Editor’s Note: A previous version of this article claimed RLX Technology sold its vaping products in 13 countries. The company says it only sells its products in China.
RLX Technology (NYSE:RLX) stock is flying high on Friday following the launch of its initial public offering (IPO).
Here’s everything investors need to know about RLX Technology and its IPO.
- RLX Technology is offering American Depositary Shares of RLX stock up on the New York Stock Exchange.
- The company is pricing these shares at $12 each.
- That’s above its previous guidance of $8 per share to $10 per share for its IPO.
- The RLX Technology IPO includes a total of 116.5 million shares of its stock.
- That has it set to gain $1.4 billion from the IPO.
- Each ADS is the equivalent of one share of the company’s stock.
- The lead underwriters for the offering are Citigroup and China Renaissance.
- RLX Technology is a Chinese vaping company that was founded in 2018.
- It reported revenue of $324.2 million in the first nine months of 2020.
- That’s a 93% increase from the same period of the year prior.
- The company sells its vaping products in China.
- It’s actually the largest vape company in the country with control of 62.2% of the country’s market.
- However, it’s worth noting that vaping products only have a 1.2% penetration rate in China.
- RLX Technology is led by CEO Kate Wang.
- Wang is the previous head of ride-sharing company Uber’s (NYSE:UBER) China operations.
RLX stock was up 121.5% as of noon Friday.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.