Tag: ipo

  • Price set at $7 per Share for Ispire Technology IPO

    Price set at $7 per Share for Ispire Technology IPO

    Credit: IQoncept

    Ispire Technology Inc. announced that it has priced its initial public offering of 2,700,000 shares of its common stock offered at a price to the public of $7.00 per share.

    In addition, the company also granted the Underwriters a 45-day option to purchase up to an additional 405,000 shares of common stock to cover over-allotments, according to a press release.

    The shares began trading on the NASDAQ Capital Market on April 4, under the ticker symbol “ISPR.”

    The initial public offering is expected to close on April 6, 2023, subject to the satisfaction of customary closing conditions.

    Proceeds from the offering will be used for:

    • Approximately 35 percent to develop manufacturing operations in Vietnam and the United States;
    • Approximately 25 percent for research and development activities, which include efforts to develop new products and new vaping technology;
    • Approximately 20 percent for the marketing and promotion of the Company’s branded products; and
    • The balance of approximately 20 percent for general administration and working capital.

    US Tiger Securities, Inc. is acting as sole book-running manager for the offering. TFI Securities and Futures Limited and Prime Number Capital, LLC are acting as underwriters for the offering.

    In addition, 1,750,000 shares of common stock may be offered by two selling stockholders pursuant to the prospectus.

    These shares may be sold from time to time by the selling stockholders, who have not engaged any underwriter in connection any sales they may make. The company will not receive any proceeds from sales by the selling stockholders.

    Last year, Shenzhen-based Aspire Global, parent to Ispire, applied to U.S. regulators to withdraw its New York Stock Exchange (NYSE) listing application. 

  • Smok Parent, IVP Technology, Considering Hong Kong IPO

    Smok Parent, IVP Technology, Considering Hong Kong IPO

    Smok is one the most well-known and respected hardware manufacturers in the vaping industry. Now, Shenzhen IVPS Technology, the firm behind the brand Smok, is considering an initial public offering to raise at least $500 million in Hong Kong as soon as next year, people with knowledge of the matter said.

    According to a Bloomberg report, the company is working with a consultant in preparation for a potential share sale, said sources who asked not to be identified as the information is private. The offering could raise between $500 million and $1 billion. Deliberations are at an early stage and details of the potential offering such as timing and size may change, the people said. IVPS didn’t immediately respond to requests for comment.

    Smoore International Holding’s stock (HK: 6969), parent to the Vaporesso, FEELM and CCELL brands, grew by nearly 150 percent on its opening day of trading on the Hong Kong Exchange. However, after China’s Ministry of Industry and Information Technology proposed a draft regulation in March that would apply the same rules for the conventional tobacco industry to the e-cigarette sector, shares of several Chinese e-cigarette companies plunged and Smoore shares are down about 40 percent this year.

    While rising regulatory scrutiny of the vaping industry could impact investor appetite for listings in the sector, according to the article. IVPS could be less affected because it makes the device rather than the e-cigarette liquid, one of the sources said. However, Smoore also produces hardware and shares still fell after the Chinese government’s regulatory announcement.

  • China-based Aspire Sets Terms for $120 Million U.S. IPO

    China-based Aspire Sets Terms for $120 Million U.S. IPO

    The Chinese vaping company Aspire Global announced terms for its U.S. IPO on Friday. The company plans to raise $120 million by offering 15 million shares at a price range of $7 to $9. At the midpoint of the proposed range, the Shenzhen company would command a market value of $1.3 billion.

    “Aspire is a vertically integrated provider of e-cigarette vaporizing technology. Its tobacco vaping products are sold through a distribution network of more than 150 distributors in 30 countries,” according to a release. “In December 2020, the company also commenced the marketing of cannabis vaping technology products in the US.”

    Aspire Global was founded in 2010 and earned $82 million in sales for the 12 months ended December 31, 2020, according to its prospectus. It plans to list on the Nasdaq under the symbol ASPG. Tiger Brokers, EF Hutton, TF International, and China Merchants Securities are the joint bookrunners on the deal.

    Aspire Global would be the second Chinese vaping company to list on the New York Stock Exchange. Unlike RLX Technology, that recently had a class action filed against for its stock tanking after China announc3ed it would regulate vaping products like traditional cigarettes, Aspire sells most of its products outside the Chinese market.

  • Smoore Tallies $918 Million in Hong Kong IPO

    Smoore Tallies $918 Million in Hong Kong IPO

    Photo: Timonthy Donahue

    Smoore International has raised $918 million in its initial public offering (IPO) at the Hong Kong Stock Exchange, reports Reuters. The deal is the largest IPO in Hong Kong since the start of 2020.

    The Shenzhen, China-based firm offered 574 million shares, according to the company’s prospectus, and had indicated the stock would be priced between HKD9.60 ($1.24) and HKD12.40 per share.

    The largest investors were Huaneng Trust, which took $80 million worth of stock, and Prime Capital which took $50 million, according to Smoore’s prospectus.

    In 2019, Smoore reported a profit of CNY2.17 billion ($307.8 million), up from CNY733.9 million one year earlier.

    Smoore is due to start trading on the Hong Kong Stock Exchange on Friday.