineyards files IPO papers with Sebi
The shareholders plan to offload 25,546,186 equity shares through the OFS route in the IPO. Sula over the last two decades has grown and established itself as a pioneer, innovator, and leader in the Indian wine industry.
PremiumIndia's largest and most awarded wine brand, Sula Vineyards has filed its draft prospectus with market regular Sebi to launch its initial public offering (IPO). Sula IPO has been in news since last month. The public offering will be entirely in offer for sale (OFS) under which shareholders like promoters, investors, and others will participate.
The shareholders plan to offload 25,546,186 equity shares through the OFS route in the IPO. These shareholders are - promoter, founder, and CEO Rajeev Samant along with investors such as Cofintra, Haystack Investments Limited, Saama Capital III, Ltd, SWIP Holdings Limited, Verlinvest S.A, and Verlinvest France S.A.
For the issue, Kotak Mahindra Capital Company, CLSA India, and IIFL Securities are acting as the book-running lead managers, reported by PTI.
In 2018, Reliance Corporate Advisory Services, a wholly-owned subsidiary of Reliance Capital, divested its 19.05% stake in Sula Vineyards for ₹256 crore.
Sula over the last two decades has grown and established itself as a pioneer, innovator, and leader in the Indian wine industry.
The company's extensive wine portfolio spans a wide range of products made from about 15 different grape varieties. Its main wine categories include RASA, The Source, Dindori Reserve, Sula Classics, and York.
In its sustainability report for FY22, Sula revealed that its manufacturing capacity stood at 14.5 million litres. Further. the cases sold were approximately 9 lakh of its own wines. Also, 2.5 lakh visitors toured their wine facilities.
In fiscal FY22, the company posted revenue from operations of ₹453.92 crore rising by 8.60% from ₹417.96 crore in the previous fiscal. Its profit after tax climbed multi-folds to a whopping ₹52.14 crore in FY22 compared to merely ₹3.01 crore in FY21.
Sula has made remarkable progress in over a decade. In the 100% grapes wine category, the company's market share on the basis of revenue, increased from 33% in FY09 to 52% in FY20 and further to 52.6 in FY21.
At present, the company produces 56 different labels of wines across 13 district brands at its four-owned and two leased production facilities that are situated in Maharashtra and Karnataka.
The Sula shares will be listed on BSE and NSE after the public offer.
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