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.
Company Financials
| 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 |
Objects of the Issue
The company will not receive any proceeds of the Offer for Sale by the Selling Shareholders.
Sula Vineyards IPO Details
| IPO Date | Dec 12, 2022 to Dec 14, 2022 |
| Listing Date | [.] |
| 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 Tentative Timetable
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 |
Sula Vineyards IPO Lot Size
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 |
Sula Vineyards IPO Promoter Holding
| Pre Issue Share Holding | 28.44% |
| Post Issue Share Holding | 27.33% |
Sula Vineyards IPO Anchor Investors
Sula Vineyards IPO Anchor investor bid ended on Dec 14, 2022. A total of 26,900,530 shares are offered to Anchor investors.Sula Vineyards IPO Anchor Investor Lock-in Period is Dec 9, 2022 for 50% of equity shares and Apr 24, 2023 for the remaining portion.
- Anchor Investor Bid Date: Dec 9, 2022
- Anchor Portion Size: Rs.960.35 crore (Shares offered * Upper Price)
- Anchor lock-in period end date (50% Shares): Around Jan 30, 2023 (30 Days)
- Anchor lock-in period end date (remaining shares): Around Apr 24, 2023 (90 Days)
Sula Vineyards IPO Prospectus
Company Contact Information
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/
Sula Vineyards IPO Registrar
KFin Technologies Limited
Phone: 04067162222, 04079611000
Email: einward.ris@kfintech.com
Website: https://karisma.kfintech.com/