Virgin Wines confirms £110m float on London’s AIM index

Virgin Wines has confirmed plans to list on the London Stock Exchange’s junior AIM index in a listing worth £110 million.

The online retailer said it has seen “strong support” from investors for the listing, which has been oversubscribed.

Last week, it said it was closing in on a listing at the start of March after it enjoyed booming demand during the pandemic.

Rival Naked Wines has seen its share value soar since the pandemic hit as customers sought to get wine delivered directly to their homes.

Virgin Wines added that it expects to raise £13 million in proceeds as part of its stock market listing.

It said that four venture capital trusts advised by Mobeus Equity Partners will control more than 36% of the business following the float.

Jay Wright, chief executive of Virgin Wines, said: “We are delighted by the strong support we have received from blue-chip institutional investors and that the placing was significantly oversubscribed.

“Our admission to AIM will provide us with the platform to execute our ambitious growth plans, as we leverage our key strengths to continue to take market share and drive shareholder value.

“We welcome our new shareholders to the company and are looking forward to our future as a public company and the opportunities it will bring for everyone involved with Virgin Wines.”