Ispire Technology Reduces IPO Size to 3 Million Shares

Mar.20.2023

Ispire Technology halves planned IPO shares to 3 million, targeting $6 to $8 per share, for manufacturing and marketing.

CBD vaporizer manufacturer Ispire Technology Inc. ISPR announced on Friday that it has halved the size of its planned initial public offering from six million shares to three million shares. The company stated that selling shareholders still plan to sell 1.75 million shares in the offering, with the price range maintained at $6 to $8 per share. If priced at the high end of the range, the company would raise $24 million, with a market valuation of $424 million. Tiger Brokers is the underwriter for the transaction. The funds raised will be used to establish manufacturing operations in Vietnam and the United States, as well as for research and development, marketing, and operating expenses. In the first half of 2022, the company's net loss was $2.95 million, with revenue of $58.8 million.

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Ispire Technology, a manufacturer of vaping products, has reduced its planned initial public offering (IPO) by 50% to 3 million shares. However, they have maintained their share price range of $6 to $8.

Ispire's prospectus for initial public offering

#Europe #UK #Technology.#Regulation #Ispire Technologies Inc.

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