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Chinese bitcoin mining giant Canaan seeks to raise $100M in US IPO

Thu, 14 Nov 2019, 06:21 am UTC

Canaan, a leading bitcoin mining equipment manufacturer is seeking to raise around $100 million in its initial public offering (IPO) in the United States.

This marks the company’s third IPO attempt following two unsuccessful ones in Hong Kong and China.

According to Canaan’s updated IPO application with the U.S. Securities and Exchange Commission (SEC), the company is aiming to offer 10 million American depositary shares (ADS) and estimates the IPO price per ADS to be between $9 and $11. This is expected to put the company’s market value at around $1.5 billion.

“Each ADS represents 15 Class A ordinary shares, par value US$0.00000005 per share,” the filing reads. “We have applied for listing of the ADSs on the Nasdaq Global Market under the symbol ‘CAN.’”

Should the offering attract enough interest from investors, Canaan would be able to raise $100 million through the IPO. This would make it the first bitcoin mining equipment manufacturer to go public in the traditional stock market, CoinDesk reported.

Late last month, Canaan put a placeholder amount of $400 million for the IPO. The company said at the time that it plans to use the fund to support its research into artificial intelligence and blockchain, as well as pay off debts, Reuters reported.

The latest figure of $100 million could be still be revised by the company ahead of its final listing.

Founded in 2013, Canaan is the manufacturer of high-performance integrated circuits and is the company behind the Avalon bitcoin mining machines.

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