Sula Vineyards IPO
Sula Vineyards IPO — date, price band, lot size & details 2022
Sula Vineyards listed on 22 Dec 2022 at ₹361, 1.1% above the ₹357 issue price.
Sula Vineyards is India's largest wine producer and seller, with brands such as Sula, RASA, Dindori, The Source, Satori, Madera and Dia. Its total income was Rs 456.70 crore in FY2022.
Stock price
Sula Vineyards is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 14 November.
- Open 12 Dec 2022
- Close 14 Dec 2022
- Allotment 19 Dec 2022
- Refund/credit 20 Dec 2022
- Listing 22 Dec 2022
Issue summary
The terms of the offer, as filed.
| IPO Dates | 12 to 14 Dec, 2022 |
|---|---|
| Price Band | ₹340 – ₹357 |
| Face Value | ₹2 |
| Lot Size | 42 Shares |
| Issue Size | ₹960.35 Cr |
| Sale Type | OFS only |
| Listing On | BSE, NSE |
| Registrar | KFin Technologies Limited |
| Min Investment | ₹ 14,994 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 42 shares at the ₹357 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 42 | ₹14,994 |
| Retail (max) | 13 | 546 | ₹1,94,922 |
| S-HNI (min) | 14 | 588 | ₹2,09,916 |
| S-HNI (max) | 66 | 2,772 | ₹9,89,604 |
| B-HNI (min) | 67 | 2,814 | ₹10,04,598 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Profit after tax rose from a loss of Rs 15.94 crore in FY2020 to Rs 52.14 crore in FY2022.
- 02Profit after tax was Rs 30.51 crore in the six months to 30 September 2022, against Rs 4.53 crore a year earlier.
- 03Total borrowing fell from Rs 368.24 crore on 31 March 2020 to Rs 214.64 crore on 30 September 2022.
- 04It had close to 13,000 retail touchpoints, the largest wine distribution network in India.
- 05It makes 56 labels across 6 production facilities.
Risks · 5
- 01The whole Rs 960.35 crore issue was offer for sale, so no money went to the company.
- 02The pre-issue P/E was 57.67 at the upper band of Rs 357, based on EPS of Rs 6.19.
- 03Total income fell from Rs 523.19 crore in FY2020 to Rs 421.51 crore in FY2021, so sales have been uneven.
- 04Alcohol is heavily taxed and regulated state by state, which can change prices and sales quickly. Wine tourism also depends on visitors to 2 cities.
- 05The promoter and promoter group held only 28.44% before the issue and 27.33% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Sula Vineyards offer document.
| Metric | 30 Sep 2022 | 31 Mar 2022 | 30 Sep 2021 | 31 Mar 2021 | 31 Mar 2020 |
|---|---|---|---|---|---|
| Assets | 770.95 | 758.56 | 717.55 | 751.60 | 831.04 |
| Total Income | 225.76 | 456.70 | 160.46 | 421.51 | 523.19 |
| Profit After Tax | 30.51 | 52.14 | 4.53 | 3.01 | -15.94 |
| NET Worth | 449.19 | 395.26 | 344.32 | 304.74 | 299.95 |
| Reserves and Surplus | 0.00 | 0.00 | 0.00 | ||
| Total Borrowing | 214.64 | 228.93 | 262.45 | 301.26 | 368.24 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Sula Vineyards RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Sula Vineyards IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹6.19 | ₹7.25 |
| P/E Ratio (x) | 57.67 | 49.24 |
| Market Cap at Offer Price (₹ Cr) | ₹1,759.62 | ₹1,502.35 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹357 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
How the company intends to use the proceeds of the issue.
Information about the usage of proceeds from the Sula Vineyards IPO will be updated shortly.
Sula Vineyards IPO Anchor Investors
22 anchor investors across 16 fund houses committed ₹288.09 Cr a day before the issue opened.
Anchor investors bid a day before the issue opens and are locked in after allotment, so a book weighted towards domestic mutual funds is generally read as a stronger signal than one filled by short-horizon funds. Browse every anchor investor scheme or fund house we track.
About the company
Its wine business covers producing wine, importing wines and spirits, and distributing them. Its wine tourism business runs vineyard resorts and tasting rooms in Nashik and Bengaluru, which also act as a direct-to-consumer channel.
It makes 56 different labels at four owned and two leased production facilities in Maharashtra and Karnataka. It had close to 13,000 retail touchpoints across India in 2021, the largest distribution network among wine companies.
The IPO was Rs 960.35 crore and was entirely an offer for sale by the promoter, investors and other shareholders, so the company received none of the money.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Sula Vineyards IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Kotak Mahindra Capital Company Limited
204 issues handledBest listing: Premier Energies (+120.0%). Weakest: Puravankara Projects (-22.5%).
IIFL Capital Services Limited
146 issues handledBest listing: Unicommerce eSolutions (+117.6%). Weakest: ICICI Securities (-16.3%).
CLSA India Pvt. Ltd
18 issues handledBest listing: Unicommerce eSolutions (+117.6%). Weakest: ICICI Securities (-16.3%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Sula Vineyards?
The current Grey Market Premium is ₹10, or 3% over the issue price.
What is the Sula Vineyards IPO price band?
₹340 to ₹357, on a face value of ₹2.
When is the allotment?
The basis of allotment is 19 December 2022, with listing on 22 December 2022.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — KFin Technologies Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
