Opening Day: Tobacco Vape Maker Ispire Goes Public After Downsizing IPO

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The vaping products maker Ispire Technology went public this week after downsizing its proposed IPO by 50%. The company sells tobacco products worldwide, except for China and Russia, under the Aspire brand name.


Latest IPOs and Direct Listings

Ispire Technology (ISPR) opened on April 4 at $8.53. The company had priced its initial public offering of 2.7 million shares at a price to the public of $7.00 per share. Ispire is engaged in the design, commercialization, and sales of branded e-cigarettes and cannabis vaping products.

Ispire’s tobacco products are marketed under the Aspire brand name and are sold worldwide, except in the People's Republic of China and Russia, while the company's cannabis products are marketed under the Ispire brand name.

ARB IOT Group (ARBB) opened on April 5 at $3.60. The provider of solutions to clients for the integration of Internet of Things, or "IoT," systems and devices had priced its initial public offering of 1.25 million ordinary shares at an offering price of $4.00.

Millennium Group International Holdings Limited (MGIH) opened on April 4 at $4. The paper-based packaging solutions supplier had priced its initial public offering of 1.25 million ordinary shares at a public offering price of $4.00 per ordinary share.

The company intends to use the net proceeds from the offering for the establishment of new corrugated paper products production facilities to be located in Huizhou, the People's Republic of China, and Vietnam, including new capital equipment to be used in the respective operations.

Multi Ways Holdings (MWG) opened on April 3 at $3.05. The supplier of a range of heavy construction equipment for sales and rental in Singapore and the surrounding region had priced its initial public offering of 7.24 million ordinary shares at a public offering price of $2.50 per share.


Performance

  • ARB IOT Group finished the week at $3.93.
  • Millennium Group ended Thursday at $2.50.
  • Ispire Technology finished Thursday at $7.08.
  • Multi Ways Holdings ended the week at $5.65.


Recent IPOs to Watch

Intchains Group (ICG) and ICZOOM (IZM) are among stocks that could see new coverage roll out this upcoming week as the quiet periods for banks that underwrote the companies' IPOs expire.


Upcoming IPOs

Upcoming IPO and direct listings expected include Cortigent, CCSC Technology, Stripe, Harden Technologies, and Zeekr.

Vivani Medical (VANI) announced the filing of a Registration Statement on Form S-1 with the U.S. SEC for the proposed initial public offering of Cortigent. Cortigent, currently a wholly-owned subsidiary of Vivani, was formed for the purpose of advancing the business of Vivani's neuromodulation division and will continue to be controlled by Vivani following the initial public offering.

CCSC Technology has filed with the SEC for an initial public offering of its ordinary shares. The company said it expects the initial public offering price to be in the range of $4.00 to $6.00 per ordinary share, and that it has applied to list its ordinary shares on the Nasdaq Capital Market under the symbol "CCTG." The prospectus filed with the SEC states:

"We are a holding company incorporated in the Cayman Islands. As a holding company with no material operations of its own, we conduct our operations through our operating subsidiaries established in Hong Kong, mainland China, and the Netherlands, primarily in the sale, design and manufacturing of interconnect products, including connectors, cables and wire harnesses. As of the date of this prospectus, we have a diversified global customer base located in more than 25 countries throughout Asia, Europe and the Americas...

"We produce both OEM, or 'original equipment manufacturer,' and ODM, or 'original design manufacture, interconnect products for manufacturing companies that produce end products, as well as electronic manufacturing services, or 'EMS,' companies, who procure and assemble products on behalf of such manufacturing companies. OEM products refer to products we manufacture based on design and specifications provided by customers, while ODM products refer to those products that we design, develop and manufacture based on the specifications provided by customers."

Stripe told employees that it had hired Goldman Sachs and JPMorgan to take it public, or to allow employees to sell stock within the next year, The Information’s Cory Weinberg and Becky Peterson have reported. The company is considering both a direct listing and a private-market transaction that would give employees liquidity in the next 12 months, according to an email viewed by The Information.

Stripe, trying to raise a huge sum of money from investors, has tried to craft "a compelling pitch" that it is growing faster this year than some of the biggest names in tech, has many more potential lines of revenue than just its core payments business, and that it is grabbing loads of customers focused on artificial intelligence, The Information’s Kate Clark and Cory Weinberg reported.

Stripe’s confidential pitch deck to investors, viewed by The Information, "shows how the company is trying to convince them to overlook a sharp slowdown in revenue last year," the report added.

Harden Technologies has filed with the SEC for initial public offering of 2.5 million ordinary shares and said it expects the initial public offering price will be between $5.00 to $7.00 per ordinary share. The company has applied for approval of the listing of its ordinary shares on the Nasdaq Capital Market and has reserved the symbol "HARD" for such listing for the ordinary shares.

The company's prospectus states, "Harden is a waste management and recycling equipment manufacturer in China, specializing in the manufacture of customized industrial shredders and material sorting machines and production lines."

Zeekr, the upscale unit of Chinese EV maker Geely Automobile (GELYF), had confidentially filed for a U.S. initial public offering that values the company at more than $10 billion, reported Julie Zhu and Scott Murdoch for Reuters, citing people familiar with the matter. "The plans come as the brand, which competes with Tesla and Chinese peer Nio, sets its sights on marketing its 001 crossover" in Europe for 2023, added the Reuters story.


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