Sula Vineyards IPO
Sula Vineyards Limited (SULA) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 22 December 2022.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain -1.5% (likely range -4% to +6%), day's high +4.6%, chance of a gain 33%. Actual: +1.1% at the open, +1.8% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 53,80,106 | 2,22,40,512 | 4.13x | |
| NII (HNI) total | 40,35,080 | 60,88,446 | 1.51x | |
| Big NII (above ₹10 lakh) | 26,90,053 | 45,39,066 | 1.69x | |
| Small NII (₹2-10 lakh) | 13,45,027 | 15,49,380 | 1.15x | |
| Retail | 94,15,186 | 1,55,07,996 | 1.65x | |
| Total | 1,88,30,372 | 4,38,36,954 | 2.33x |
Bids on NSE and BSE together, as published by NSE, as of 14 Dec 2022, 07:00 PM. Shares offered exclude the anchor portion. 31% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to Sula Vineyards's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| L&T Technology ServicesSep 2016 | 5.01x | 1.03x | 1.75x | 2.53x | ₹894 Cr | +7.0% | +8.3% |
| Prince Pipes and FittingsDec 2019 | 3.54x | 1.21x | 1.89x | 2.21x | ₹503 Cr | -10.1% | -0.1% |
| Paradeep PhosphatesMay 2022 | 3.01x | 0.82x | 1.37x | 1.75x | ₹1,637 Cr | +4.8% | +12.5% |
| eMudhraMay 2022 | 4.05x | 1.28x | 2.61x | 2.72x | ₹411 Cr | +5.5% | +9.0% |
| UTI Asset Management CompanyOct 2020 | 3.34x | 0.93x | 2.32x | 2.31x | ₹2,160 Cr | -9.8% | -4.3% |
| CMS Info SystemsDec 2021 | 1.98x | 1.45x | 2.15x | 1.95x | ₹1,159 Cr | +1.9% | +20.2% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| Kotak Mahindra Capital Company | 83 | +20.8% | 76% |
| CLSA India | 10 | +23.5% | 70% |
| IIFL Securities | 94 | +19.3% | 71% |
Offer documents (NSE)
Frequently asked
What is the Sula Vineyards IPO price band and lot size? ₹340–357 per share, with a lot of 42 shares, so the smallest retail bid is ₹14,994.
How many times has it been subscribed? 2.33x overall: QIB 4.13x, NII 1.51x, retail 1.65x.
How did it list? It opened at ₹361, +1.1% against the issue price of ₹357, and closed its first day -7.2%.
