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Vintage Wine Estates began trading on the Nasdaq exchange on Tuesday as the Santa Rosa-based company became the latest local wine company to raise money with a stock sale.
Vintage Wine announced an IPO of nearly $700 million in February, with the company’s stock trading under the ticker symbol VWE. It opened Tuesday at $11.64 a share and closed at $12.60.
The company owns BR Cohn Winery in Glen Ellen and Clos Pegase Winery and Vineyards in Calistoga, one of 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 fund more purchases as the M&A market has picked up this year with more consolidation in the industry in the wake of the coronavirus pandemic.
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