HEALDSBURG -- Truett-Hurst, Inc. (Nasdaq CM: THST) on Tuesday said it closed its initial public offering of stock and had net proceeds of $14.1 million.
Those proceeds, net of fees and expenses related to the IPO, were being used to purchase ownership in Healdsburg-based wine producer H.D.D., LLC. The wine company, in turn, will use that money to pay down its credit facility, for working capital, capital spending and hiring.
In the stock prospectus a week ago, Truett-Hurst said it looked to raise $21.6 million in the IPO of 2.7 million shares, which would be more than $8 a share, before IPO costs.
The stock started trading at $5.94 a share Wednesday. The closing price per share Tuesday was $5.85, up 5 cents.
W.R. Hambrecht + Co. led the IPO, made through its OpenIPO auction-based process. CSCA Capital Advisors, Feltl and Company and Sidoti & Company were co-managers for the offering.