Choice Equity Broking IPO report on Sula Vineyards
India's largest wine producer and seller, Sula Vineyards Ltd. (Sula), is coming up with an IPO to raise Rs. 960cr, which opens on 12th Dec. and closes on 14th Dec. 2022. The price band is Rs. 340 - 357 per share. The IPO consists only of OFS portion, thus the company will not receive any proceeds from the issue. Through this IPO, the promoter group is diluting 1.11% of the stake. Couple of private equity investors are fully exiting, while others investors are partially offloading their stake in the company.
Valuation and Outlook
Sula being the largest producer & seller of wine is well placed to capture the future growth opportunities in the Indian wine market. Thus we assign a “SUBSCRIBE” rating for the issue.
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