Sula Vineyards shares make tepid market debut; settle nearly 8% lower

Shares of Sula Vineyards on Thursday made a tepid market debut and ended nearly 8 per cent lower against the issue price of Rs 357.

The stock was listed at Rs 358, marginally higher by 0.27 per cent from the issue price on the BSE. During the day, it hit a high of Rs 363.40 and low of Rs 328.60. Shares of the company finally ended at Rs 331.15 apiece, a decline of 7.24 per cent.

On the NSE, it made its debut at Rs 361, climbing 1.12 per cent. The stock settled at Rs 329.90 per share, lower by 7.59 per cent.

The company commanded a market valuation of Rs 2,788.24 crore on the BSE.

In volume terms, 4.23 lakh shares were traded on the BSE and 80.73 lakh shares on the NSE during the day.

The initial public offer of Sula Vineyards got subscribed 2.33 times last week.

The Rs 960.35-crore initial share-sale had a price range of Rs 340-357 a share.

The company distributes wines under a bouquet of popular brands such as Sula (its flagship brand), RASA, Dindori, The Source, Satori, Madera & Dia.

Currently, it produces 56 different labels of wines across 13 distinct brands at its four owned and two leased production facilities located in Maharashtra and Karnataka.