One of the USA’s biggest makers of liquids for e-cigarettes is aiming to cash in on the boom in vaping by listing its shares on the London stock trading. Boston-based Supreme, which is 100% belonging to its chief executive, Sandy Chadha, is expected to get 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 more than 130,000 bottles of vaping e-liquids each day. Additionally, it sells hardware kits and vaping accessories, together with lightbulbs and 200m batteries previously year. The firm supplies retailers like 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 in the year for the end of March.
Chadha, who paid himself a dividend of $4.5m last year, is expected to retain a majority stake after the firm goes public. The business was create by his father in 1975 following the family relocated to Britain from Delhi as he was a couple of years old. His father started selling toys as well as other products imported from east Asia from the van and later moved into batteries.
Chadha, a huge success, recently honoured a 10-year bet by handing spanning 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 to hand on the luxury car in the event the firm made a yearly profit of $1m. Both men lost contact, but after hunting him upon LinkedIn, Chadha handed spanning a Bentley Flying Spur to Johnston in January. Nearly 3 million Britons are vaping. UK sales of vaping products surged by 50% this past year to reach $1bn, and are on course to exceed $2bn by 2020.
The newest evidence shows that while e-cigarettes are certainly not harmless, they are far safer than smoking simply 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 approximately 1% of that from smoking.
Chadha said: “Over the last two decades we have established Supreme being a leading manufacturer and distributor of batteries and lighting, and a lot more recently vaping, demonstrating our capacity to leverage our extensive distributor and customer relationships to operate growth.”
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