Sula Vineyards plans Rs 1,200-1,400 crore public issue: Report

Sula Vineyards set up its first winery in 1999. The company now has more than 13 brands which it retails through a distribution network spanning 24 states (File Image)

Sula Vineyards is looking to launch a Rs 1,200 crore to Rs 1,400 crore initial public offering (IPO) soon, The Economic Times reported on June 1.

The Nashik-based winemaker has appointed bankers — IIFL, Kotak Mahindra Capital and CLSA — and is “likely” to file its documents with the Securities and Exchange Board of India (Sebi) soon, the report added.

Moneycontrol could not independently verify the story.

Sula Vineyards did not respond to queries, the report added.

The IPO plans include a fresh issue of shares and an offer-for-sale (OFS) from existing investors, banking sources told the newspaper. The existing investors are a mix of institutional and private equity (PE) investors such as DSG Consumer Partners, Everstone Capital, Saama Capital and Verlinvest.

Verlinvest has invested over $70 million through multiple fund raising rounds in Sula since 2010.

Sula Vineyards set up its first winery in 1999. The company now has more than 13 brands which it retails through a distribution network spanning 24 states. It has over 2,000 acres of vineyards under management — mostly on contract basis with farmers in Nashik, south Maharashtra and Karnataka. As of FY20, Sula’s domestic market share was 52 percent.