India's largest winemaker Sula Vineyards made a muted market debut on Thursday
The Sula Vineyards scrip was listed at Rs 361 on NSE, a 1.12 per cent premium over its issue price of Rs 357
On BSE, the stock debuted at Rs 358, up 0.28 per cent. This was against hopes of a negative listing, as suggested by the grey market premium
Sula Vineyards stock ended 7.82% or Rs 28.40 lower at Rs 329.10 to the IPO price on the BSE. On NSE, the stock of the winemaker closed 7.69% or Rs 27.45 lower at Rs 329.55 on Thursday
The scope for handsome listing gains is limited, Sharekhan said in its IPO note on Sula Vineyards. The brokerage had advised investors to look at the stock in case of weakness post its listing
Pravesh Gour, Senior Technical Analyst at Swastika Investmart said investors, who applied for the Sula Vineyards IPO for listing gains, may maintain stop loss at Rs 350 and wait for further upside till Rs 380
The Rs 960-crore IPO was held from December 12 to December 14 and was subscribed 2.33 times in the three-day bidding process, mainly led by qualified institutional buyers (QIBs)
The quota reserved for QIBs was subscribed 4.13 times; the one reserved for non-institutional buyers received 1.51 times bids while the retail quota was subscribed 1.65 times
Sula produces 56 different labels of wine at four owned and two leased production facilities located in Maharashtra and Karnataka
The stock mentioned in the story is for information purpose only. Investors or market participants should consult their financial advisors before taking any position
Produced by: Aseem Thapliyal
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