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Nov. 29, 2021, 5:37 p.m. EST

Fresh Vine Wine expects IPO to price between $9 and $10 a share

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By Claudia Assis

Fresh Grapes LLC has amended its initial public offering, according to a filing Monday. The company, which does business as Fresh Vine Wine, said it expects to offer 2.2 million shares at between $9 and $10 each. The retailer focuses on low carb, low calorie "premium" wines, with actresses Nina Dobrev and Julianne Hough as two of the company's co-founders. Fresh Vine Wine is positioned to take advantage of a growing "better for you" wine trend based on Dobrev and Hough's popularity, the company said in its prospectus. The two women collectively have a following of about 30 million people on their Instagram platforms alone, "actively promote" the company's wines "and we expect that they will continue to do so pursuant to the agreements we have in place with each of them," Fresh Vine Wine said. "We also enjoy support from several other celebrity influencers who have supported our brand without any agreement to do so," the company said. Fresh Vine Wine plans to list its shares on the New York Stock Exchange under the symbol VINE. It listed a loss of $5.99 a share for the first nine months of this year, which compares with a loss of 93 cents for the same period in 2020.

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