Sula files DRHP for IPO

18 Jul 2022 , 09:52 AM

Sula Vineyards, a wine producer and seller, has filed a Draft Red Herring Prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) in order to raise funds through an Initial Public Offering (IPO).

The issue, which has a face value of Rs2 per equity share, is a complete offer for sale (OFS) of 25,546,186 equity shares.

As of March 31, 2021, the Mumbai-based winemaker is one of the fastest-growing alcoholic beverage companies. According to a Technopak report cited in the DRHP, it grew at a compound annual growth rate of 13.7% between fiscal years 2011 and 2021.

The company’s business line includes wine production, distribution of wines and spirits, and the sale of services derived from the ownership and operation of wine tourism venues such as vineyard resorts and tasting rooms.

Since fiscal 2009, Sula Vineyards has been the category leader in the Indian wine industry in terms of sales volume and value. It established its first vineyard in 1996 and introduced wines such as Sauvignon Blanc, Chenin Blanc, and Riesling in the year 2000.