Domestic wine maker Sula Vineyards receives SEBI nod for IPO

Sula Vineyards on November 7 said it has received the nod from the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO).

The company had filed the draft papers for the public offering in July this year.

"The issue with a face value of Rs 2 per equity share is a complete offer for sale (OFS) aggregating to 25,546,186 equity shares," a press release issued by Sula Vineyards stated.

Sula Vineyards had clocked a profit of Rs 52.14 crore in the fiscal year 2021-22, as against Rs 3.01 crore recorded in the previous year. The company's revenue from operations had increased from Rs 417.96 crore in FY21 to Rs 453.92 crore in FY22.