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India’s Largest Wine Seller Sula Vineyards Files IPO

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  • Sula Vineyards filed a DRHP with SEBI to raise funds through a public offer.
  • The winemaker is known for its wine brands such as Sula, RASA, Dindori, The Source, Satori, Madera and Dia.
  • The company recorded annual growth of 13.7% between FY11 and FY21.

Nasik-based Sula Vineyards, the country’s largest wine producer, has today submitted a draft prospectus for red herring, or DRHP, for a public offer to market regulator, SEBI.

While the amount to be raised has not yet been announced, the company is known for its wine brands such as Sula, RASA, Dindori, The Source, Satori, Madera and Dia. It produces 56 different wine labels from 13 different brands.

It has six manufacturing facilities in Maharashtra and Karnataka.

The company recorded annual growth of 13.7% between FY11 and FY21, according to the DRHP. Based on total revenue, it has gained market share from 33% in FY09 in the grape wine category to 52.6% in FY21.

Its activities can be classified as wine production, import and distribution of wines and spirits and sale of services of ownership and operation of wine tourism sites, including vineyard resorts and tasting rooms.

The issue with a par value of ₹2 per share share is a complete offering for sale (OFS) added to 25,546,186 shares.

sula services close to 8,000 hotels, restaurants and caterers, and partnerships with distributors in Maharashtra, Haryana, Delhi, Goa and Punjab with nearly 13,000 retail touch points across the country by 2021.

Sula’s Shiraz Cabernet is India’s top selling wine by value in FY21, with a gross bill of ₹91.8 crore in FY22.

The wine market in India will remain concentrated with high barriers to entry due to the nature of the product, in addition to the trade barriers prevailing in the alcoholic beverage market. Demand for wines in urban and semi-urban areas of India is increasing, the DRHP says.

Kotak Mahindra Capital, CLSA and IIFL Securities are the book running lead managers and KFin Technologies is the registrar of the offering. It is proposed to list the shares on BSE and NSE.



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