Sula Vineyards' Rs 960-cr IPO to open on Dec 12

The Rs 960-crore initial public offering (IPO) of the country's largest wine producer Sula Vineyards will open on December 12. Investors can bid for a minimum of 42 shares and in multiples of 42 shares thereafter.

The company has fixed the price band at ₹340 to ₹357 per share for its maiden public offer. The IPO will close on December 14.

The public issue is a complete offer for sale (OFS) of up to 2.69 crore shares by existing shareholders, including chief executive Rajeev Samant , Belgian investment firms Verlinvest, Cofintra, SWIP Holdings, and Haystack Investments, among others.

Kotak Mahindra, CLSA India, and are the book-running lead managers. The winemaker, which set up its first winery in 1999, has over 13 brands and sells them through a distribution network across 24 states.

For the year ended March 2022, the company has posted a revenue of ₹457 crore, an increase of 8.29% over FY21. Its profit after tax increased to ₹52.13 crore in FY22 from ₹3.14 crore in FY21.