Ahead of IPO, Sula Vineyards raises ₹288.10 cr from anchor book

Sula Vineyards, in its regulatory filing, showed that 8,070,158 equity share have been subscribed at ₹357 per share on Friday.

Nearly 22 marquee investors bought shares including Abu Dhabi Investment Authority, Goldman Sachs, New York State Teachers Retirement System, Ashoka India Equity Investment Trust Plc, Segantii India Mauritius, Morgan Stanley, BNP Paribas Arbitrage, and Citigroup Global Markets Mauritius.

Domestic investors Aditya Birla Sun Life Trustee, HDFC Mutual Fund, SBI Mutual Fund, ICICI Prudential Life Insurance, HDFC Life Insurance, Aditya Birla Sun Life Insurance, and Max Life Insurance also bought shares

“Out of the total allocation of 8,070,158 Equity Shares to the Anchor Investors, 2,521,134 Equity Shares (i.e. 31.24% of the total allocation to Anchor Investors) were allocated to 3 domestic mutual funds through a total of 5 schemes,” said Sula Vineyards in its regulatory filing.

Sula Vineyards fixed the price band at ₹340 and ₹357 per share for its ₹960 crore initial public offering (IPO). The company said its IPO will open for subscription on 12 December and will conclude on 14 December.

The public issue with a face value of ₹2 per equity share is a pure offer-for-sale (OFS), including up to 2,69,00,530 equity shares, by the existing shareholders and promoters of the company.

As per market observers, Sula Vineyards shares are commanding a premium (GMP) of ₹43 in the grey market today. The company’s shares are expected to list on leading stock exchanges BSE and NSE on Thursday, December 22, 2022.

The Nashik-based wine maker has been recognised as the market leader across wine variants, including red, white and sparkling wines. The firm distributes wines under a bouquet of popular brands like Sula, its flagship brand, besides other popular brands like RASA, Dindori, The Source, Satori, Madera & Dia.