Sula IPO: How Rajeev Samant started one of India’s cult wine brands

Sula Vineyards Limited's initial public offering (IPO) will begin on Monday (December 12) and will remain open for bidding until Wednesday (December 14, 2022). As it is ready for an IPO, let’s understand how Rajeev Samant, the founder and CEO of Sula Vineyards, started his journey of making the company India’s largest winemaker and seller.

Rajeev Samant founded Sula Vineyards in 1999. He returned to India after studying at Stanford University and working at Oracle in California for a few years with the intention of starting his own business. That same year, he decided to get into the wine business after visiting his family's land in Nashik and discovering that the city had the ideal climate for growing wine grapes.

With his curiosity piqued, Rajeev spent three months at a small winery in California owned by his friend and mentor, Kerry Damskey, who is now Sula's Master Winemaker. Working at the frontline of wine production gave him an inside look into the world of wines. In 1996, Samant established Sula Vineyards, with several other wineries in India following suit over the next decade.

The name "Sula" was derived from his mother's name, 'Sulabha'. This was a wine that took pride in being Indian, being the first company in the country to use an Indian logo.

Samant, who has been deeply influenced by his travels and personal values, is a firm believer in environmental stewardship and sustainable business practices.

Under his leadership, Sula has become one of the world's most sustainable wineries, with over 2MW of installed solar PV capacity covering more than 60 per cent of our annual energy needs. In 2019, Sula Vineyards became the first Asian Winery (excluding China) to sell 1 million cases Of domestically produced wine in a 12-month period, as per the website of company.

The company plans to raise Rs 960.35 crore from its upcoming IPO, and it has set the price range of its public offering at between Rs 340 and Rs 357 per equity share. The issue is purely an offer for sale (OFS) in nature.