One of the USA’s biggest makers of liquids for e-cigarettes is looking to cash in on the boom in vaping by listing its shares on the London stock trading. Boston-based Supreme, that is 100% owned by its chief executive, Sandy Chadha, is expected to have 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. It also sells hardware kits and vaping accessories, along with Top E Cigs 2017 and 200m batteries in the past 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 towards the end of March.
Chadha, who paid himself a dividend of $4.5m last year, is predicted to retain a majority stake after the firm goes public. The business was set up by his father in 1975 following the family moved to Britain from Delhi as he was a couple of years old. His father started selling toys and other products imported from east Asia from the van and later on 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, and the businessman pledged handy over the luxury car when the firm made an annual profit of $1m. Both men lost contact, but after hunting him down on LinkedIn, Chadha handed spanning a Bentley Flying Spur to Johnston in January. Nearly 3 million Britons are now vaping. UK sales of vaping products surged by 50% this past year to achieve $1bn, and therefore are on course to exceed $2bn by 2020.
The newest evidence suggests that while e-cigarettes are certainly not harmless, they are 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 about 1% of that from smoking.
Chadha said: “Over the very last two decades we now have established Supreme being a leading manufacturer and distributor of batteries and lighting, and a lot more recently vaping, demonstrating our ability to leverage our extensive distributor and customer relationships to get growth.”
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