Manchester vaping, lighting and batteries firm Supreme has announced a flotation on the AIM market to raise £67.5m.
The company manufactures and imports vaping products, batteries, lighting and sports nutrition products, working with retailers that include B&M, Poundland and The Range.
Supreme said that £7.5m of the proceeds raised will go to pay off some of the company’s debts. Founder and chief executive Sandy Chadha will retain 56.8% of shares.
The IPO, which will value the company at around £156m, will start on February 1.
Mr Chadha said: “I am deeply proud of the business we have developed and believe our flotation on AIM will provide Supreme with the tools with which to capitalise on a number of exciting growth opportunities.
“We have created a profitable business of significant scale, underpinned by a platform which provides a seamless route to market for a number of leading brands and product categories.
“We have established leading positions across the battery, lighting and vaping markets.
“Coupled with our proven ability to innovate, with recent category entries such as sports and nutrition and branded household consumer goods now contributing substantially to our financial performance, we have a clear path to maintaining sustainable growth.”
Supreme floated on the AIM this morning although I can’t find them listed anywhere, can anybody help?
Victor made reference to adding stocks today ‘if the US open goes well’ so maybe check later.
Thanks, think it will be unlikely they’ll list this given what is going on, guess you never know!
Now 1.58 to buy
Positive start for the company