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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
The money raised through the Offer for Sale goes to existing investors, not the company.
(₹ in Crore)
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Sula Vineyards is India's largest wine producer and seller, operating under a portfolio of brands led by its flagship Sula label alongside RASA, Dindori, The Source, Satori, Madera and Dia. The business spans two broad activities: producing, importing and distributing wines and spirits, and running wine tourism venues, including vineyard resorts and tasting rooms, that give the company a direct, experience-led channel to consumers. Incorporated in 2003, the company grew into a nationwide operation with production facilities across Maharashtra and Karnataka and long-term supply arrangements with grape growers covering thousands of acres. Its wine tourism business, centered on properties in Nashik and Bengaluru, includes India's first dedicated wine-tasting room, vineyard resort and wine-themed music festival, giving the company an early and lasting foothold in a category it helped create domestically. Over roughly two decades the company built one of the widest distribution networks among Indian wine makers, reaching retail outlets, hotels, restaurants and caterers across most states through a mix of distributors, corporate resellers and its own sales force. That scale, combined with steadily rising category penetration and a still relatively low per-capita wine consumption base in India, underpins the company's positioning as the dominant, brand-led player in a market with considerable long-term headroom.
The company raised approximately Rs 288.10 crore from 22 anchor investors at the cap price of Rs 357 per share ahead of the issue opening. Participants included international institutions such as Abu Dhabi Investment Authority, Goldman Sachs, Morgan Stanley, BNP Paribas Arbitrage, Citigroup Global Markets Mauritius, New York State Teachers Retirement System, Ashoka India Equity Investment Trust and Segantii India Mauritius, alongside domestic investors including SBI Mutual Fund, HDFC Mutual Fund, Aditya Birla Sun Life Mutual Fund and Trustee, ICICI Prudential Life Insurance, HDFC Life Insurance, Aditya Birla Sun Life Insurance and Max Life Insurance.
Source: RHP • Analysis provided for informational purposes
Last Updated: 18 July 2026, 5:30 AM
Category-defining market leadership
Sula built and now leads India's still-nascent wine industry, holding roughly half of domestic wine sales through its flagship Sula brand plus RASA, Dindori, Satori, Madera and Dia.
Diversified, experience-led revenue stream
Beyond winemaking, the company runs vineyard resorts and tasting rooms in Nashik and Bengaluru, giving it a direct-to-consumer, tourism-based income source most beverage peers lack.
Deep, nationwide distribution reach
The company sells through an extensive network of distributors, retail outlets, hotels and restaurants spanning most Indian states, built over nearly two decades in the category.
No fresh capital raised for the business
The issue is structured entirely as an offer for sale, so all proceeds go to selling shareholders and the company itself raises no growth capital from the listing.
Historically volatile earnings
The company posted a net loss in fiscal 2020 and only a thin profit in fiscal 2021 before rebounding, reflecting sensitivity to input costs, weather and discretionary consumer spending.
State-level regulatory and excise exposure
As an alcoholic beverage producer, the company operates under state-by-state excise and licensing regimes that can change duties, distribution rules or availability with little notice.
Sula Vineyards Limited
901, Solaris One, N.S. Phadke Marg, Andheri (East), Mumbai, Maharashtra, India - 400069
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