(AllHipHop News) Music superstar Aubrey Drake Graham and entrepreneur Brent Hocking announced their intention to file an initial public offering for the Virginia Black whiskey brand. The IPO is expected to begin at the end of 2018's first quarter.
"Virginia Black is the perfect combination of exceptionally good juice in exquisite packaging at an accessible price. From inception, we wanted everyone to enjoy Virginia Black and are pleased to extend the opportunity to millions of Americans and other investors around the world to become part of the Virginia Black family," said Founder/CEO Hocking, n a statement.
The company is seeking to raise up to $30 million in its IPO. Virginia Black intends to use the proceeds from the offering to finance domestic/international expansion, sales, and marketing as well as fund working capital and other general corporate purposes. TriPoint Global Equities is collaborating with its online division BANQ to act as the lead managing selling agent and bookrunner.
"I am thrilled that Virginia Black is embarking on this offering. TriPoint has been a pioneer and leader in IPOs for years and has developed a methodology that allows issuers and brands to reach a large audience of both investors and customers," said TriPoint CEO Mark Elenowitz. "Virginia Black leads us into exciting new territory where Main Street meets Wall Street, giving millions of fans worldwide the opportunity to be a part of Drake's success."
Virginia Black launched a national commercial campaign on November 19, 2017, which aired on CBS, ABC, TNT, and other networks during NFL, NBA, and holiday season programming. An ad for the premium Bourbon whiskey also appeared on Drake's Instagram page. It features the OVO Sound leader's father Dennis Graham and model Nicole Murphy.