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Winc Wine Subscription postpones its debut on the stock market

 


Santa Monica-based wine merchant Winc has postponed his expected debut on the New York Stock Exchange.


The IPO was scheduled for this week, valuing the company at approximately $ 263 million. Instead, he was pushed back to an unknown later date, a NYSE spokesperson confirmed on a call with dot.LA. As of Friday afternoon, Winc’s expected ticker symbol “WBEV” was still reserved in the exchange system, the spokesperson said. Winc did not respond to a request for comment.

Winc offers a wine subscription service tailored to buyers’ pallets. Through collaborations with wineries and other brands, the company said it aims to produce up to 10 new brands of wine per year, according to a SEC file published last week.

Winc aimed to sell five million shares priced between $ 14 and $ 16, which would have grossed around $ 80 million. It also offered its underwriters additional shares worth approximately $ 12 million.

As the pandemic closed the storefronts, Winc saw the benefits of a boom in online sales. Between subscriptions and deals with wholesalers, the company claims to have sold more than 430,000 cases of wine in 2020, up 80% from the previous year.

But while this global catastrophe seems to have helped Winc, another crisis poses a threat to both the company and the wine trade at large.

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