Bitcoin Miner Maker Canaan Sets $100 Million Target for US IPO

Canaan, the world’s second-largest bitcoin miner maker, intends to lift about $100 million in its preliminary public providing (IPO) within the U.S.

The Hangzhou, China-based producer of the Avalon bitcoin miner up to date its IPO utility with the U.S. Securities and Change Fee (SEC) on Wednesday. It’s aiming to supply 10 million American depositary shares (ADS) with every at a worth of between $9 and $11.

If Canaan receives sufficient funding curiosity, the providing would rake in $100 million, making it the primary main bitcoin miner maker to go public within the conventional inventory market.

With that providing measurement, it could additionally imply Canaan instructions a diluted market worth of about $1.5 billion with about 2.three billion excellent strange shares after the providing. Every ADS would characterize 15 Class A strange shares of Canaan, in accordance with the up to date submitting.

In Canaan’s preliminary IPO submitting from late October, the corporate set a placeholder quantity of $400 million for its IPO ambitions. The newest determine should still be revised previous to its remaining itemizing.

Beforehand, Canaan revealed on Nov. 5 that it introduced residence a revenue of $13 million on revenues of $95 million for the third quarter of 2019. It reported a internet lack of $45 million for the primary half of 2019.

Canaan chairman Kong Jianping picture by way of Poolin