IPower stock set to go public, after IPO priced below recently lowered expected range

IPower Inc. is set to go public Wednesday, after the California-based supplier hydroponic equipment, which are used by its consumers to grow vegetables, fruit, flowers and cannabis, said its initial public offering priced at $5 a share, which was below the recently lowered expected range of between $7 and $9 a share. The company raise $16.8 million as it sold 3.36 million shares in the IPO, that’s up from an expected 3.00 million share offering as of May 7. When the company initially set terms for its IPO on April 27, the company said it was offering 5.00 million shares at an expected pricing of between $9 and $11 a share. With 24.6 million shares outstanding after the IPO, the pricing values the company at $123.0 million. The stock is expected to start trading on the Nasdaq under the ticker symbol “IPW.” D.A. Davidson, Roth Capital Partners and Tiger Brokers were the underwriters. For the six months ended Dec. 31, 2020, the company reported net income of $1.34 million on revenue of $26.21 million, after income of $577,222 on revenue of $15.51 million in the same period a year ago. The company is going public on a day that the Renaissance IPO ETF was shedding 2.2% and the S&P 500 was down 1.0%.

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