On Tuesday, January 31st, American e-cigarette manufacturer Ispire Technology Inc. submitted plans to raise approximately $42 million in its upcoming initial public offering, according to financial news platform MarketWatch.
Ispire Technology Inc. is planning to issue 6 million shares at a price range of $6 to $8 per share, for trading on the NASDAQ stock exchange under the ticker symbol ISPR. Based on the 56 million shares outstanding, the company's market value will reach $392 million.
Tiger Securities Inc., TFI Securities, and SPDB International provided underwriting for this IPO, which took place amid a slowdown in new stock offerings. According to Ispire's 2022 annual report, the company reported a total revenue of $68.1 million, up from $61.27 million the previous year. However, in the six months leading up to December 31, 2022, the company suffered a net loss of $2.95 million and brought in 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 year before. Ispire primarily sells cannabis smoking hardware and does not offer any e-cigarette products in the United States. The company is currently planning to expand its manufacturing business in Vietnam and California, starting in mid-2023, with the factory focusing on component assembly.
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Inspire Tech, a company that produces vaping products for cannabis and tobacco, has filed for an initial public offering (IPO) in the United States. Three firms are leading the IPO filing, which is worth $42 million, for the e-cigarette and cannabis company.
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