India’s largest wine producer Sula Vineyards’ initial public offering (IPO) got oversubscribed by 2.3X on the final day of the subscription, according to data from the Bombay Stock Exchange.
The firm, backed by investors such as Verlinvest Group, Cofintra S.A, Haystack Investments, Saama Capital III, SWIP Holdings, was looking to raise up to ₹960 crore from the IPO.
The issue drew bids for about 43.84 million shares against the allotted 18.83 million shares by the end of the final day. The retail portion was oversubscribed by 1.65 times, getting bids for 15.5 million shares, while the non-institutional portion was subscribed 1.51 times, or 6.09 million shares.
Qualified institutional buyers stepped in on the final day, making bids for 22.24 million shares, with the category getting oversubscribed by 4.3 times.
Sula Vineyard, founded in 1999, is a renowned name in the wine producing segment. It produces 56 different labels of wines across 13 district brands at its four owned and two leased production facilities in Maharashtra and Karnataka.
Sula offered 22.24 million equity shares at a price band of ₹340-357 per share in the issue.