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All that you should know about the Company before applying for the IPO.

December 09, 2022     

The public issue of equity shares of SULA VINEYARDS LIMITED will open for subscription on December 12, 2022 and closes on December 14, 2022. It is expected to list on the stock exchanges on December 22, 2022. What does the company do? Why is the company going public? Who are its key competitors? Its key strengths, and lot more. Here’s everything that you want to know about the company to analyse the IPO.

Company Profile

Incorporated in 2003, the company is India’s largest wine producer and seller as of March 31, 2022. They have been a market leader in the Indian wine industry in terms of sales volume and value (based on total revenue from operations). The company has consistently gained market share (based on total revenue from operations) from 33 percent in fiscal 2009 in the 100 percent grape wine category to 52 percent in fiscal 2022.

The company is also a market leader across all 4 price segments, ‘Elite’ (₹ 950+), ‘Premium’ (₹ 700-950), ‘Economy’ (₹ 400-700) and ‘Popular’ (<₹ 400), with a higher share of approximately 61% by val-ue in the ‘Elite’ and ‘Premium’ categories in Fiscal 2022, as compared to their overall market share of 52% in the Indian wine industry. Sula Shiraz Cabernet was India’s largest-selling wine by value in Fiscal 2021.

Currently, the company produces 56 different labels of wine at 4 owned and 2 leased production facil-ities located in the Indian states of Maharashtra and Karnataka. Their business can broadly be classi-fied into 2 categories:

  • Wine Business The production of wine, the import of wines and spirits, and the distribution of wines and spirits.
  • Wine Tourism Business The sale of services from ownership and operation of wine tourism venues, including vineyard resorts and tasting rooms.

Who are the Promoters of the Company?

Mr. Rajeev Samant

Positives about the Company

  • High barriers of entry
  • Established market leader in the Indian wine industry with the leading brand “Sula”
  • Largest wine producer in India with the widest and innovative product offering supported by an efficient production mechanism
  • Largest wine distribution network and sales presence
  • Secured supply of raw material with long term contracts exclusive to Sula
  • Leader and pioneer of the wine tourism business in India
  • Early adoption and focus on sustainability
  • Experienced Board, qualified senior management team.

Who are its listed peers?

  • United Spirits Limited
  • Radico Khaitan Limited
  • United Breweries Limited

Why is the Company going public?

Given below are the objectives of the Company –

  • To achieve the benefits of listing the Equity Shares on the Stock Exchanges
  • To enhance visibility and brand image, and provide liquidity to shareholders.

The Offer is a 100% Offer for Sale issue. The Company will not receive any proceeds from the Offer for Sale and all proceeds from the Offer will go to the Selling Shareholders.

IPO Details

IPO Size ₹ 960.35 Crore *
Offer Mix 100% Offer For Sell
Price Band ₹ 340 - ₹ 357
Lot Size 42 Shares (& in multiples thereof)
Face Value ₹ 2
Application Amount Min. ₹ 14,994 (1 lot) | Max. ₹ 1,94,922 (13 lots) [at upper price band]
Listing on NSE & BSE
Registrar KFin Technologies Private Limited
Cut-off time for UPI Mandate Confirmation 14-December-2022 (up to 05:00 PM)
* at upper price band

Category Wise Availability *

QIB ₹ 480.18 Crore
(50% of the Issue Size)
NIB ₹ 144.05 Crore
(15% of the Issue Size)
Retail ₹ 336.12 Crore
(35% of the Issue Size)
* at upper price band

Indicative Issue Timeline

Activity Date
IPO Opens December 12, 2022
IPO Closes December 14, 2022
Finalization of the basis of allotment December 19, 2022
Unblocking of funds / Initiation of refunds December 20, 2022
Credit of equity shares to Demat accounts December 21, 2022
Listing of equity shares December 22, 2022
Source: Company RHP  Alternate Text


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