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Sula Vineyard Limited IPO Details with Share Price and Issue Size
03 Aug 2023
Opening Date 12, December 2022
Closing Date 14, December  2022
Refund Initiation 20, December  2022
Listing Date 22, December 2022
Face Value ₹2 per equity share
IPO Price Band ₹340 to ₹357 per equity share
Minimum Order Quantity 42 Shares
Issue Size ₹960.35 Cr


The month of December 2022, saw a couple of IPOs getting listed in the secondary market. Amongst those were Dharmaj Crop Guard and Uniports India Ltd. Dharmaj Crop Guard generated listing gains of over 12% for retail investors, the listing for Uniports are awaited. Now, as we come towards the end of this calendar year, there are some IPOs queued to be going live - among which is - Sula Vineyards Ltd. In this article, let’s study the details of this IPO which will eventually help you to decide if it’s investment-worthy or not!

About the Company -

Incorporated in the year 2003, Sula Vineyards Ltd stands as the largest wine producer and seller in India as of FY2022-23. The business for the company is broadly classified into two categories:-

(i) The production of wine, the import & 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”)

The wine manufacturing company also distributes wines under a bouquet of popular brands including "RASA," "Dindori", "The source," "Satori", "Madera" & "Dia" along with its flagship brand "Sula

As of Q2FY23, company has presence in 25 states & 6 union territories and globally in over 20 countries

The financials of the company for the last three financial years are given as below:


Particulars Three month period ended June 30, 2022 As of and for the Financial Year ended March 31
2022 2021 2020
Equity share capital 16 16 15 15
Networth 449 395 305 300
Total Borrowings 215 229 301 368
Total Income 226 457 422 523
Profit after Tax 31 52 3 -16
Earnings per Share (diluted) 3.8 6.8 0.4 -2.1
Return on Equity 14% 13% 1% -5%
Return on Capital Employed 21% 21% 11% 4%
Net asset value  55 50 40 40
(In ₹ per share)


all numbers stated are in crore, except share data.

*not annualized

Sula Vineyards Ltd Ltd details -

Let’s now move onto the main part of this article. Here, we’re going to be looking at some of the most important details of this upcoming IPO 2023 viz - Sula Vineyards Ltd Ltd  date and its share price.

Sula Vineyards Ltd Ltd issue date -

According to the Red Herring Prospectus filed by the company, the public issue of the equity shares is going live from December 12 and will be available for subscription until December 14, 2022.

Sula Vineyards Ltd Ltd issue size -

The total issue size of the latest Sula Vineyards Ltd Ltd is declared to be ₹960.34 crores. This is a total offer for sale. The company is offloading 26.90 million equity shares in OFS.

50% of the offer is for QIBs (Qualified Institutional Buyers), 35% for retail investors, and the balance 15% for NIBs (Non-institutional Investors).

Sula Vineyards Ltd Ltd share price

The price band of the company’s upcoming IPO is declared to range between ₹340 to ₹357 per equity share

Sula Vineyards Ltd Ltd listing

Since the IPO of Sula Vineyards Ltd Ltd  is from the mainboard, it would be listed on both - the National Stock Exchange (NSE) as well as the Bombay Stock Exchange (BSE)

Sula Vineyards Ltd Ltd objectives

The net proceeds of the Issue, i.e. gross proceeds of the Issue are proposed to be utilized in the following manner:

  • To carry out the Offer for Sale of up to 26,900,530 Equity Shares
  • To achieve the benefits of listing the Equity Shares on the Stock Exchanges

Sula Vineyards Ltd Ltd Strengths

  • The Wine market in India is concentrated with high barriers to entry
  • Largest wine producer in India with leading  brand “Sula”
  • Widest and innovative product offering supported by an efficient production mechanism
  • Secured supply of raw material with long-term contracts exclusive to Sula
  • Leader and pioneer of the wine tourism business in India

Sula Vineyards Ltd Ltd risks

  • Adverse climatic conditions may impact the quality of wine grapes ;its key raw materials
  • 35% of Revenue contributed from top 5 customers
  • The business is subject to legal & regulatory requirements
  • Indian Wine market is relatively young in India


If you wish to become a part of this exciting IPO opportunity, you will need to have an online demat and trading account, which will help you get shares of your favorite companies. To get an online DEMAT account for Free*, all you have to do is sign-up with Motilal Oswal and get started.

If you are an existing customer with Motilal Oswal, you can now invest in the IPOs in just one click through UPI payment!

It’s all easy. It’s all good.

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