One of the USA’s biggest makers of liquids for e-cigarettes is hoping to cash in on the boom in vaping by listing its shares on the London stock market. Boston-based Supreme, which is 100% owned by its chief executive, Sandy Chadha, is expected to have a market price of $150m when it floats on Aim, the London Stock Exchange’s junior market, in mid- to late May.
Supreme owns the KiK and 88vape brands and makes a lot more than 130,000 bottles of vaping e-liquids each day. Additionally, it sells hardware kits and vaping accessories, in addition to Top Rated E Cig and 200m batteries before year. The firm supplies retailers including Asda, Halfords, B&M, Poundland, Iceland, Home Bargains and wholesalers including Booker, Bestway, Costcutter and Nisa. Supreme made revenues of $70.7m previously year and earnings before interest and tax of $7.2m during towards the end of March.
Chadha, who paid himself a dividend of $4.5m a year ago, is expected to retain a majority stake right after the firm goes public. The company was setup by his father in 1975 after the family relocated to Britain from Delhi as he was two years old. His father started selling toys along with other products imported from east Asia coming from a van and later moved into batteries.
Chadha, a huge success, recently honoured a 10-year bet by handing more than a $130,000 Bentley to corporate turnaround expert Iain Johnston. In 2007, Supreme went bust but Johnston, an adviser to Chadha’s lenders, confidently predicted the firm would recover.
He asked Chadha to bet his Bentley on the Supreme’s recovery, as well as the businessman pledged handy within the luxury car if the firm made a yearly profit of $1m. Both men lost contact, but after hunting him upon LinkedIn, Chadha handed over a Bentley Flying Spur to Johnston in January. Nearly 3 million Britons are actually vaping. UK sales of vaping products surged by 50% this past year to achieve $1bn, and are on course to exceed $2bn by 2020.
The latest evidence shows that while e-cigarettes are certainly not harmless, they are far safer than smoking because they don’t contain tobacco. 2017 saw the publication in the first longer term study of vaping. Another study suggested a cancer risk from vaping of around 1% of that from smoking.
Chadha said: “Over the very last two decades we have now established Supreme being a leading manufacturer and distributor of batteries and lighting, and much more recently vaping, demonstrating our ability to leverage our extensive distributor and customer relationships to drive growth.”
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