Sula Vineyards IPO Subscribed 59% On Day 2
The IPO was subscribed 0.59 times, or 59%, as of 5:00 p.m. on Dec. 13.
The demand for the initial public offering of India's largest winemaker, Sula Vineyards Ltd., was spearheaded by retail investors on its second day of subscription.
The Rs 960.3-crore IPO, which includes an offer for sale of 2.69 crore shares by the promoter group and selling shareholders, was subscribed 28% on the first day of its subscription.
The price band stands in the range of Rs 340–Rs 357 per share.
Post the offer, the promoters and the promoter group will hold 27.3% of the post-offer issued and the paid-up equity stake.
The offer for sale comprises 31.95% of the post-offer equity capital in the IPO.
According to a BSE circular, Sula Vineyards allotted 80.7 lakh equity shares at Rs 357 per share to anchor investors ahead of the initial stake sale. This aggregates to Rs 288.09 crore.
Meanwhile, the company will not receive any proceeds from the offering, it said in its red herring prospectus.
Subscription Status: Day 2
The IPO was subscribed 0.59 times, or 59%, as of 5:00 p.m. on Dec. 13.
Institutional investors: 0
Non-institutional investors: 0.45 times
Retail investors: 0.99 times