RLX Technology, a leading e-cigarette brand in China, filed on Thursday with the SEC to raise up to $100 million in an initial public offering.
Operating under the RELX brand, the company boasts a 62.6% market share in China for closed-system e-vapor products in terms of retail sales. The company has 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 in China. Revenue nearly doubled in the nine months ended September 30, 2020 to $324 million, with net income of $16 million.
The Beijing, China-based company was founded in 2018 and booked $400 million in sales for the 12 months ended September 30, 2020. It plans to list on the NYSE under the symbol RLX. RLX Technology filed confidentially on October 26, 2020. Citi is the sole bookrunner on the deal. No pricing terms were disclosed.
