iPower, an online hydroponic equipment supplier, lowered the proposed deal size for its upcoming IPO on Friday.
The Duarte, CA-based company now plans to raise $24 million by offering 3 million shares at a price range of $7 to $9. The company had previously filed to offer 5 million shares at a range of $9 to $11. At the midpoint of the revised range, iPower will raise -52% less in proceeds than previously anticipated.
The company believes that it is one of the largest online hydroponic equipment suppliers in the US, selling more than 22,000 SKUs on its retail website to enable its customers to grow vegetables, fruits and flowers, and other plants, including cannabis. It also sells its products through third party distribution channels including Amazon, eBay, and Walmart. Its private label products, marketed under the iPower and Simple Deluxe brands, include HVAC exhaust blowers, grow light systems, and trimming machines, among others. The company currently offers more than 2,600 private label products, as well as brands from third party vendors.
iPower was founded in 2010 and booked $51 million in sales for the 12 months ended December 31, 2020. It plans to list on the Nasdaq under the symbol IPW. D.A. Davidson, Roth Capital and Tiger Brokers are the joint bookrunners on the deal. It is expected to price during the week of May 10, 2021.
