Truett-Hurst, Inc., the Healdsburg winery that announced plans to go public in April, today set the pricing of its initial public offering (IPO) at $6.00 a share, for 2,700,000 shares of its Class A common stock.
The shares will be listed on the Nasdaq Capital Market beginning on June 20, 2013 and will trade under the symbol “THST.” The offering is expected to close on June 25, 2013.
When they announced plans to go public three months ago, company spokesmen said they hoped to sell $42 million worth of stock at between $11 – $15 per share.
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Truett intends to use the net proceeds from the offering to pay down amounts owed under its credit facility, for working capital, capital expenditures, hiring additional personnel and for general corporate purposes.
Truett-Hurst, headquartered and with a tasting room on Dry Creek Road in Healdsburg, is a fast-growing super-premium and ultra-premium wine sales, marketing and production company based in the Dry Creek and Russian River Valleys of Sonoma County. Truett is recognized for their work in private label development and the Truett-Hurst, VML, Bradford Mountain, and Healdsburg Ranches brands.
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Truett is an “emerging growth company” as defined in the JOBS Act, and following the public offering will take advantage of certain exemptions from various reporting requirements applicable to other public companies.
W.R. Hambrecht + Co., LLC is leading the offering, which was made through its OpenIPO auction-based process that opens participation to all investors. CSCA Capital Advisors, LLC, Feltl and Company, Inc. and Sidoti & Company, LLC are serving as co-managers for the offering.
Copies of the preliminary prospectus related to the offering may be obtained from WR Hambrecht + Co at (415) 551-8606 or by contacting ssmith@wrhambrecht.com.
To learn more about Truett, please visit www.truetthurst.com.
