The issue is entirely an offer for sale (OFS) of up to 2,69,00,530 equity shares by the promoters and existing shareholders of the company. The winemaker looks to raise Rs 960.35 crore via initial stake sale as against Rs 1,200-1,400 crore earlier.
Promoter Rajeev Samant along with other selling shareholders, including Cofintra SA, Haystack Investments, Saama Capital III, SWIP Holdings, Verlinvest France SA, Verlinvest SA and others will participate in the OFS.
The issue can be subscribed till Wednesday, December 14, and investors can make a bid for a minimum of 42 equity shares and in multiples thereof. The anchor book will kick off on Friday, December 9.
Sula Vineyards is set to be India’s first pure-play wine manufacturer to make its Dalal Street debut. Its flagship brand ‘Sula’ is the ‘category creator’ of wine in India.
The company has fixed 50% of equity shares for qualified institutional buyers, whereas non-institutional investors will get 15% of the shares. Retail bidders will be given the remaining 35% of the stake.
Incorporated in 2003, Nashik-based Sula Vineyards is India’s largest wine producer and seller, as of March 31, 2021. It has a bouquet of popular brands including RASA, Dindori, The source, Satori, Madera and Dia, among others.
Currently, the company produces 56 different labels of wine at four owned and two leased production facilities, located in the Indian states of Maharashtra and Karnataka.
Belgium-based Verlinvest, which has been an investor in Sula since 2010, has put over $70 million into the company in multiple fundraising rounds.
Kotak Mahindra Capital Company, CLSA India and IIFL Securities are the book running managers to the company, whereas KFin Technologies has been appointed as the registrar to the issue.