Winc, which sells premium branded wines primarily to monthly subscribers, postponed its IPO on Thursday. It had filed to raise $75 million by offering 5 million shares at a price range of $14 to $16.
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.
The Santa Monica, CA-based company was founded in 2011 and booked $71 million in sales for the 12 months ended June 30, 2021. It had planned to list on the NYSE under the symbol WBEV. BofA Securities, Canaccord Genuity, Craig-Hallum Capital Group, and Roth Capital were set to be the joint bookrunners on the deal.
