diff --git a/CHANGES.md b/CHANGES.md
index 4d86941..cd54f65 100644
--- a/CHANGES.md
+++ b/CHANGES.md
@@ -1,3 +1,7 @@
+## Changes coming in 0.9.7
+
+* Fix #248 by treating alias as "not a subquery" when generating SQL for it. (@seancorfield)
+
 ## 0.9.6
 
 * Filter `nil` conditions out of `where`/`merge-where`. Fix #246. (@seancorfield)
diff --git a/src/honeysql/format.cljc b/src/honeysql/format.cljc
index 0568ae2..338ab6c 100644
--- a/src/honeysql/format.cljc
+++ b/src/honeysql/format.cljc
@@ -368,7 +368,8 @@
              (if (= :select *clause*) " AS " " ")
              (if (or (string? alias) (keyword? alias) (symbol? alias))
                (quote-identifier alias :split false)
-               (to-sql alias)))))))
+               (binding [*subquery?* false]
+                 (to-sql alias))))))))
 
 (extend-protocol types/Inlinable
   #?(:clj clojure.lang.Keyword
diff --git a/test/honeysql/format_test.cljc b/test/honeysql/format_test.cljc
index f6d1f76..480fd8b 100644
--- a/test/honeysql/format_test.cljc
+++ b/test/honeysql/format_test.cljc
@@ -46,6 +46,10 @@
                  :quoting :mysql))
       "aliases containing \".\" are quoted as necessary but not split"))
 
+(deftest values-alias
+  (is (= ["SELECT vals.a FROM (VALUES (?, ?, ?)) vals (a, b, c)" 1 2 3]
+         (format {:select [:vals.a]
+                  :from [[{:values [[1 2 3]]} [:vals {:columns [:a :b :c]}]]]}))))
 (deftest test-cte
   (is (= (format-clause
           (first {:with [[:query {:select [:foo] :from [:bar]}]]}) nil)