Aspire Global, an e-cigarette and vaping brand, announced terms for its IPO on July 16.
The Shenzhen, China-based company plans to raise $120 million by offering 15 million shares at a price range of $7 to $9, according to Renaissance Capital. At the midpoint of the proposed range, Aspire Global would command a market value of $1.3 billion.
Aspire is a vertically integrated provider of e-cigarette vaporizing technology. Its tobacco vaping products are sold through a distribution network of more than 150 distributors in 30 countries. In December 2020, the company also commenced the marketing of cannabis vaping technology products in the U.S.
Aspire Global was founded in 2010 and booked $82 million in sales for the 12 months ended Dec. 31, 2020. It plans to list on the Nasdaq under the symbol ASPG. Tiger Brokers, EF Hutton, TF International and China Merchants Securities are the joint bookrunners on the deal.
Aspire Global would be the second Chinese vaping company to list on the New York Stock Exchange. Unlike RLX Technology, which is being sued for misleading investors about regulatory risks in China, Aspire sells most of its products outside the Chinese market.