iPower, an online hydroponic equipment supplier, filed on Monday with the SEC to raise up to $20 million in an initial public offering.
The company believes that it is one of the largest online hydroponic equipment suppliers in the US, selling more than 23,000 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 approximately 3,000 private label products and more than 400 brands from third party vendors.
iPower joins two recent hydroponic and indoor farming equipment IPOs: larger peer Hydrofarm (HYFM; +298% from IPO), which raised $173 million this past December, and Agrify (AGFY; +9%), which raised $54 million last month.
The Duarte, CA-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 under the symbol IPW. iPower filed confidentially on November 24, 2020. Boustead Securities is the sole bookrunner on the deal. No pricing terms were disclosed.
