New Delhi: Wine producer and seller Sula Vineyards has filed its draft red herring prospectus (DRHP) with markets regulator Securities and Exchange Board of India (SEBI), to raise funds through an initial public offering (IPO).
The issue with a face value of Rs 2 per equity share is a complete offer for sale (OFS) aggregating to 25,546,186 equity shares.
The Mumbai-based winemaker is one of the fastest-growing alcoholic beverage companies as of March 31, 2021. It has grown at a compound annual growth rate of 13.7 per cent between the financial year 2011 and 2021, according to a Technopak report, the note in the DRHP mentioned.
Sula Vineyards is the category leader in the Indian wine industry in terms of sales volume and value since fiscal 2009. It set up its first vineyard in 1996, and in the year 2000 introduced wines such as Sauvignon Blanc, Chenin Blanc and Riesling.
The note said the company’s businesses include the production of wine, distribution of wines and spirits, and sale of services from ownership and operation of wine tourism venues including vineyard resorts and tasting rooms.
The Indian alco-beverage market is the third largest in the world after China and USA by volume in terms of actual alcohol content of alco-beverages. The wine market in India is expected to remain concentrated with high barriers to entry, in addition to existing trade barriers prevalent in the alcoholic beverage segment.
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