Sula Vineyards IPO: Issue subscribed 2.33 times on final day led by QIBs

Sula Vineyards IPO subscription status: The initial public offering (IPO) of leading wine producer and seller Sula Vineyards was subscribed 2.33 times on the final day.

Sula Vineyards Limited IPO Today: Sula wine bottles are pictured inside a liquor store in Mumbai, India, December 7, 2022. (REUTERS)

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Sula Vineyards IPO: The initial public offering (IPO) of India’s leading wine producer and seller Sula Vineyards was subscribed 2.33 times on the final day, according to the data available on the BSE.

The Rs 960.35 crore offer received bids for over 4.38 crore (4,38,35,526) shares against the issue size of over 1.88 crore (1,88,30,372) shares, the data showed.

The shares which are to be allocated for the qualified institutional buyers (QIBs) was subscribed 4.13 times, while the portion for non institutional investors was subscribed 1.51 times and that of retail individual investors (RIIs) was subscribed 1.65 times, the data showed.

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Sula Vineyards IPO is entirely an offer for sale (OFS) aggregating to 26,900,532 equity shares by the promoter, investors and other shareholders.

The three-day IPO opened for subscription on Monday, December 12, 2022, and concluded at 5 pm today. It has a price band of Rs 340-357 per share.

The wine maker raised over Rs 288.10 crore (Rs 2,88,10,46,406) from 22 anchor investors ahead of the public issue.

Sula Vineyards is a Nashik-based company. It is the country’s largest wine producer and seller as of March 31, 2022. Sula Vineyards produces 56 different labels of wine at four owned and two leased production facilities in Maharashtra and Karnataka.

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Going ahead, investors will now look forward to the share allotment date of the issue. The finalisation of the basis of allotment for Sula Vineyards is expected to take place on Monday, December 19, 2022, according to the red herring prospectus.

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