Sula Vineyards, whose Rs 960.35-crore IPO is underway, could rally 60 per cent post listing in a bull case scenario said Ventura Securities in its latest IPO note. In a bear case however, it sees a 44 per cent potential downside over the upper end of the price band. Ventura’s base case price target of Rs 411 suggests a 15 per cent potential upside.
Sula Vineyards is the market leader across all four price segments (Elite, premium, economy and popular) and also the market leader across all the wine variants namely red, white and sparkling wines. Sula’s business is broadly classified under two categories. The first is wine production, the import of wines and spirits, and the distribution of wines and spirits. Besides, it is engaged in sale of services from ownership and operation of wine tourism venues, including vineyard resorts and tasting rooms.