Recent years have also seen the filing of IPO papers by Sula Vineyards, another alcohol, and spirits company.

In order to raise capital through an IPO, Sula Vineyards, India's largest winemaker, has submitted draft papers to SEBI.

In the Sula IPO, all proceeds will be distributed to selling shareholders. Nashik-based company's IPO date and price have not been confirmed, but shares have a face value of Rs 2.

This is the first IPO filed by a pure-play wine manufacturer in India. Additionally, this is the second IPO of an alcohol and spirits company in recent years.

Officers Choice whiskey maker Allied Blenders & Distillers filed a Draft Red Herring Prospectus in June.

The wine company based in Nashik, Maharashtra, is owned by Verlinvest, a Belgian family office focused on consumer goods.

Verlinvest and Verlinvest France will sell up to 7,191,835 and 4,990,920 equity shares as part of the Sula IPO. Rajeev Samant, the company's CEO and managing director will offer 1,171,504 shares.

"The DRHP has been e-filed with Sebi. As part of the IPO, Verlinvest and the promoter group are among the major selling shareholders," a source earlier told Moneycontrol.

Contra will offload as many as 7,191,835 shares of Sula Vineyards through the Sula Vineyards IPO.....

consultation with the book running lead, the company will determine the price band and minimum bid lot

The company aims to achieve two goals with the listing of equity shares on exchanges. First, to facilitate the sale of stock by the selling shareholders; second, to fulfill the offer to sell stock.

KFinTech is serving as the registrar of the Sula IPO, while Kotak Mahindra Capital, CLSA India, and IIFL Securities are the book-running lead managers.

A large part of Sula's market share is due to its extensive wine portfolio.

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