Wine maker Sula's IPO to open Dec 12, size Rs 900-1,000 crore, say sources

Entire issue will be OFS of nearly 27 million shares belonging to promoters and PE investors

India's largest wine producer Sula Vineyards’ IPO will hit the markets on December 12 and close on December 14, said people in the know. The IPO size is expected to be between Rs 900 crore and Rs 1,000 crore.

The entire issue will be an offer for sale (OFS) of nearly 27 million shares belonging to promoters and private equity investors.

Following the IPO, Sula will join listed players in the alco-beverage industry such as United Breweries and Radico Khaitan. However, in the wine segment, the company will be the first major listed company.

Sula’s revenues are more than three times that of the second largest player in the wine industry.

The company has a presence in 25 states and 6 union territories with a large distribution network of close to 13,000 retail touchpoints in 2021.

Sula had recorded a net profit of Rs 52 crore in FY22, on a topline of Rs 457 crore.