Winemaker Sula To Test India IPO Market After Tech Unicorns Flop

While recession fears have seen new listings grind to a halt this year, Sula Vineyards is currently seeking to go public.

While recession fears have seen new listings grind to a halt this year, one of the few companies currently seeking to go public in Mumbai is testing investor appetite for India's growing wine market.

Sula Vineyards Ltd., which last month filed for an initial public offering, says it has over a 50% share of India's small but rapidly growing wine market.

The 26-year-old company has opened tasting rooms and hosted an annual music festival as part of its effort to make the drink fashionable in a young country with an expanding middle class.

“When Sula entered the market, wine was seen as something aspirational -- for people above 45 years of age,” said Abhay Kewadkar, an independent alcoholic beverage consultant. “They cleverly changed that perspective by targeting younger consumers.”