Incorporated in 2003, Sula Vineyards Limited is the India's largest wine producer and seller as of March 31, 2022. The company also distribute wines under a bouquet of popular brands including "RASA," "Dindori", "The source," "Satori", "Madera" & "Dia" with its flagship brand "Sula" being the "category creator" of wine in India.
The company's business is broadly classified under two categories (i) the production of wine, the import of wines and spirits, and the distribution of wines and spirits (the "Wine Business"); and (ii) the sale of services from ownership and operation of wine tourism venues, including vineyard resorts and tasting rooms (the "Wine Tourism Business")
Currently, the company produces 56 different labels of wine at four owned and two leased production facilities located in the Indian states of Maharashtra and Karnataka.
The company have managed to build the largest distribution network among wine companies in India, with close to 13,000 retail touchpoints across the country in 2021.
The company also have a strong direct-to-consumer ("D2C") selling channel primarily through the Wine Tourism Business facilities in Nashik and Bengaluru. Sula Vineyards Limited had entered into long-term supply arrangements (of up to 12 years) with grape growers for approximately 2,290 acres as of September 30, 2022.
The company's distribution platform included over 50 distributors, 11 corporations, 14 licensed resellers, 7 company depots, and 3 defence units as of September 30, 2022. The company also has over 23,000 points of sale (including over 13,500 retail touchpoints and over 9,000 hotels, restaurants and caterers) as of March 31, 2022.
As of September 30, 2022, the company had a sales force of 141 permanent employees.
| Purpose | Amount (₹ Cr) |
|---|---|
| — |
| Metric | 31-Mar-20 | 31-Mar-21 | 30-Sep-21 |
|---|---|---|---|
| Total Assets | 831 | 752 | 718 |
| Revenue | 523 | 422 | 160 |
| PAT | -16 | 3 | 5 |
| Net Worth | 300 | 305 | 344 |
| Total Borrowing | 368 | 301 | 262 |
| Category | Sub (x) | Offered | Bid For |
|---|---|---|---|
| QIB | — | 13,450,264 (50%) | — |
| NII / HNI | — | 4,035,080 (15%) | — |
| Retail (RII) | — | 9,415,186 (35%) | — |
| Total | — | 26,900,530 (100%) | — |
* Amount calculated at upper price band (₹357) · ** Total includes all investor categories
- 1 Initiation of Refund 20 Dec 2022
- 2 Credit of Shares to Demat 21 Dec 2022
- 3 Lock-in Period (30%) January 18, 2023
- 4 Lock-in Period (50%) March 19, 2023
- Retail allocation is good at 35% of the total offering.
- HNI/NII demand is good at 15%.
- Institutional (QIB) interest is strong at 50%.
- The IPO P/E of 49x reflects a weak valuation relative to typical market ranges.
This IPO shows moderate investor interest. Review financial details and compare valuation with industry peers before investing.
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