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Incorporated in 2003, Sula Vineyards Limited is the India's largest wine producer and seller as of March 31, 2022. The company also distribute wines under a bouquet of popular brands including "RASA," "Dindori", "The source," "Satori", "Madera" & "Dia" with its flagship brand "Sula" being the "category creator" of wine in India.
The company's business is broadly classified under two categories (i) the production of wine, the import of wines and spirits, and the distribution of wines and spirits (the "Wine Business"); and (ii) the sale of services from ownership and operation of wine tourism venues, including vineyard resorts and tasting rooms (the "Wine Tourism Business")
Currently, the company produces 56 different labels of wine at four owned and two leased production facilities located in the Indian states of Maharashtra and Karnataka.
The company have managed to build the largest distribution network among wine companies in India, with close to 13,000 retail touchpoints across the country in 2021.
The company also have a strong direct-to-consumer ("D2C") selling channel primarily through the Wine Tourism Business facilities in Nashik and Bengaluru. Sula Vineyards Limited had entered into long-term supply arrangements (of up to 12 years) with grape growers for approximately 2,290 acres as of September 30, 2022.
The company's distribution platform included over 50 distributors, 11 corporations, 14 licensed resellers, 7 company depots, and 3 defence units as of September 30, 2022. The company also has over 23,000 points of sale (including over 13,500 retail touchpoints and over 9,000 hotels, restaurants and caterers) as of March 31, 2022.
As of September 30, 2022, the company had a sales force of 141 permanent employees.
| Period Ended | Total Assets | Total Revenue | Profit After Tax | Net Worth | Total Borrowing |
|---|---|---|---|---|---|
| 31-Mar-20 | 831.04 | 523.21 | -15.94 | 299.95 | 368.24 |
| 31-Mar-21 | 751.6 | 421.53 | 3.01 | 304.74 | 301.26 |
| 30-Sep-21 | 717.55 | 160.46 | 4.53 | 344.32 | 262.45 |
| 31-Mar-22 | 758.56 | 456.7 | 52.14 | 395.26 | 228.93 |
| 30-Sep-22 | 770.95 | 225.76 | 30.51 | 449.18 | 214.64 |
| Amount in ₹ Crore | |||||
The company will not receive any proceeds of the Offer for Sale by the Selling Shareholders.
| IPO Date | Dec 12, 2022 to Dec 14, 2022 |
| Listing Date | Thursday, December 22, 2022 |
| Face Value | ₹2 per share |
| Price | ₹340 to ₹357 per share |
| Lot Size | 42 Shares |
| Issue Size | 26,900,530 shares of ₹2 (aggregating up to ₹960.35 Cr) |
| Offer for Sale | 26,900,530 shares of ₹2 (aggregating up to ₹960.35 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| QIB Shares Offered | Not more than 50% of the Offer |
| NII (HNI) Shares Offered | Not less than 15% of the Offer |
| Retail Shares Offered | Not less than 35% of the Offer |
| Company Promoters | Rajeev Samant is the company promoter. |
Sula Vineyards IPO opens on Dec 12, 2022, and closes on Dec 14, 2022. The Sula Vineyards IPO bid date is from Dec 12, 2022 10.00 A.M. to Dec 14, 2022 5.00 P.M. The Cut-off time for UPI Mandate confirmation is 5 PM on the issue closing day.
| Event | Tentative Date |
|---|---|
| Opening Date | Dec 12, 2022 |
| Closing Date | Dec 14, 2022 |
| Basis of Allotment | Dec 19, 2022 |
| Initiation of Refunds | Dec 20, 2022 |
| Credit of Shares to Demat | Dec 21, 2022 |
| Listing Date | Dec 22, 2022 |
The Sula Vineyards IPO lot size is 42 shares. A retail-individual investor can apply for up to 13 lots (546 shares or ₹194,922).
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 42 | ₹14,994 |
| Retail (Max) | 13 | 546 | ₹194,922 |
| S-HNI (Min) | 14 | 588 | ₹209,916 |
| B-HNI (Min) | 67 | 2,814 | ₹1,004,598 |
| Pre Issue Share Holding | 28.44% |
| Post Issue Share Holding | 27.33% |
The company enjoys leadership in the wine segment with over 52% market share. Based on its financial track record the issue appears fully priced and discounts all near-term positives. Lower promoter holding raises concern. Cash surplus investors may consider investment for a long-term reward. Read detail review...
The Sula Vineyards IPO is subscribed 2.33 times on Dec 14, 2022 7:00:00 PM. The public issue subscribed 1.65 times in the retail category, 4.13 times in the QIB category, and 1.51 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) |
|---|---|
| QIB | 4.13 |
| NII | 1.51 |
| bNII (bids above ₹10L) | 1.69 |
| sNII (bids below ₹10L) | 1.15 |
| Retail | 1.65 |
| Total | 2.33 |
| Listing Date | Thursday, December 22, 2022 |
| BSE Script Code | 543711 |
| NSE Symbol | SULA |
| Listing In | B Group of Securities |
| ISIN | INE142Q01026 |
| IPO Price | ₹357 per share |
| Face Value | ₹2 per share |
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Sula Vineyards Limited
901, Hubtown Solaris,
N.S. Phadke Marg,
Andheri (East), Mumbai 400 069 Maharashtra
Phone: +91 22 6128 0606
Email: cs@sulawines.com
Website: https://www.sulavineyards.com/
KFin Technologies Limited
Phone: 04067162222, 04079611000
Email: einward.ris@kfintech.com
Website: https://karisma.kfintech.com/
| Review By | Subscribe | Neutral | Avoid |
|---|---|---|---|
| Brokers | 11 | 0 | 1 |
| Members | 6 | 5 | 1 |
IPO Broker Recommendations
Sula Vineyards IPO is a main-board IPO of 26,900,530 equity shares of the face value of ₹2 aggregating up to ₹960.35 Crores. The issue is priced at ₹340 to ₹357 per share. The minimum order quantity is 42 Shares.
The IPO opens on Dec 12, 2022, and closes on Dec 14, 2022.
KFin Technologies Limited is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in Sula Vineyards IPO using UPI as a payment gateway. Zerodha customers can apply in Sula Vineyards IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Sula Vineyards IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Sula Vineyards IPO opens on Dec 12, 2022 and closes on Dec 14, 2022.
Sula Vineyards IPO lot size is 42 Shares and the minimum order quantity is .
You can apply in Sula Vineyards IPO online using either UPI or ASBA as payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO application is offered by brokers who don't offer banking services. Read more detail about apply IPO online through Zerodha, Upstox, 5Paisa, Nuvama, ICICI Bank, HDFC Bank and SBI Bank.
The finalization of Basis of Allotment for Sula Vineyards IPO will be done on Dec 19, 2022, and the allotted shares will be credited to your demat account by Dec 21, 2022. Check the Sula Vineyards IPO allotment status.
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