Wine business Vinomofo is seeking to cash in on investor appetite for online retailers and COVID-19 proof businesses with a sharemarket float that could value it at more than $300 million.

It is expected to be compared to pure play Australian online retailers Kogan.com and Temple & Webster Group, whose shares have both been heavily bought by investors in recent months to be trading at 3 and 3.7-times forward revenue respectively.
Vinomofo was set up in 2007 in the garage of brothers-in-law and wine lovers Justin Dry and Andre Eikmeier, and launched in 2011.
The two co-founders each retain 20 per cent of Vinomofo, however Eikmeier is now focused on his Adelaide-based GOOD Agency, which helps businesses develop their brand, culture and vision.
The company’s ownership register expanded significantly in 2016 when it raised $25 million from Blue Sky Venture Capital to help fund its ambitious expansion plans. That stake is now controlled by Oaktree Capital Management.
Vinomofo joins a growing IPO pipeline, which is particularly heavy with online consumer based businesses.
Other float contenders include tradie bookings website Hipages, UK telehealth business Doctor Care Anywhere,non-bank lenders Plenti, and Zebit, cash back scheme Cash Rewards, furniture maker and retailer Fantastic Furniture, and fintech ThinkMarkets.
It remains to be seen whether Vinomofo – and the other contenders – make it to the ASX-boards this year. Wider equity capital market conditions and investors’ risk appetite is likely to play a big part in the listing plans.
For now, though, the IPO window is wide open for these types of businesses. The question is whether the companies and their bankers can get offer documents ready and be in front of investors before sentiment changes.