iPower Inc. Plans $50 Million IPO for May 7th (IPW)

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iPower Inc. (IPW) expects to raise $50 million in an initial public offering on Friday, May 7th, IPO Scoop reports. The company will issue 5,000,000 shares at a price of $9.00-$11.00 per share.

In the last year, iPower Inc. generated $50.7 million in revenue and $2.8 million in net income. iPower Inc. has a market cap of $266 million.

D.A. Davidson, Roth Capital Partners and Tiger Brokers acted as the underwriters for the IPO.

iPower Inc. provided the following description of their company for its IPO: “iPower’s mission is to be the most trusted and convenient online provider of hydroponic equipment and supplies. iPower Inc. is one of the largest online hydroponic equipment and accessory retailers and suppliers in North America. We have built proprietary business intelligence and enterprise resource planning software tools that help us collect and analyze data to inform business decisions across our various online platforms. We sell our products through our own website – www.zenhydro.com –  as well as online channel partners that include Amazon, Walmart and eBay. Our orders are fulfilled from our two fulfillment centers (about 72,000 square feet of warehouse space) in southern California. (Note: iPower filed confidentially for an IPO on Nov. 24, 2020, SEC records show.) Chenlong Tan and Allan Huang are our co-founders. They will own 58.26 percent of the outstanding common stock after the IPO. iPower, Inc. was founded in 2018. Its predecessor business was started in 2010. We offer best-selling products and supplies at great prices which enable our customers to grow vegetables, fruits and flowers, and other plants, including cannabis. We partner with hundreds of the best and most trusted brands in the hydroponics industry, and we create and offer our own outstanding in-house branded products. Our in-house branded products are marketed under the iPower™ and Simple Deluxe™ brands and include advanced indoor and greenhouse grow-light systems, ventilation systems, activated carbon filters, water-resistant grow tents, trimming machines, pumps and accessories for hydroponic gardening, as well as other indoor and outdoor growing products. We offer more than 2,600 proprietary, in-house branded products to consumers which represented approximately 76% of our sales for the six months ended Dec. 31, 2020. Our strategy is to supply products to two groups of customers: (i) home growers who require an online shop to fulfill their daily and weekly growing needs and (ii) commercial growers. We utilize approximately 72,000 square feet of warehouse space in California to fulfill our customers’ orders.   “.

iPower Inc. was founded in 2018 and has 27 employees. The company is located at 2399 Bateman Avenue Duarte, CA 91010 and can be reached via phone at (626) 863-7344 or on the web at http://www.zenhydro.com/.

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