Mumbai-based Sula Vineyards, the country’s largest wine producer, said it has received the Securities and Exchange Board of India’s (SEBI)’s approval to raise funds through an initial public offering (IPO). The company had filed its draft papers with the capital markets regulator in July this year.Sula is a market leader in the Indian wine industry in terms of sales volume and value since fiscal 2009.
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. Sula set up its first vineyard in 1996 and it was the first to introduce varietal wines in India in 2000, with the launch of Sauvignon Blanc, Chenin Blanc, Zinfandel, Riesling, Red Sparkling, and dessert wine offerings. In fiscal 2005, it launched the first wine-tasting room in India at its winery in Nashik, Maharashtra, followed by the country’s first vineyard resort in 2008, and in the same year, the wine-maker launched the first wine-themed music festival in India, “SulaFest”, at its Nashik facility in 2008. SulaFest” has been widely recognised as the largest wine music festival in India and one of the largest wine music festivals in Asia, based on attendance. In fiscal 2017, the company launched a wine-tasting room at its “Domaine Sula” facility in Karnataka.