Santa Rosa wine company begins trading on Nasdaq
Vintage Wine Estates began trading on the Nasdaq exchange Tuesday as the Santa Rosa-based firm became the latest local wine company to raise money with a stock sale.
Vintage Wine in February announced an initial public offering of nearly $700 million with the company’s stock being traded under the ticker symbol VWE. It opened at $11.64 per share on Tuesday and closed at $12.60.
The company owns B.R. Cohn Winery in Glen Ellen and Clos Pegase Winery and Vineyards in Calistoga among the 50 brands in its portfolio.
Vintage Wine Estates follows the IPO of The Duckhorn Portfolio in Napa, which began trading on the New York Stock Exchange in March. Both companies went public to help finance more purchases as the mergers-and-acquisitions marketplace has picked up this year with increased industry consolidation in the aftermath of the coronavirus pandemic.