Winemaker Sula Vineyards Pvt. Ltd, backed by New York-based Mousse Partners, has filed its draft prospectus with market regulator Securities and Exchange Board of India (Sebi) for its initial public offering (IPO).
The issue will be entirely in offer for sale (OFS) under which shareholders like promoters, investors, and others will participate.
The shareholders plan to offload 25,546,186 equity shares with a face value of Rs 2 a share, via OFS in the IPO. These shareholders are promoter, founder and CEO Rajeev Samant, with investors including Cofintra SA, Haystack Investments Limited, Saama Capital III, Ltd, SWIP Holdings Limited, Verlinvest S.A and Verlinvest France S.A.
Launched in 1999 by Rajeev Samant, Sula Vineyards produces and exports white, red, rose and sparkling wines in India and globally. It has wineries in both Maharashtra and Karnataka. Over 90% of the produce comes from its vineyards in Maharashtra.
It has grown at a compound annual growth rate (CAGR) of 13.7% between 2011 and 2021 fiscals, according to Technopak report as mentioned in the draft prospectus.
On the basis of total revenue from operations, the company has gained market share from 33% in fiscal 2009 in 100% grapes wine category to 52% in value in fiscal 2020 and further increased to 52.6% in fiscal 2021.
Kotak Mahindra Capital Company Limited, CLSA India Private Limited and IIFL Securities Limited are the book running lead managers and KFin Technologies Limited is the registrar to the offer, the statement added.
Verlinvest, backed by the family that controls beer maker Anheuser-Busch InBev, has an evergreen holding structure. It has so far invested in Indian consumer brands such as ed-tech startup Byju's, beauty startup Purplle, food startup Veeba, mattress maker Wakefit, yogurt maker Epigamia, and wine-maker Sula Vineyards.
In 2016, Verlinvest SA had acquired additional stake in Sula Vineyards for an undisclosed amount.