Ispire Files IPO to Raise $42m

Market

Feb.01.2023

Ellesmere Zhu

Ispire Technology Inc., an e-cigarette company in the US, plans to raise approximately $42 million in its upcoming initial public offering (IPO) this Tuesday (January 31st).

The company plans to issue 6 million shares at a price range of $6-$8 each, to be traded on the NASDAQ with the stock symbol ISPR. Based on 56 million outstanding shares, the company's market value will reach $392 million.

Tiger Securities Inc., TFI Securities, and SPDB International are underwriting the IPO, which is taking place amid a slowdown in new stock issuances.

Ispire reported full-year revenue of $68.1 million in its 2022 annual report, an increase from $61.3 million the previous year. The company had a net loss of $2.95 million in the six months ending December 31st 2022, with revenue of $58.8 million, compared to a net profit of $1.28 million and revenue of $47.2 million in the same period the previous year.

Ispire currently sells CBD vape devices in the US. The company is planning to develop manufacturing operations in Vietnam and California, with construction expected to begin in mid-2023 and the factory primarily involved in component assembly.

#North America #United States #Open system e-cigarettes #Market #Ispire Technologies Inc.

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