Narasella, the first wine company to be listed on the KOSDAQ market, is trading below its public offering price on its first day of trading.
As of 10:09 AM on the 2nd, Narasella is trading at 18,410 KRW, down 5.59% from its opening price. On this day, Narasella's opening price was set at 19,000 KRW, which is lower than the public offering price.
During the initial public offering (IPO) process, Narasella faced controversy over overvaluation. Initially, it included luxury companies such as Louis Vuitton Mo?t Hennessy (LVMH) in its peer group and set the desired public offering price range between 22,000 KRW and 26,000 KRW. Following the overvaluation controversy, it lowered the price range and amended the securities registration statement.
In the institutional investor demand forecast, Narasella showed a competition rate of 178.47 to 1, confirming the public offering price at the lowest end of the desired range (20,000 KRW to 24,000 KRW), which was 20,000 KRW. However, in the general investor demand forecast, it failed to attract interest with a single-digit competition rate of 4.84 to 1.
Meanwhile, Narasella is a wine import specialist company established in 1990. It exclusively supplies Chile's 'Montes Alpha' wine domestically.
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