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

Canaan, the world’s next-premier bitcoin miner maker, intends to elevate about $100 million in its original public offering (IPO) in the U.S.

The Hangzhou, China-dependent manufacturer of the Avalon bitcoin miner current its IPO application with the U.S. Securities and Exchange Commission (SEC) on Wednesday. It is aiming to offer 10 million American depositary shares (Advertisements) with every single at a value of concerning $9 and $11.

If Canaan gets ample expense curiosity, the offering would rake in $100 million, generating it the 1st significant bitcoin miner maker to go public in the regular stock market place.

With that offering size, it would also mean Canaan instructions a diluted market place worth of about $1.5 billion with about 2.3 billion outstanding standard shares right after the offering. Each individual Advertisements would stand for 15 Class A standard shares of Canaan, according to the current submitting.

In Canaan’s original IPO submitting from late Oct, the company established a placeholder sum of $400 million for its IPO ambitions. The hottest figure may perhaps nonetheless be revised prior to its final listing.

Beforehand, Canaan unveiled on Nov. 5 that it introduced dwelling a financial gain of $13 million on revenues of $95 million for the 3rd quarter of 2019. It described a web loss of $45 million for the 1st 50 percent of 2019.

Canaan chairman Kong Jianping impression through Poolin