Among the USA’s biggest makers of liquids for e-cigarettes is looking to cash in on the boom in vape pen starter kit by listing its shares on the London stock market. Boston-based Supreme, that is 100% owned by its chief executive, Sandy Chadha, is expected to get a market value 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 per day. Additionally, it sells hardware kits and vaping accessories, along with lightbulbs 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 in the past year and earnings before interest and tax of $7.2m around 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 create by his father in 1975 following the family moved to Britain from Delhi when he was two 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 over 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 at hand on the luxury car if the firm made a yearly profit of $1m. The 2 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 vaping. UK sales of vaping products surged by 50% last year to arrive at $1bn, and are on course to exceed $2bn by 2020.
The newest evidence shows that while e-cigarettes usually are not harmless, they may be far safer than smoking since they don’t contain tobacco. 2017 saw the publication of the first long term study of vaping. Another study suggested a cancer risk from vaping of around 1% of this from smoking.
Chadha said: “Over the last two decades we now have established Supreme as a leading manufacturer and distributor of batteries and lighting, and much more recently vaping, demonstrating our capability to leverage our extensive distributor and customer relationships to get growth.”
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