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China's leading e-cigarette brand RLX Technology prices US IPO at $12, above the range

RLX Technology, a leading e-cigarette brand in China, raised $1.4 billion by offering 116.5 million ADSs at $12, above the range of $8 to $10. At pricing, the company commands a market value of $18.6 billion.

Operating under the RELX brand, the company boasts a 62.6% market share in China for closed-system e-vapor products in terms of retail sales. The company has partnered with 110 authorized distributors to supply its products to over 5,000 RELX Branded Partner Stores, and over 100,000 other retail outlets nationwide, covering over 250 cities in China. Revenue nearly doubled in the nine months ended September 30, 2020 to $324 million, with net income of $16 million.

RLX Technology plans to list on the NYSE under the symbol RLX. Citi acted as a lead manager on the deal.

The article China's leading e-cigarette brand RLX Technology prices US IPO at $12, above the range originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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