India's largest wine maker Sula Vineyards Ltd has set the price band for its initial public offering at Rs 340-357 a share. The company had earlier said that its IPO will open for subscription on December 12 and close on 14th.
Bidding by anchor investors will be open on December 9. Sula will start crediting shares on December 21 and the stock will be listed on exchanges on December 22.
The offer is a pure offer-for-sale, consisting of up to 26.90 million shares by its existing shareholders and promoters. On the upper end of the price band, the issue size comes at Rs 960.34 crore and the company is valued at Rs 3,005.90 crore.
CLSA, Kotak Mahindra Capital and IIFL Capital are the investment banks working on the issue. Law firms Shardul Amarchand Mangaldas and Trilegal are the legal advisors, according to the draft papers filed with the marikets regulator.
Sula, India's largest wine producer and seller, is headquartered in Nashik and has two manufacturing units in Nashik and Bengaluru. As of January, it had an annual production capacity of over 13 million litres, of which 11 million litres come from Nashik and the rest from Bengaluru.
As of September 30, 2022, Sula had presence in 25 states and six Union Territories in India. It also entered the overseas markets in 2003, and currently offers its wines in over 20 countries, including Spain, France, Japan, the United Kingdom and the US.
For six months ended September 2022, the company reported a revenue of Rs 224.06 crore against Rs 159.15 crore a year ago. Net profit for the period stood at Rs 30.51 crore as against Rs 4.53 crore last year.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
