The company has appointed
Capital, CLSA, and IIFL as the bankers for the upcoming IPO, which will comprise a fresh issue of shares and an offer for sale from some existing investors, said banking sources. Sula Vineyards did not respond to ET’s query.
Sula has been backed by various private equity funds and institutional investors, including Verlinvest, Everstone Capital, Visvires, Saama Capital, and DSG Consumer Partners.
Belgium-based Verlinvest, which has been an investor in Sula since 2010, has put over $70 million into the company in multiple fundraising rounds.
The winemaker, which set up its first winery in 1999, has over 13 brands and sells them through a distribution network across 24 states.
Sula has over 2,000 acres of vineyards under management with most of them being on contract with farmers in Nashik, south Maharashtra, and Karnataka. Its domestic market share by value has risen from 33% in 2009 to 52% in FY20.