iPower, an online hydroponic equipment supplier, raised $17 million by offering 3.4 million shares at $5, below the range of $7 to $9. The company offered 0.4 million more shares than anticipated. It originally planned to offer 5 million shares at a range of $9 to $11, before revising the terms last week.
The company believes that it is one of the largest online hydroponic equipment suppliers in the US, selling more than 22,000 SKUs on its retail website to enable its customers to grow vegetables, fruits and flowers, and other plants, including cannabis. It also sells its products through third party distribution channels including Amazon, eBay, and Walmart. Its private label products, marketed under the iPower and Simple Deluxe brands, include HVAC exhaust blowers, grow light systems, and trimming machines, among others. The company currently offers more than 2,600 private label products, as well as brands from third party vendors.
iPower plans to list on the Nasdaq under the symbol IPW. D.A. Davidson, Roth Capital and Tiger Brokers acted as lead managers on the deal.
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