Vinomofo exploring public listing, founder steps aside as CEO
Online wine retailer Vinomofo is reportedly gearing up to become the next retailer to launch on the ASX, and has signed on KPMG to investigate an IPO which could see the business valued at up to $300 million, according to SMH.
Founder Justin Dry is stepping down from his role as chief executive as part of the shift, and will be replaced by chairperson Paul Edginton. Dry will be focused on innovation within the business rather than running the day-to-day operations.
According to Dry, the market is welcoming to e-commerce retailers publicly listing at the moment, largely due to the increased sales and relevance to most Aussies seen during the pandemic.
“People that were using us a little bit used us more, and those people that hadn’t used us tried us,” Dry told SMH.
“We see it as an enduring and permanent shift in the majority so we’re really excited about where online wine is at the moment.”
In a post on Linkedin, Dry said Vinomofo has gotten large enough that it deserves to have someone committed to the CEO role – something he isn’t naturally good at.
“I couldn’t be happier to be working alongside Paul, it’s been something we’ve talked about for a long time and I know we will make a great team,” Dry said.
Edginton, who has been with the business for a year and a half, said the business is stepping out of an innovative, startup phase and is entering a phase of maturity and expansion.
“I think a public listing is one of the options available to us,” Edginton told AFR.