Verlinvest was a Private Equity which needs exit and IPO is exactly done for that. Moreover Sula is selling an aspiration, dream and experience and this will always command a premium.
Apart from Verlinvest, as in the image others have only increased while the share price was falling.
It depends on how you look at it, a alcoholic beveraage or a hospitality company. Moreover their business is all about strong value chain and distribution.
IMO, it may not give returns in the near term and consolidate longer but it has margin of safety much like Sona BLW.
Good luck and Happy Investing
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