Oct 13 Reuters - Winc Inc is looking to raise $80 million in an initial public offering in the United States, according to a regulatory filing released Wednesday. The winemaker is targeting a valuation of about $263 million.
Originally launched in 2011 as Club W and later rebranded Winc's portfolio of brands include Lost Poet and Folly of the Beast The company also operates a wholesale channel, besides selling products directly to consumers.
Beginning in March 2020, Winc had seen an increase in demand from consumers mainly due to the coronavirus outbreak as public venues closed due to the outbreak. This forced people to spend more time at home, said Winc in its prospectus.
Winc's main revenue driver is its direct-to-consumer DTC channel, through which the company sells its products online.
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It competes with the likes of Duckhorn Portfolio Inc and Duckhorn Vineyards, the brand owned by Constellations Brands Inc.
BofA Securities and Canaccord Genuity are among the underwriters for the offering, after which Winc expects to list on the New York Stock Exchange with WBEV number.