Winc, which sells premium branded wines primarily to monthly subscribers, lowered the proposed deal size for its upcoming IPO on Tuesday following its postponement in October. In its latest filing, the company also changed its intended listing exchange to the NYSE American from the NYSE, and removed all of its former underwriters.
The Santa Monica, CA-based company now plans to raise $20 million by offering 1.5 million shares at a price range of $12 to $14. The company had previously filed to offer 5 million shares at a range of $14 to $16. At the midpoint of the revised range, Winc will raise -73% less in proceeds than previously anticipated.
Winc states that it is one of the fastest growing at scale wineries in the US. Over the past two years, the company has grown by approximately 80% in case volume sold, with the sale of over 430,000 cases in 2020. Winc has experienced a significant increase in DTC demand due to changes to consumer behaviors related to the COVID-19 pandemic. The company had approximately 120,000 Winc.com members as of June 30, 2021, and a wholesale presence that serviced over 7,700 retail accounts in 2020. Its goal is to continue to grow both the Winc.com member base and expand its wholesale presence to at least 50,000 retail accounts in the next five years.
Winc was founded in 2011 and booked $71 million in sales for the 12 months ended June 30, 2021. It plans to list on the NYSE American under the symbol WBEV. Spartan Securities and Revere Securities are the joint bookrunners on the deal.
