The public issue of Sula Vineyards has seen muted response from investors on December 14, the final day of bidding, despite positive market conditions as a complete offer for sale might be impacting subscription numbers.
The offer has received bids for 2.95 crore equity shares against IPO size of 1.88 crore shares, getting subscribed 1.57 times.
Retail investors have bought their quota 1.41 times, while high networth individuals booked 95 percent of their reserved portion.
Qualified institutional buyers bought 2.32 times the portion set aside for them.
Considering the IPO is entirely an offer for sale, the QIB part has to get full subscription and the minimum public shareholding norm should be 10 percent of the implied market cap.
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Half of the offer size has been reserved for qualified institutional buyers, 15 percent for high networth individuals, and the remaining 35 percent for retail investors.
India's largest wine producer aims to mop up Rs 960.35 crore via offer for sale of 2.69 crore shares by promoter and investors.
The price band for the offer is Rs 340-357 per share.
Incorporated in 2003, Sula Vineyards has consistently been the market leader in the domestic wine market both in terms of sales volume as well as value. Its market share has improved from 33 percent in FY09, crossed 50 percent in FY12 and since then maintained the same. In FY22, the company had 52 percent market share in the domestic 100 percent grapes wine market.
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