Ispire Technology Inc. ISPR, a branded e-cigarette and vape maker, on Friday halved the size of its planned initial public offering to 3 million shares from earlier plans to offer 6 million shares. The company said selling shareholders are still planning to sell another 1.75 million shares in the offering, and kept its price range at $6 to $8 a share. The company would raise $24 million at the top of that range at a valuation of $424 million US Tiger Securities Inc. is underwriting the deal. Proceeds will be used to set up manufacturing operations in Vietnam and the U.S. for R&D, for marketing and for working capital. The company had a net loss of $2.95 million in the first six months of 2022 on revenue of $58.8 million. The Renaissance IPO ETF IPO has fallen 35% in the last 12 months, while the S&P 500 SPX has fallen 10%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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