Among 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 exchange. Boston-based Supreme, which 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 greater than 130,000 bottles of vaping e-liquids per day. It also 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 before 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 last year, is anticipated to retain a majority stake after the firm goes public. The company was create by his father in 1975 following the family transferred to Britain from Delhi when he was 2 yrs old. His father started selling toys as well as other products imported from east Asia coming from a van and then moved into batteries.
Chadha, a millionaire, 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 to hand within the luxury car in the event the firm made an annual profit of $1m. The two men lost contact, but after hunting him on LinkedIn, Chadha handed more than 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 arrive at $1bn, and therefore are on course to exceed $2bn by 2020.
The latest evidence shows that while e-cigarettes are not harmless, they are far safer than smoking because they don’t contain tobacco. 2017 saw the publication from the first longer term study of vaping. Another study suggested a cancer risk from vaping of about 1% of this from smoking.
Chadha said: “Over the very last two decades we now have established Supreme as being a leading manufacturer and distributor of batteries and lighting, and more recently vaping, demonstrating our ability to leverage our extensive distributor and customer relationships to drive growth.”
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