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Shares of Sula Vineyards on Thursday made a tepid market debut, listing with a premium of just over 1% on the NSE, against the issue price of Rs 357.

The stock listed at Rs 358, marginally higher by 0.27% from the issue price on the BSE. It later hit a high of Rs 363.40 and low of Rs 339.

At the NSE, it made its debut at Rs 361, climbing 1.12%, hit a high of Rs 363.3 and low of 338.6.

Currently the stock is trading at Rs 343.90 at NSE and Rs 343.30 at BSE

The company commanded a market valuation of Rs 2,920.01 crore on the BSE.

The initial public offer (IPO) of Sula Vineyards was subscribed 2.33 times last week.

Sula Vineyards’ IPO is an offer for sale (OFS) aggregating to 26,900,532 equity shares by the promoter, investors, and other shareholders. Those offloading shares through the OFS route are the promoter, founder, and CEO Rajeev Samant, and investors such as Cofintra, Haystack Investments Limited, Saama Capital III, Ltd, SWIP Holdings Limited, Verlinvest SA, and Verlinvest France SA.

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.

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.