Sula Vineyards Files for an IPO

Nasik-based country's largest wine producer, Sula Vineyards, filed a draught red herring prospectus, or DRHP, for a public offering with the markets regulator, SEBI, today. While the exact amount has not been disclosed, the company is well known for its wine brands such as Sula, RASA, Dindori, The Source, Satori, Madera, and Dia. It produces 56 different wine labels under 13 different brands. It has six manufacturing plants in Maharashtra and Karnataka.
According to the DRHP, the company grew at a rate of 13.7 percent per year from FY11 to FY21. In terms of total revenue from operations, it has increased its market share in the grapes wine category from 33% in FY09 to 52.6 percent in FY21.

Its operations are divided into three categories: wine production, wine import and distribution, and the sale of services derived from the ownership and operation of wine tourism venues such as vineyard resorts and tasting rooms.
The issue, which has a face value of 2 per equity share, is a complete offer for sale (OFS) of 25,546,186 equity shares.
In 2021, Sula will service approximately 8,000 hotels, restaurants, and caterers, as well as collaborate with distributors in Maharashtra, Haryana, Delhi, Goa, and Punjab, with approximately 13,000 retail touchpoints across the country.
Sula's Shiraz Cabernet was India's most valuable selling wine in FY21, with gross billings of 91.8 crore in FY22.