Sula Vineyards IPO

Sula Vineyards IPO | Review

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Sula Vineyards Limited has come up with an initial public offer (IPO). It will open on December 12-14, 2022 at Rs.340-357 a share. The IPO issue size is around Rs.960.35 crores. The minimum bid will be for 42 shares and in its multiples thereafter.


Sula Vineyards Limited was incorporated in the year 2003. It is India’s largest wine producer and seller as of March 31, 2022. It has been a consistent market leader in the Indian wine industry in terms of sales volume and value since Fiscal 2009. The company has consistently gained market share from 33% in Fiscal 2009 in 100% grapes wine category to 52% in value in Fiscal 2022. Furthermore, it is the market leader across all four price segments, being ‘Elite’ (INR 950+), ‘Premium’ (INR 700-950), ‘Economy’ (INR 400-700), and ‘Popular’ (<INR 400), with a higher share of approximately 61%. Furthermore, it is also recognized as the market leader across wine variants, including red, white and sparkling wines. 

Sula Shiraz Cabernet is India’s largest-selling wine by value in Fiscal 2021. The company’s gross billings of Sula Shiraz Cabernet amounted to Rs.918.26 million, Rs.475.64 million and Rs.319.73 million in Fiscal 2022 and for the six months period ended September 30, 2021 and September 30, 2022, respectively.

Sula Vineyards’ business can be broadly classified under two categories (i) the production of wine, the import of wines and spirits, and the distribution of wines and spirits (the “Wine Business”); and (ii) the sale of services from ownership and operation of wine tourism venues, including vineyard resorts and tasting rooms (the “Wine Tourism Business”).

Currently, it produces 56 different labels of wine at four owned and two leased production facilities located in the Indian states of Maharashtra and Karnataka. Furthermore, it is among the top ten most followed vineyards on social media in the world.



Rajeev Samant – 27.15%

Promoter Holding

Pre-Issue Shareholding – 28.44%Post-Issue Shareholding – 27.33%

Strength & Weakness

High barriers of entryThe industry is subject to a licensing
Established market leader in the Indian wine industryRisk of adverse climatic conditions
Largest wine producer in IndiaRely heavily on our brand portfolio
Innovative product offering with efficient production mechanismRevenue is dependent upon a limited no. of customers
Largest wine distribution network and sales presenceReported a restated loss in past fiscals
Secured supply of raw materials with long-term contractsEntered into related party transactions in past
Leader and pioneer of the wine tourism business in IndiaAdvertising of alcoholic beverage products is restricted in India
Early adoption and focus on sustainabilityWine Tourism Business is subject to seasonal 
Experienced Board, qualified senior management teamOutstanding legal proceedings


The sourceSatori


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Company Financials

YearRevenue (in Crore)Profit (in Crore)

Object of Issue

1) To carry out the Offer for Sale of Equity Shares by the Selling Shareholders

2) Achieve the benefits of listing the Equity Shares on the Stock Exchanges

Sula Vineyards IPO Lot Size

Retail (Min)142Rs.14,994
Retail (Max)13546Rs.1,94,922
S-HNI (Min)14588Rs.2,09,916
B-HNI (Max)672,814Rs.10,04,598

Sula Vineyards IPO Details

IPO Opening Date December 12, 2022
IPO Closing Date December 14, 2022
Face Value Rs.2 per Equity Share
IPO Price Rs.340-357 per share
Market Lot 42 shares
Minimum Order Quantity 42 shares
Listing At NSE, BSE
No. of shares offered (OFS)2,69,00,530 shares
Issue Size Up to Rs.960.35 Crore
QIB Shares Offered 50% of the offer
Retail Shares Offered 35% of the offer 
NII/HNI Shares Offered 15% of the offer 

Sula Vineyards IPO Timetable

IPO DateDecember 12-14, 2022
Allotment DateDecember 19, 2022
Initiation of RefundsDecember 20, 2022
Credit of share to Demat a/cDecember 21, 2022
IPO Listing DateDecember 22, 2022

Allotment Status

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About the author

Shankar Awale

Hey! I am Shankar Awale an aspiring blogger with an obsession for all things of Finance. This blog is dedicated to help people to learn about Financial Knowledge in easy language.

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