After record activity, the IPO market has entered a lull phase as the year comes to a close. Unlike in the past, IPO aspirants from almost all industries made a beeline for stock markets this year, led by the technology and healthcare sectors.
Innovative Eyewear Inc, which is headquartered in Miami, this week revealed plans to become a public entity through an initial public offering. However, the specialty eyewear company did not disclose the number of shares being offered and the price. On completion of the review by the Securities and Exchange Commission, the stock will start trading on the Nasdaq stock exchange under the ticker symbol LUCY.
The total addressable market for eyewear in the United States is estimated at $28.3 billion in 2021. After growing steadily, the hearables market is estimated to have reached $5.1 billion, which is acting as a catalyst for the smart eyewear market.
Innovative’s smart eyewear, fitted on fashionable frames with features like Bluetooth audio, is available both in brick–and–mortar stores and leading online marketplaces like Amazon.com and BestBuy.com, which inked a partnership with the company recently. The multi-channel approach gives the company an edge over rivals that use only one channel. The Lucyd Lyte prescription eyewear allows one to play music, attend phone calls and communicate with personal assistants.
The hands-free features allow wearers to go about their activities without disruption and ensure safety while driving and cycling, by facilitating situational awareness with open-ear technology. While Innovative is not alone in the smart eyewear market, the company looks to take advantage of the comfort its products offer to customers at affordable prices.
The company claims it can offer optical-quality glasses bundled with Bluetooth headsets at the same price as normal designer glasses. If the pricing strategy is sustained in the long term, Innovative’s market share would grow significantly. The other plus points are seamless customisability and the superior quality of materials used in the products.
London-based Tekcapital currently owns an 80% stake in Innovative Eyewear and 100% stake in the latter’s parent company Lucyd Ltd. In the twelve months ended 2020, Innovative’s revenues increased multi-fold to $ 56,997. Meanwhile, net loss widened sharply to $768,184, hurt by a spike in operating expenses.
Looking for more insights on the earnings results? Click here to access the full transcripts of the latest earnings conference calls!
Thermo Fisher Scientific Inc. (NYSE: TMO) announced fourth-quarter 2022 financial results, reporting a double-digit fall in adjusted earnings and an increase in revenues. Fourth-quarter revenues increased 7% annually to $11.5
Altria Group Inc. (NYSE: MO) reported fourth quarter 2022 earnings results today. Net revenues decreased 2.3% year-over-year to $6.1 billion. Net earnings attributable to Altria increased 65.6% to $2.6 billion
Semiconductor company Advanced Micro Devices, Inc. (NASDAQ: AMD) reported a decline in fourth-quarter earnings, despite an increase in revenues. Earnings, excluding special items, dropped to $0.69 per share in the