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Online Hydroponic Equipment Suppliers IPOWER Set Terms for $50 Million US IPO

Esther Thin

iPower Inc, an online hydroponic equipment supplier, has filed Amendment No 2 to Form S-1 Registration Statement on April 27, 2021 with the U.S. Securities and Exchange Commission to announce terms for its IPO.

The company plans to raise $50 million by offering 5 million shares at a price range of $9 to $11. Assuming a successful IPO at the midpoint of the proposed price, the company expects a market capitalization of $272 million.

The company offers essential supplies to the hydroponic and gardening industry, including nutrients, industry-leading hydroponic equipment, power-efficient lighting, and thousands of additional products used by professional growers and specialty cultivation operations.

The Duarte, California-based company was founded in 2010 and booked $48 million in sales for the 12 months ended September 30, 2020. It plans to list on the Nasdaq Capital Market under the symbol “IPW.” Boustead Securities, LLC is the underwriter of the IPO.

The company engages Michelman & Robinson, LLP as US Securities Counsel, and UHY LLP as Independent Auditor.

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