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The Duckhorn Portfolio Files For U.S. IPO

Mar. 01, 2021 2:25 PM ETThe Duckhorn Portfolio, Inc. (NAPA)2 Comments


  • The Duckhorn Portfolio has filed to raise investment capital in what may be a $300 million IPO.
  • The firm produces and sells luxury still wines in the United States and internationally.
  • NAPA has performed impressively through the COVID-19 pandemic and appears positioned to continue its growth trajectory.
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Quick Take

The Duckhorn Portfolio (NYSE:NAPA) has filed to raise $100 million in an IPO of its common stock, according to an S-1 registration statement.

The firm produces and markets luxury wines in the U.S. and more than 50 countries worldwide.

NAPA has performed impressively during the COVID-19 pandemic and I look forward to learning more about the IPO’s pricing and valuation assumptions.


Saint Helena, California-based Duckhorn was founded to own vineyard production facilities and produce wines ranging from $20 to $200 per bottle, originally bringing the Merlot varietal to prominence.

Management is headed by president, Chairman and CEO Alex Ryan, who has been with the firm since the early 1990's when he began with the firm as Vineyard Manager.

Below is a brief overview video of Duckhorn Vineyards:

Source: ABC7 News Bay Area

The firm says it is the 'eleventh largest wine supplier by sales value overall in the United States.'

Duckhorn has received at least $536 million from investors including private equity firm TSG Consumer Partners.

Customer Acquisition

The firm sells its wines direct-to-consumer as well as through a network of wine distribution companies in the U.S. and abroad.

Duckhorn operates under ten different wine brands and sells both through a direct-to-consumer model as well as through retail accounts and the above-mentioned distributor network.

Selling, G&A expenses as a percentage of total revenue have been dropping significantly as revenues have increased, as the figures below indicate:

Selling, G&A

Expenses vs. Revenue



Three Mos. Ended Oct. 31, 2020


FYE Ended July 31, 2020


FYE Ended July 31, 2019


Source: Company registration statement

The Selling, G&A efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Selling, G&A spend, rose sharply to 1.1x in the most recent

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This article was written by

Donovan Jones profile picture

Donovan Jones is a research specialist with 15 years of experience identifying opportunities for IPOs and software companies.

He also leads the investing group

IPO Edge

which offers: actionable information on growth stocks through first look S-1 filings, previews on upcoming IPOs, an IPO calendar for tracking what’s on the horizon, a database of U.S. IPOs, and a guide to IPO investing to walk you through the entire IPO lifecycle - from filing to listing to quiet period and lockup expiration dates.

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Comments (2)

It will be fun to research this IPO by tasting some of their wines.
Cambridge STR profile picture
I'm in. I'll buy shares as soon as I can.
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