Sula Vineyards, India’s leading wine maker's share sale, was subscribed 0.28 times on the first day of its initial public offering (IPO). Out of the 1.88 crore equity shares up for grabs, 52.34 lakh shares have received bids.
In the retail category, Sula has been subscribed 0.48 times with retail investors having bid for almost 45 lakh equity shares out of the 94 lakh shares reserved for them.
Qualified Institutional Buyers (QIBs), for whom 50 per cent of the shares in the IPO has been reserved, are yet to offer any bids.
Non-Institutional Investors (NIIs), who have a reserved quota of 15 per cent of total shares, have shown a subscription rate of 18 per cent at the end of the IPO’s first day.
The price band for the IPO was fixed at Rs 340-357 per share. In the retail section, more than 90 per cent of the bidders have bid at the cut-off price.
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Also read: Sula Vineyards IPO: Dates, IPO Price Band, GMP, And Other Details Here
Earlier, Sula Vineyards had raised Rs 288 crore from anchor investors that included Abu Dhabi Investment Authority, Goldman Sachs, Ashoka India Equity Investment Trust PLC, Jupiter South Asia Investment Company Ltd, Morgan Stanley Asia and Citigroup Global Markets among others.
In addition to this, shares have also been allocated to domestic funds like Aditya Birla Sun Life Mutual Fund, HDFC Small Cap Fund, SBI Mutual Fund, ICICI Prudential Life Insurance, HDFC Life Insurance, Aditya Birla Sun Life Insurance, and Max Life Insurance.
Broking firms such as Canara Bank Securities, Choice Equity Broking, Anand Rathi Shares, ICICI Direct and Ventura Securities had given a “subscribe” rating to the issue.
The IPO will close on 14 December 2022.
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