Truett-Hurst raised $14.1 million for the Healdsburg wine company, after expenses, from its initial public stock offering last week, the company announced Tuesday.
The company sold 2.7 million shares of stock to the public at $6 a share. Its stock, which began trading on the Nasdaq last Thursday under the symbol “THST,” was trading at $5.80 a share midday Tuesday.
Proceeds from the stock sale will be used to pay down debt, increase working capital, hire employees and other corporate purposes.
The company generates about 75 percent of its sales from custom labels produced for Trader Joe's, Safeway and Total Wine & More. It also sells wine under its Truett-Hurst, VML, Healdsburg Ranches and Bradford Mountain labels.