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The vapors of the IPO market: Electronic Cigarettes International withdraws $150 million offering

Electronic Cigarettes International Group, which markets a portfolio of acquired electronic cigarette brands, withdrew its plans for a public offering on Monday citing market conditions.

In October, the OTC-listed company had planned to raise $150 million and uplist to the NASDAQ by offering 33.3 million shares (15% insider) at $4.50 per share.

Another e-cigarette company, Kimree ( KREE ), has been on file for a $125 million IPO since September.

The Nunica, MI-based company was founded in 2010 and booked $17 million in sales for the 12 months ended June 30, 2014. It had planned to list on the NASDAQ under the symbol ECIG. Wells Fargo Securities and Canaccord Genuity were set to be the joint bookrunners on the deal.

The article The vapors of the IPO market: Electronic Cigarettes International withdraws $150 million offering 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, the Renaissance IPO ETF (symbol: IPO) or the Global IPO Fund (symbol: IPOSX) , 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.


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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