Duckhorn Portfolio Inc.'s NAPA, +16.90% public life got off to a flying start Thursday, as the stock opened 24% above its initial public offering price. The Napa Valley winery said 20.0 million shares were sold in the IPO, 13.3 million shares directly from the company and the rest by selling shareholders. The first trade was at $18.60 at 11:41 a.m. Eastern for about 1.8 million shares.
The IPO priced overnight at $15 a share, in the middle of the expected range of between $14 and $16 a share, as the company raised $200.0 million and was valued at about $1.73 billion. The stock has since the open pared some gains to trade up 21.5% at $18.22, valuing the company at $2.09 billion. The company's opening gains came on a day that the Renaissance IPO IPO, -2.75% dropped 2.3% in midday trading, while the S&P 500 SPX, -0.51% declined 0.3%.
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