Electronic Cigarettes International Group (ECI) Launches $150 Million IPO, Plans Nasdaq Listing

Electronic Cigarettes International Group (ECI), which owns a range of e-cigarette brands, announced the terms of its IPO last Wednesday. The company plans to raise $150 million by offering 33,300,000 shares (15% of its equity) at $4.50 per share. At that price, Electronic Cigarettes International (ECI) would have a market value of $678 million.

  Electronic Cigarettes International Group (ECIG) is currently traded on the U.S. OTC Bulletin Board market under the ticker ECIG, at $3.95 per share. Its stock price hit a 52-week low last Wednesday, and its market value has fallen from $560 million when it went public in May to the current $323 million.   Through acquisitions and mergers, the company’s e-cigarette brands include Ten Motives (acquired in May), Must Have (April), FIN (February), Vapestick (January), Victory, Victoria, and El Rey.   Electronic Cigarettes International Group (ECI) was founded in 2010. As of June 30, 2014, the company had generated $17 million in sales over the previous 12 months. It is still using the ticker ECIG for now and plans to list on Nasdaq on October 20.