Domestic wine maker Sula Vineyards on November 7 said it has received the nod from the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO).
The company had filed the draft papers for the public offering in July this year.
"The issue with a face value of Rs 2 per equity share is a complete offer for sale (OFS) aggregating to 25,546,186 equity shares," a press release issued by Sula Vineyards stated.
Kotak Mahindra Capital, CLSA India and IIFL Securities are the book-running lead managers and KFin Technologies Ltd is the registrar to the offer, it added.
The shares of the company are proposed to be listed on BSE and NSE.
Sula Vineyards had clocked a profit of Rs 52.14 crore in the fiscal year 2021-22, as against Rs 3.01 crore recorded in the previous year. The company's revenue from operations had increased from Rs 417.96 crore in FY21 to Rs 453.92 crore in FY22.
Sula set up its first vineyard in 1996 and, in 2000, it was the first to introduce varietal wines in India. Currently, the company produces 56 different labels of wine across 13 distinct brands at its four owned and two leased production facilities located in Maharashtra and Karnataka.
In addition to producing and selling wines, the company derives revenue from the hospitality segment through its two wine resorts, Beyond Sula and the Source at Sula, located in Maharashtra's Nashik.
Further, it has dealership agreements with international brands such as Le Grand Noir, Hardys, Beluga Vodka etc, to distribute imported wine and other core spirits in India. This enables the company to expand its sales distribution network by providing a package of Sula wines, other international branded wines and core spirits to its distributors, according to a January 2022 report by rating agency ICRA.
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