The Duckhorn Portfolio, which produces and distributes luxury wine in North America, announced terms for its IPO on Wednesday.
The Saint Helena, CA-based company plans to raise $300 million by offering 20 million shares (33% insider) at a price range of $14 to $16. At the midpoint of the proposed range, The Duckhorn Portfolio would command a fully diluted market value of $1.8 billion.
Based in Napa Valley, Duckhorn produces and sells a portfolio of luxury wines in all 50 states and over 50 countries at prices ranging from $20 to $200 per bottle, distributing brands that include Duckhorn Vineyards, Decoy, Kosta Browne, Goldeneye, Paraduxx, Calera, Migration, Canvasback, Greenwing and Postmark. The company also operates eight state-of-the-art wineries and 22 sustainably farmed Estate vineyards, that span a total of 843 acres. According to IRI, The Duckhorn Portfolio is the largest pure-play luxury wine supplier and the eleventh largest wine supplier by sales value overall in the US for the twelve months ended October 4, 2020.
The Duckhorn Portfolio was founded in 1976 and booked $296 million in sales for the 12 months ended January 31, 2021. It plans to list on the NYSE under the symbol NAPA. J.P. Morgan, Credit Suisse and Jefferies are the joint bookrunners on the deal. It is expected to price during the week of March 15, 2021.
