One of the USA’s biggest makers of liquids for e-cigarettes is hoping to cash in on the boom in atmos vape pen by listing its shares on the London stock trading. Boston-based Supreme, that is 100% owned by its chief executive, Sandy Chadha, is anticipated to get 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 a lot more than 130,000 bottles of vaping e-liquids a day. Additionally, it sells hardware kits and vaping accessories, along with lightbulbs and 200m batteries in the past 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 previously year and earnings before interest and tax of $7.2m in the year for the end of March.
Chadha, who paid himself a dividend of $4.5m last year, is expected to retain a majority stake right after the firm goes public. The business was set up by his father in 1975 after the family relocated to Britain from Delhi when he was two years old. His father started selling toys and other products imported from east Asia from the 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, and the businessman pledged to hand over the luxury car in the event the firm made an annual profit of $1m. Both men lost contact, but after hunting him down 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% this past year to reach $1bn, and therefore are on course to exceed $2bn by 2020.
The most recent evidence implies that while e-cigarettes are certainly not harmless, these are far safer than smoking since they don’t contain tobacco. 2017 saw the publication of the first long term study of vaping. Another study suggested a cancer risk from vaping of approximately 1% of the from smoking.
Chadha said: “Over the very last two decades we now have established Supreme as being a leading manufacturer and distributor of batteries and lighting, and more recently vaping, demonstrating our capability to leverage our extensive distributor and customer relationships to drive growth.”
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