Sula Vineyards raises Rs 288 cr from anchor investors ahead of IPO: Report

India's largest wine producer and distributor Sula Vineyards on Friday said it raised Rs 288.1 crore from anchor investors ahead of its initial public offering, which will open for subscription on December 12.

The company in its BSE filing said it has finalised allocation of 80.7 lakh shares to anchor investors, at the upper end of the price band, reported Moneycontrol. The price band for the offer has been fixed at Rs 340-357 per share.

Abu Dhabi Investment Authority (ADIA), Goldman Sachs Funds, HDFC Small Cap Fund, SBI Contra Fund, Aditya Birla Sun Life Trustee are among the 22 anchor investors for India's first pure play wine maker IPO by Sula Vineyards.

"Out of the total allocation to the anchor investors, 25.21 lakh shares were allocated to 3 domestic mutual funds through a total of 5 schemes," said Sula Vineyards, reported Moneycontrol.

The firm plans to raise Rs 900 crore to Rs 1,000 crore through the share sale. The IPO will close on December 14.

Sula Vineyards received approval of the Securities and Exchange Board of India's (Sebi) approval for its IPO on November 7. The Nashik-based wine maker had filed the IPO papers with the market regulator in July.

The issue will be an offer for sale (OFS) of nearly 27 million shares from promoters and private equity investors. The shares of the firm will be allotted to eligible bidders on December19 and the stock is likely to make its market debut on December 22.
 
Promoters of the IPO held 28.44% stake in the firm before the share sale. The company will not receive any proceeds of the offer for sale by the selling shareholders.

Sula Vineyards Limited is India's largest wine producer and seller as of March 31, 2022. The company also distributes wines under a bouquet of popular brands including "RASA," "Dindori", "The source," "Satori", "Madera" & "Dia" with its flagship brand "Sula" being the "category creator" of wine in India. The company had a presence in 25 states and 6 union territories with a large distribution network of close to 13,000 retail touchpoints in 2021.