One of the USA’s biggest makers of liquids for e-cigarettes is hoping to cash in on the boom in vaping by listing its shares on the London stock exchange. Boston-based Supreme, that is 100% owned by its chief executive, Sandy Chadha, is expected to have a market price 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. In addition, it sells hardware kits and vaping accessories, along with Best E Cig Review and 200m batteries in the past year. The firm supplies retailers such as 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 this past year, is predicted to retain a majority stake following the firm goes public. The company was set up by his father in 1975 right after the family moved to Britain from Delhi when he was two years old. His father started selling toys and other products imported from east Asia from a van and later on 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 when the firm made an annual profit of $1m. Both men lost contact, but after hunting him down on LinkedIn, Chadha handed more than a Bentley Flying Spur to Johnston in January. Nearly 3 million Britons are vaping. UK sales of vaping products surged by 50% this past year to arrive at $1bn, and they are on course to exceed $2bn by 2020.
The most recent evidence implies that while e-cigarettes are not harmless, these are far safer than smoking simply because they don’t contain tobacco. 2017 saw the publication in the first long term study of vaping. Another study suggested a cancer risk from vaping of around 1% of that from smoking.
Chadha said: “Over the very last two decades we have now established Supreme as 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 get growth.”
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