Sula Vineyards IPO: Dates, price band, 2.33x bids

Overview: what the Sula Vineyards IPO covered

Sula Vineyards, described as India’s largest wine producer, came to the public markets through a main-board IPO that opened on December 12, 2022 and closed on December 14, 2022. The public issue size was about ₹960 crore, with the IPO structured as an offer-for-sale (OFS) by existing shareholders. The company’s shares were listed on both BSE and NSE on December 22, 2022. The IPO’s price band was set at ₹340 to ₹357 per share, with the final issue price at ₹357. For retail bidders, the lot size was 42 shares, translating into a minimum application amount of ₹14,994 at the upper end of the band.

Key issue terms: price band, issue size, and lot size

The IPO consisted of 2,69,00,530 equity shares (26,900,530 shares) with a face value of ₹2 each. The issue was priced via a book-built process. At the upper price band, the IPO was valued around ₹960.35 crore, which aligns with the issue size figures presented across the provided data. The minimum order quantity was 42 shares, and bids could be made in multiples of 42. The offer was to be listed on BSE and NSE.

Offer-for-sale structure and who sold shares

The issue was described as a ₹960-crore public issue and specifically labelled as an OFS by the promoter and “timesinvestors” in one section of the provided text. Another section reiterates that existing shareholders were selling up to 26,900,530 equity shares through the OFS route. Since this was an OFS, the transaction mechanics focused on sale of existing equity rather than a primary capital raise for the company, based on the information provided.

Anchor allocation and intermediaries named in filings

Ahead of the IPO, the company raised ₹288.10 crore from anchor investors, as stated in a regulatory filing referenced in the provided content. The same section adds that 8,070,158 equity shares were decided to be allotted to anchor investors at ₹357 per share. The issue managers named were Kotak Mahindra Capital, CLSA, and IIFL Securities. Kfin Technologies was mentioned as the registrar to the issue.

Subscription journey: day one versus final demand

On the first day of bidding, the IPO saw relatively modest participation. As per BSE data referenced in the text, around 4:45 pm the issue had bids for 5,234,670 equity shares, which was described as 28% of the offered size of 1,88,30,372 equity shares (18,830,372 shares) on offer. Another section adds that the retail portion was subscribed the most on day one at about 48%, with bids for about 4.5 million shares, while the non-institutional portion was subscribed 18% or about 0.73 million shares. Qualified institutional buyers (QIBs) had not submitted any bid so far on that first day, as per the same report.

By the close of the issue, the overall subscription reached 2.328 times as of December 14, 2022 at 19:00. Category-wise subscription figures provided were QIB at 4.1338 times, non-institutional investors at 1.5089 times, and retail individual investors at 1.6471 times. Another line summarised this as 2.33 times, which is consistent with the 2.328 times figure after rounding.

Grey market premium (GMP): what the data points indicate

Grey market indications were mixed in the provided material. One section cites a tentative GMP of ₹10. Another Hindi-language portion mentions a grey market premium of ₹34. Separately, a Moneycontrol-referenced note states the shares were trading at a moderate discount to the expected final issue price of ₹357 in the grey market, with analysts speaking on condition of anonymity. These references indicate that unofficial grey market signals varied across sources and points in time.

Allotment and refunds: the official timeline investors tracked

The basis of allotment for the IPO was finalised on December 19, 2022. Refunds for unsuccessful bidders were scheduled by December 20, 2022, while shares were to be credited to successful investors’ demat accounts by December 21, 2022. The listing date was set for December 22, 2022. Investors were guided to check allotment status either on the BSE website or via the IPO registrar portal by selecting the issue name and entering identifiers such as application number, PAN, or demat details, along with captcha verification.

Listing details and post-listing reference points

The shares listed on BSE and NSE on December 22, 2022. One section reports a listing price of ₹361 with a listing gain of -1.63%. Another line shows listing-day “Open” at ₹358.00. The provided stock reference snapshot also includes a 52-week high of ₹456.00 (dated 11-Dec-2024) and a 52-week low of ₹243.00 (dated 03-Mar-2025), along with an upper band of ₹304.85 and lower band of ₹203.25, and a price band limit shown as 20%.

Key facts table

Timeline and subscription snapshot

Why these details mattered for investors

For investors, the Sula Vineyards IPO presented a clear set of decision points: the price range, minimum lot-based capital required, and how demand evolved across investor categories. The day-one pattern, with retail bids leading and QIB bids absent early on, contrasted with the final tally where QIB participation ended up strongest by category at 4.1338 times. The OFS structure also mattered because it described a sale by existing shareholders rather than a fresh issue, based on the provided description.

Conclusion

Sula Vineyards’ IPO ran from December 12 to December 14, 2022 in a ₹340-₹357 price band, with allotment finalised on December 19 and listing on December 22 on BSE and NSE. The issue closed with total subscription of 2.328 times, and investors tracked refunds on December 20 and demat credits on December 21 as per the stated schedule.