Sula Vineyards slips on debut

Shares of Sula Vineyards were currently trading at Rs 344.80 on the BSE, at a discount of 3.42% to the issue price of Rs 357 per share.

The scrip was listed at Rs 358, at a premium of 0.28% to the issue price.

So far, the stock has hit a high of 363.40 and a low of 339. On the BSE, over 2.39 lakh shares of the company changed hands at the counter so far.

The initial public offer (IPO) of Sula Vineyards was subscribed 2.33 times. The issue opened for bidding on 12 December 2022 and it closed on 14 December 2022. The price band of the IPO is fixed at Rs 340-357 per share.

The issue comprised only offer for sale (OFS) of Rs 960.35 crore by the existing shareholders. All IPO proceeds were received by the selling shareholders, in proportion to the offered shares sold by them.

Sula Vineyards is India's largest wine producer and seller as of 31 March The company distributes wines under a bouquet of popular brands. In addition to the flagship brand Sula, popular brands include Rasa, Dindori, The source, Satori, Madera and Dia.

The company reported consolidated net profit of Rs 30.51 crore and sales of Rs 224.07 crore in the six months ended September 2022.

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