Sula Vineyards IPO: Shares Make Tepid Market Debut, List At Over 1 Per Cent Premium

The stock listed at Rs 358, marginally higher by 0.27 per cent from the issue price on the BSE. It later hit a high of Rs 363.40 and low of Rs 339

Shares of Sula Vineyards on Thursday made a tepid market debut, listing with a premium of just over 1 per cent on the NSE, against the issue price of Rs 357, the PTI reported.

The stock listed at Rs 358, marginally higher by 0.27 per cent from the issue price on the BSE. It later hit a high of Rs 363.40 and low of Rs 339. At the NSE, it made its debut at Rs 361, climbing 1.12 per cent.

The company commanded a market valuation of Rs 2,920.01 crore on the BSE. The initial public offer of Sula Vineyards got subscribed 2.33 times last week. The Rs 960.35-crore initial share-sale had a price range of Rs 340-357 a share.

The company distributes wines under a bouquet of popular brands such as Sula (its flagship brand), RASA, Dindori, The Source, Satori, Madera, and Dia.

Sula Vineyards IPO was an entirely an offer for sale (OFS) aggregating to 26,900,532 equity shares by the promoter, investors and other shareholders, which included the sale of shares by Rajeev Suresh Samant, founder and CEO of Sula Vineyards as well as Belgian investment firms Verlinvest and Cofintra SA.

The capital was raised from 22 investors, including BNP Paribas Arbitrage, Morgan Stanley (Asia) Singapore Pte Ltd, Citigroup Global Markets Mauritius Pvt Ltd, Goldman Sachs and Abu Dhabi Investment Authority.

Sula Vineyards Limited is the India's largest wine producer and seller as of March 31, 2022. The company distributes wines under a bouquet of popular brands including RASA, Dindori, Satori, with its flagship brand Sula being the category creator of wine in India.

Currently, Sula produces 56 different labels of wine across 13 distinct brands at its four owned and two leased production facilities located in the Indian states of Maharashtra and Karnataka.