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IPO

Wine producer Sula Vineyards raises Rs.288-Cr from 22 anchor investors

Economic Times  

Wine producer Sula Vineyards has raised INR 288 crore from anchor investors days ahead of its initial public offering (IPO). The company would allot 80,70,158 equity shares to anchor investors at INR 357 apiece, aggregating to INR 288.10 crore. The capital was raised from 22 investors, including BNP Paribas Arbitrage, Morgan Stanley (Asia) Singapore Pte Ltd, Citigroup Global Markets Mauritius Pvt Ltd, Goldman Sachs and Abu Dhabi Investment Authority. ICICI Prudential Life Insurance Company, HDFC Life Insurance, Aditya Birla Life Insurance Company, Max Life Insurance Company, Aditya Birla Sun Life Mutual Fund, SBI MF and and HDFC MF were also among the anchor investors. The public issue will be entirely an offer for sale (OFS) aggregating to 26,900,532 equity shares by the promoter, investors and other shareholders. Those offloading shares through the OFS route are promoter, founder and CEO Rajeev Samant, and investors such as Cofintra, Haystack Investments Limited, Saama Capital III, Ltd, SWIP Holdings Ltd, Verlinvest S.A and Verlinvest France SA. At the higher end of the price band of INR 340-357, the IPO is expected to fetch INR 960.35 crore. Sula produces 56 different labels of wines across 13 brands at its four owned and two leased production facilities in Maharashtra and Karnataka. Kotak Mahindra Capital Company, CLSA India and IIFL Securities are the book running lead managers to the issue.