Ispire Technology, which sells branded tobacco and cannabis vape devices primarily in the US and Europe, raised $19 million by offering 2.7 million shares at $7, within the range of $6 to $8. The company offered 0.3 million fewer shares than anticipated. It originally planned to offer 6 million shares before lowering the offering in March. An executive had indicated on $1 million worth of shares in the offering (5% of the deal).
Selling shareholders concurrently registered 1.75 million shares separate from the underwritten offering, which may be offered and sold from time to time.
Ispire sells its tobacco products worldwide, excluding China and Russia, and markets them under the Aspire brand name. It has ceased marketing tobacco vaping products in the US, stating that sales did not justify marketing and regulatory costs. Ispire's products are currently manufactured and supplied by Shenzhen Yi Jia Technology, a Chinese company majority owned by founder and CEO Tuanfang Liu, though the company plans to use a portion of IPO proceeds to build out manufacturing operations in Vietnam and California.
Ispire Technology plans to list on the Nasdaq under the symbol ISPR. Tiger Brokers, TFI Securities, and Prime Number Capital acted as joint bookrunners on the deal.
