Fresh Vine Wine, which produces low carb, low calorie premium wines in the US, announced terms for its IPO on Monday.
The Plymouth, MN-based company plans to raise $21 million by offering 2.2 million shares at a price range of $9 to $10. At the midpoint of the proposed range, Fresh Vine Wine would command a market value of $116 million.
Fresh Vine Wine states that it is a premier producer of “better for you” low carb, low calorie premium wines in the US. The company crafts and bottles all of its wines in Napa Valley, offering varietals including Cabernet Sauvignon, Chardonnay, Pinot Noir, and Rosé. It expects to introduce a limited Reserve Napa Cabernet Sauvignon in 2022 and further expand its portfolio of product offerings in the future. Among the company's co-founders are celebrities and business partners Nina Dobrev and Julianne Hough.
Fresh Vine Wine was founded in 2019 and booked $1.1 million in sales for the 12 months ended September 30, 2021. It plans to list on the NYSE American under the symbol VINE. Oak Ridge Financial and Boustead Securities are the joint bookrunners on the deal.
