Winc, which sells premium branded wines primarily to monthly subscribers, raised $22 million by offering 1.7 million shares at $13, within the range of $12 to $14. The company offered 0.2 million more shares than anticipated. It originally planned to offer 5 million shares at a range of $14 to $16 before postponing in October, and then slashing the offering earlier this month.
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 plans to list on the NYSE American under the symbol WBEV. Spartan Securities and Revere Securities acted as joint bookrunners on the deal.
