Winemaker Sula Vineyards has filed preliminary documents with the Securities and Exchange Board of India (Sebi) to raise funds through an Initial Public Offering (IPO). Sula Vineyards IPO consists entirely of an offer for sale (OFS) aggregating 25,546,186 equity shares of face value of Rs 2 each by the promoter, investors and other shareholders, as per the draft red herring prospectus (DRHP) filed with the capital markets regulator.

Investors such as Samant Cofintra, Haystack Investments Limited, Saama Capital III, Ltd, SWIP Holdings Limited, Verlinvest S.A and Verlinvest France S.A. Sula Vineyards and founder and CEO Rajeev Samant will be selling their stakes through the OFS route.

The Maharashtra-based vine maker was one of the fastest-growing alcoholic beverage companies as of March 31, 2021. The company grew at a compounded annual growth rate (CAGR) of 13.7% between 2011 and 2021, as per Technopak report, a note in the DHRP mentioned.

Sula has been the market leader across segments in the Indian wine industry in terms of sales volume and value since fiscal 2009. The company set up its first vineyard in 1996, and added vine brands such as Sauvignon Blanc, Chenin Blanc, and Riesling in 2000. The company has a bouquet of wine brands under its belt: RASA, Dindori, The Source, Satori, Madera & Dia to name a few.

The company produces 56 different labels across 13 distinct brands at its four owned and two leased manufacturing facilities in Maharashtra and Karnataka.

Sula Vineyards IPO will be the first ever public offering by a pure play wine manufacturer from India and the second filing in recent weeks by a player from the alcohol and spirits sector: Allied Blenders & Distillers filed the DHRP (draft red herring prospectus) with Sebi last month.