Alcohol subscription service Virgin Wines today confirmed plans to list on the London Stock Exchange next week in a move that will value the company at £110m.
The booze business, which has been a major lockdown winner, will debut on the Aim market on 2 March.
Virgin Wines said it will place 6.6m new ordinary shares and 17.7m existing shares at 197p per share, giving it a total market capitalisation of roughly £110m.
The float is set to raise £13m for the company and £35m for the selling shareholders.
Virgin Wines, which has 169,000 active customers of which 147,000 are subscribers, said the placing was “significantly” over-subscribed.
Following the initial public offering, four venture capital trusts advised by Mobeus Equity Partners will own roughly 36 per cent of the company, while senior management will hold around 20 per cent.
“We are delighted by the strong support we have received from blue-chip institutional investors and that the placing was significantly over-subscribed,” said chief executive Jay Wright.
“Our admission to Aim will provide us with the platform to execute our ambitious growth plans, as we leverage our key strengths to continue to take market share and drive shareholder value.”
Announcing its intention to float earlier this month, Virgin said the off-trade market for wine specialists was estimated to be worth roughty £2.4bn last year.
That figure is expected to grow, buoyed by changing consumer trends such as online shopping, food and drink subscription services and demand for premium products.
Liberum is acting as nominated adviser and sole broker for the listing.