Sula Vineyards IPO subscribed 28 pc on first day of offer

New Delhi: The initial public offer of Sula Vineyards received 28 per cent subscription on the first day on Monday.

The leading wine producer's IPO received bids for 52,34,670 shares against 1,88,30,372 shares on offer, as per NSE data.

The category for Retail Individual Investors (RIIs) was subscribed 48 per cent and that of non-institutional investors 18 per cent.

The Initial Public Offering (IPO) of up to 26,900,530 equity shares has a price range of Rs 340-357 a share.

On Friday, Sula Vineyards said it has raised Rs 288 crore from anchor investors.

At the higher end of the price band, the IPO is expected to fetch Rs 960.35 crore.

The company distributes wines under a bouquet of popular brands such as Sula (its flagship brand), RASA, Dindori, The Source, Satori, Madera & Dia.

Currently, it produces 56 different labels of wines across 13 distinct brands at its four owned and two leased production facilities located in Maharashtra and Karnataka.

The equity shares are proposed to be listed on BSE and NSE.

Kotak Mahindra Capital Company, CLSA India and IIFL Securities are the managers to the offer.