Wine Spectator: Duckhorn Debuts On The New York Stock ExchangeMarch 19, 2021
Napa Valley’s Duckhorn Vineyards became a publicly traded company on the New York Stock Exchange yesterday when it began offering 20 million shares of common stock at an initial asking price of $15 a share. Its trading symbol is NAPA. Duckhorn’s IPO makes it the first major wine company to go public since the late 1990s, a move that potentially marks a new chapter in the history of California wine but also points out the challenges of such an endeavor.
“From somewhat humble beginnings it’s hard to believe where we are now,” said Duckhorn CEO and president Alex Ryan. He rang in trading on the exchange floor yesterday, joined by founder Dan Duckhorn. Ryan, who first worked part-time at the winery while in high school, joined Duckhorn full-time in 1988 and took the management reins in 2005. He has seen the company’s ownership change from family and friends to private equity and now a public company.
Duckhorn owns 843 acres of vineyards spread out over 22 sites, and reported $270.6 million in sales and $32.4 million in net income last year. The company has been on a fast sales-growth path over the past six years; the comparable figures for 2015 were $117.5 million in sales with $9.6 million in income, which averages out to an 18% annual growth rate. Wine Spectator has more on what the IPO means for the future of one of California wine’s most recognizable brands. —Kim MarcusSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.