Shenzhen IVPS Technology Co., the firm behind e-cigarette device brand Smok, is considering an initial public offering to raise at least USD 500 million in Hong Kong as soon as next year, reports Bloomberg.

The vaping device maker is working with a consultant to prepare for the potential share sale, anonymous sources said. The offering could raise between USD 500 million and USD 1 billion.
Founded in 2010, IVPS manufactures vaping kits under its Smok brand, according to its website. The devices are used by more than 80 million consumers worldwide and are sold both online and through retailers in countries such as France, Kuwait and the UK.
China's Ministry of Industry and Information Technology proposed a draft regulation in March that would apply the same rules for the conventional tobacco industry to the e-cigarette sector. The aim is to regulate the production and marketing of novel tobacco products and prevent false advertising and quality problems, the document said, without giving further details. The move was seen as another blow to the vaping industry after Beijing banned online sales of e-cigarettes in 2019, the report said. Shares in several Chinese e-cigarette makers fell after the draft was published in March.