Sula IPO To Open On December 12: Report

Sula Vineyards an Indian Winemaker plans to open its IPO on December 12 and close on the 14th.

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Winemaker Sula Vineyards sets the price band for its initial public offering at Rs 340-357 a share. As per the reports, IPO will open for subscription on December 12 and close on the 14th.

The Bidding by anchor investors will be open on December 9. Sula will start crediting shares on December 21 and the stock will be listed on exchanges on December 22.

The offer is a pure offer-for-sale, consisting up to 26.90 million shares by its existing shareholders and promoters. On the upper end of the price band, the issue size comes at Rs 960.34 crore.

CLSA, Kotak Mahindra Capital and IIFL Capital are the investment banks working on the issue. Law firms Shardul Amarchand Mangaldas and Trilegal are legal advisors.

Sula, India's largest wine producer and seller, is headquartered in Nashik and has two manufacturing units in Nashik and Bengaluru. As of January, it had an annual production capacity of over 13 million litres, of which 11 million litres come from Nashik and the rest from Bengaluru.

Sula had a presence in 25 states and six Union Territories in India. It also entered the overseas markets in 2003, and currently offers its wines in over 20 countries, including Spain, France, Japan, the United Kingdom and the US.

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