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Shares of Nashik-based Sula Vineyards, India’s largest wine producer and seller, debuted on stock exchanges at a 4 premium, at ₹361, compared to the issue price of ₹357. After opening at a premium at 10:11 a.m., the company’s shares fell more than 3% to ₹345.80.
Earlier this month, grey market trends suggested that the company’s shares could list at a discount of up to ₹15, eroding the premium of up to ₹60 from earlier this month. GMP is the unofficial market premium at which IPO shares are traded before they are listed on stock exchanges.
According to BSE data, Sula Vineyards has a market capitalisation of ₹3,014 crore.
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