MUMBAI (Reuters) – Sula Vineyards, India’s largest wine maker, plans to raise 9.60 billion rupees ($116.46 million) in its initial public offering set to open for subscription next week, Chief Executive Rajeev Samant said on Wednesday.
The IPO, the first by a wine maker in the South Asian country, will include the sale of shares by Samant as well as Belgian investment firms Verlinvest and Cofintra SA.
Wine has been gaining favour in India, which has largely been dominated by country liquor, Indian-made foreign liquor and beer.
Sula was launched in 1996 by Samant and the company has since grown to become India’s largest producer and seller of wine. Its portfolio includes 56 labels from 13 of its own brands and 20 international ones.
About 26.9 million shares will be available for subscription from Dec. 12-14, Samant said at a press conference in Mumbai. The shares will be priced between 340 rupees and 357 rupees, he added.
Kotak Investment Banking, CLSA and IIFL Securities are the book running managers to the IPO.
The company had a net revenue of 4.57 billion rupees in the fiscal year 2022, up 8% from the previous year.
($1 = 82.4350 Indian rupees)
(Reporting by Tanvi Mehta in New Delhi and Sriram Mani in Mumbai; Editing by Nivedita Bhattacharjee and Saumyadeb Chakrabarty)
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