Shares of Sula Vineyards on December 22 were listed at Rs 361, a bit higher than the issue price of Rs 357 and hit an intraday high of Rs 363.3. However, it immediately dipped below the issue price.
The weak market conditions and tepid subscription response to the IPO seem to have dented sentiment at Sula's desk. The benchmark indices have shed 4 percent from new record highs hit on December 1.
The stock settled the first-day trade at Rs 331, down 7.23 percent against the issue price on the NSE, while the closing price on BSE was Rs 331.15.
In terms of volumes, Sula Vineyards traded with 80.73 lakh shares on the NSE, and 4.22 lakh shares on the BSE.
The country's largest wine producer launched its initial public offering last week and raised Rs 960 crore. It was entirely an offer-for-sale issue, which was another reason for muted response to its IPO.
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The price band for the offer was Rs 340 - Rs 357 per share.
It was the third listing in the last month of the calendar year 2022, after Dharmaj Crop Guard, and Uniparts India.
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