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India's largest winemaker generates robust demand in IPO

Sula Vineyards has been tapping growing appetite for its products

Bottles of Sula wine on display at a liquor store in Mumbai.   © Reuters

BENGALURU -- An initial public offering by India's largest winemaker, Sula Vineyards, has uncorked robust demand from investors betting that appetite for the company's tipples is set to grow in a nation where alcohol sales have long been dominated by beer and whiskey.

The three-day IPO, which aimed to raise 9.6 billion rupees ($116 million), was 2.3 times oversubscribed after wrapping up on Wednesday, according to data filed with the Bombay Stock Exchange. Retail investors subscribed to 1.6 times their quota, while qualified institutional buyers such as foreign investors and mutual funds booked four times their allotment, with non-institutional buyers such as companies reaching 1.5 times.

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