Virgin Wines UK PLC (LON:VINO) went down like a fine claret as trading on AIM got underway in the online wine retailer.
Shares jumped to 228p, a 16% premium to a 197p placing ahead of the IPO that saw existing shareholders net just shy £35mln and the company raise £13mln in new money.
Jay Wright, chief executive, said: "Today marks a truly exciting day in the history of Virgin Wines.
" Our successful IPO and admission to AIM represent a significant new chapter in the Group's long-term development.
"We have enjoyed strong, consistent growth leading to the Group delivering more than one million cases of wine to our customers during 2020. We have a clear strategy to continue this growth over the coming years which is underpinned by the strength of our customer proposition as well as the benefit of many positive consumer trends."
The firm, which has around 147,000 paying subscribers, is the latest in a string of well-received floats of businesses that have prospered due to lockdown including card and gift group MoonPig and online auctioneer ATG.
The online wine retailer licenses the Virgin brand from Richard Branson’s Virgin Group and following the IPO is 36.1% owned by Mobeus Equity Partners with senior management having a 20.3% stake.