Drake Swaps Hennessy for Whiskey in IPO of His Liquor BusinessBy
R&B phenom and rapper Drake might have had “One Dance” with a Hennessy in his hand, but now he’s betting on his very own brand of whiskey.
Drake, in collaboration with spirits producer Brent Hocking, plans to launch an initial public offering of the artist’s liquor company, Virginia Black. The whiskey is distributed by Proximo Spirits Inc., which also counts brands like Jose Cuervo tequila, 1800 tequila and Bushmills whiskey in its portfolio.
Virginia Black aims to raise as much as $30 million, according to a statement Thursday. The offering is expected to begin at the end of the first quarter with TriPoint Global Equities LLC acting as the bookrunner.