Sula Vineyards IPO subscribed 59 pc on Day 2 of offer

New Delhi: The initial public offer of Sula Vineyards was subscribed 59 per cent on the second day of subscription on Tuesday.

The IPO received bids for 1,10,99,256 shares against 1,88,30,372 shares on offer, according to data available with the NSE.

The category meant for non-institutional investors got subscribed 45 per cent and the portion for Retail Individual Investors (RIIs) received 99 per cent subscription.

The Initial Public Offer (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.