The country’s largest wine producer and seller, Sula Vineyards Ltd, listed on the bourses today at a discount.
The shares of the newly listed company were trading at ₹342.80 per share on the BSE, down over 4%. The stock hit a low at ₹339, and a high of ₹363.40.
On the NSE, the shares of Sula Vineyards were trading at ₹343.15, at a discount of nearly 4% from the issue price.
At 10:20 IST, the stock was trading down over 4% at 341.40 rupees per share on BSE.
On the final day, the Initial Public Offering (IPO) was subscribed 2.33 times. The public offer was subscribed 4.13 time by qualified institutional buyers, 1.65 times by retail investors, and 1.51 times by non-institutional investors.
The public issue of the wine maker opened on December 12 and closed on December 14. The company has set the price band at 340 to 357 rupees per equity share.
The public issue with a face value of ₹2 per equity share is a complete offer for sale of 26,900,530 equity shares by existing shareholders aggregating up to 960.35 crore rupees.
Kotak Mahindra Capital Company Ltd, CLSA India Private Ltd, and IIFL Securities Ltd are the book-running lead managers.
Sula Vineyards Ltd raised ₹288 crore from foreign and domestic anchor investors.
Allotted investors are advised by Prashanth Tapse, Research Analyst, Senior VP Research of Mehta Equities Ltd., to exit on listing day and wait to buy at better, cheaper valuations after listing.
"If investors wish to add this on listing day, conservative investors should better wait, and watch, while risk takers can add and keep it for long term only," added Tapse.
