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The Duckhorn Portfolio, Inc. Announces Pricing of Initial Public Offering

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The Duckhorn Portfolio, Inc. ("Duckhorn") today announced the pricing of its initial public offering of 20,000,000 shares of its common stock to the public, with 13,333,333 shares being offered by Duckhorn and 6,666,667 shares being offered by its existing stockholder at a public offering price of $15.00 per share. The shares are expected to begin trading on the New York Stock Exchange on March 18, 2021 under the ticker symbol "NAPA."

The offering is expected to close on March 22, 2021, subject to the satisfaction of customary closing conditions.

In addition, the underwriters have been granted a 30-day option to purchase up to an additional 3,000,000 shares of common stock from Duckhorn’s existing stockholder at the initial public offering price, less underwriting discounts and commissions. Duckhorn will not receive any proceeds from any sale of shares by the existing stockholder.

J.P. Morgan, Credit Suisse and Jefferies are acting as joint lead book-running managers and as representatives for the proposed offering. Barclays, BofA Securities, Citigroup, Evercore ISI and RBC Capital Markets are also acting as book-running managers for the proposed offering. Academy Securities, Ramirez & Co., Inc. and Siebert Williams Shank are also acting as co-managers for the proposed offering. The proposed offering will be made only by means of a prospectus.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on March 17, 2021. This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Copies of the preliminary prospectus, may be obtained from: J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by telephone at 866-803-9204 or by email at prospectus-eq_fi@jpmorganchase.com; Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, NC 27560 or by telephone at 800-221-1037 or by email at usa.prospectus@credit-suisse.com; or Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, New York 10022 or by telephone at (877) 821-7388 or by email at Prospectus_Department@jefferies.com.

About The Duckhorn Portfolio, Inc.

The Duckhorn Portfolio is the premier producer of luxury wines in North America. The acclaimed Duckhorn Portfolio includes Duckhorn Vineyards, Decoy, Paraduxx, Goldeneye, Migration, Canvasback, Calera and Kosta Browne, each with its own dedicated winemaker.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210317005920/en/

Contacts

Media Contact:
Jessica Liddell, ICR
DuckhornPR@icrinc.com
203-682-8200

Investor Contact:
Chris Mandeville, ICR
DuckhornIR@icrinc.com
203-682-8304