A Winc representative did not respond to requests for comment on the reason for postponement or the new date for its first day of trading. The company originally planned to go public this week under the symbol WBEV, offering 5.75 million shares total priced between $14 and $16 a share with the goal of raising $92 million.
The offering gave the company a valuation of $263 million.
Winc was founded in 2011 and found success amid the pandemic, claiming that its case volume sold jumped around 80% in 2020 with the sale of over 430,000 cases, according to filings with the Securities and Exchange Commission. With more than 120,000 subscribers, Winc claims to be one of the fastest growing wineries at scale in the U.S.
Winc's main source of revenue is its five main wine brands. The company also plans to launch 10 more this year, according to the filing.
But Winc has struggled financially, reporting losses of $7 million and revenue of $64.7 million in 2020, compared to losses of $8 million and revenue of $36.4 million in 2019.
The company also estimates that its third-quarter 2021 losses were $6 million with nearly $19 million in revenue, compared to losses of $1.3 million and revenues of $14.5 million in the the third quarter of 2021.
