(Wines&Vines) - Truett Hurst Inc. wine company sold 2.7 million shares of its Class A common stock to the public at $6 per share June 20, then saw the stock price dip as low as $5.30 before settling around $5.80.

The stock is traded on the Nasdaq Capital Market under the symbol “THST.” The stock raised $14.1 million, far less than was anticipated when the company announced its plans to sell 2.9 million shares at a price of $11-$15 in late March ($32 to 45 million).

This marks the first initial public offering for a North Coast wine company in 13 years. Crimson Wine Group (parent of Pine Ridge, Archery Summit, Chamisal Vineyards and Seghesio Family Vineyards) was recently spun off as a public company, however.

Truett Hurst intends to use the net proceeds from the offering to pay down debts estimated at $2.5 million according to a report June 7 by small-cap underwriting and research firm Sidoti & Co. LLC, which co-managed the IPO, for working capital including buying wine and packaging material, capital expenditures, hiring additional personnel and for general corporate purposes.

The initial proposal called for executives and directors to sell stock, but they held back about 200,000 shares in the final offering. Those individuals still hold controlling interest with 40% of the stock by value and 60% of the voting power. Truett Hurst’s total revenues during fiscal year 2012, ending June 30, were $12.7 million, a 135% increase from $5.4 million during fiscal year 2011.