Jarden tapped for Vinomofo IPO
Online wine retailer Vinomofo’s float plans are out of the bottle.
Vinomofo was set up in 2007 in the garage of brothers-in-law and wine lovers Justin Dry and Andre Eikmeier, and launched in 2011.
As revealed by Street Talk, the 10-year old business has mandated investment bank Jarden Australia to help prepare it for an initial public offering and ASX listing, to launch in the first half of this year.
It is understood the company would seek to raise between $100 million and $150 million for the IPO, which would imply a $250 million-odd market capitalisation.
This column also first reported that Vinomofo was eyeing off the ASX boards in August last year, when it had Macquarie Capital’s bankers at hand to handle the float.
However, a bit has changed since then.
Not only has Jarden subbed in for Macquarie, but Vinomofo has a new CEO in Paul Edginton, who was the chairman of its board before stepping into the chief executive role in January this year.
Former CEO, co-founder and 20 per cent owner Justin Dry moved into a newly-created chief entrepreneur position as part of the change.
The company also drafted in two new board members; Hotel Property Investments director Giselle Collins and former chief executive of national broadband company Internode Patrick Tapper.
Vinomofo is also understood to have grown its customer base from about 70,000 halfway through last year, to 77,000.
The company is one of the bigger players in Australia’s $325 million a year online wine market and sources its bottles from about 150 wine producers globally. It was set up in 2007 in the garage of brothers-in-law and wine lovers Dry and Andre Eikmeier, and launched in 2011.
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