RLX Technology, manufacturer of RELX e-cigarette and vape products filed an initial public offering (IPO) to raise US$100 million with the US Securities and Exchange Commission (SEC).
This makes RLX, backed by Sequoia Capital China, the latest China-based e-cigarette and vape manufacturer to pursue a public share sale.
Prior to this, Smoore International, which manufacturers products under the Vaporesso brand, raised US$918 million after pricing its shares at HK$12.40 apiece as the first vaping firm the list in Hong Kong in July 2020. Smoore’s shares increased about 4.5 times from the offering price to the closing price of HK$67.5 (US$8.7) on January 4, boasting a market cap of HK$399.7 billion (nearly US$51.6 billion).
RLX says it enjoys a 62.6% market share in China for closed-system e-vapor products in terms of retail sales. The company partnered with 110 authorized distributors to supply its products to over 5,000 RELX branded partner stores, and over 100,000 other retail outlets nationwide, covering over 250 cities domestically.
The company completed several funding rounds. Most recently, the firm closed US$182.4 million in a Series D2 round in September 2020. Sequoia Capital China holds a 4.9% stake in RLX.
RLX has yet to disclose the pricing terms of the IPO offering on the New York Stock Exchange (NYSE). It plans to list under the symbol "RLX."