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 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 more than 130,000 bottles of vaping e-liquids per day. In addition, it sells hardware kits and vaping accessories, together with Top E Cigs 2017 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 for the end of March.
Chadha, who paid himself a dividend of $4.5m this past year, is expected to retain a majority stake following the firm goes public. The business was create by his father in 1975 after the family moved to Britain from Delhi as he was 2 yrs old. His father started selling toys along with 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 more than 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 to hand on the luxury car when the firm made an annual profit of $1m. The two men lost contact, but after hunting him 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% last 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 may be far safer than smoking since 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 approximately 1% of the from smoking.
Chadha said: “Over the last two decades we now have established Supreme as 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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