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Sula Vineyards raises a toast to D-Street, files IPO papers with Sebi

The firm, backed by consumer focused Belgian family office Verlinvest, dominates the domestic wine market with a portfolio of brands across price points and an expansive distribution network.

July 16, 2022 / 12:41 PM IST
Sula Vineyards, based in the grape growing region of Nashik, Maharashtra is planning a pure OFS

Sula Vineyards, based in the grape growing region of Nashik, Maharashtra is planning a pure OFS

India’s largest wine maker Sula Vineyards has filed papers with market regulator Securities and Exchange Board of India (Sebi) to raise capital through an initial public offering ( IPO), multiple industry sources with knowledge of the matter told Moneycontrol.

If the listing plans fructify , it would arguably be the first IPO in India by a pure play wine manufacturer and the second filing in recent weeks by a player from the alcohol & spirits segment. Officers Choice whiskey maker Allied Blenders & Distillers filed its DRHP (draft red herring prospectus) last month.

Sula Vineyards, based in the grape growing region of Nashik, Maharashtra is planning a pure OFS ( offer for sale). The firm is backed by key shareholder consumer focused Belgian family office Verlinvest, which made its first investment more than a decade back. Rajeev Samant is the MD & CEO of the company.

“The e-filing of the DRHP with Sebi has been done. The IPO consists consists solely of an OFS component, as part of which Verlinvest and the promoter group are amongst the major selling shareholders,” said one of the persons above. He added that aaccording to the DRHP, the size of the offer for sale component is up to 25,546,186 equity shares.