India's largest wine maker Sula Vineyards plans to raise ₹960 crore ($116.46 million) in its initial public offering, Chief Executive Rajeev Samant said on Wednesday.

Shares will be priced between ₹340-357 in the IPO, the first by a wine maker in the South Asian country, which will include the sale of shares by Samant as well as Belgian investment firms Verlinvest and Cofintra SA.

BL Net Desk adds: Sula Vineyards was founded in 1999 by Rajeev Samant, who gave up his job at Oracle in the Silicon Valley to enter this business.

It currently sells wines such as Sula Zinfandel, Sula Cabernet Shiraz, Sula Cabernet Sauvignon, Dia Red, Dia White, Riesling and Sauvignon Blanc apart from a range of imported selections. Its products are also exported to over 25 countries.

In FY22, Sula’s revenue from operations was up 8.3 per cent to ₹456.7 crore from ₹421.53 crore in FY21. In FY20, its revenue stood at ₹521.6 crore. The company saw its net profit at ₹52.1 crore in FY22 compared to ₹3 crore in FY21. In FY20, it reported a loss of ₹15.9 crore.