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Enterprise blockchain firm R3 eyes IPO: Report

Mon, 15 Jul 2019, 10:14 am UTC

Enterprise blockchain technology firm R3 is reportedly considering to launch an initial public offering (IPO), according to Bloomberg.

Citing sources with knowledge about the matter, the report revealed the company is negotiating an IPO with advisers, with potential buyers already expressing their interest in the sale. R3’s founder and CEO David Rutter and investors will decide the course, but by far, no final decisions have been made yet.

We’re not surprised about the speculation given the success of Corda, but an IPO is not a path we’re pursuing at this time. Our mission from the start was to deliver a blockchain solution for the widest possible business community, and any decision we make will have that goal in mind,” the report cited.

Speculations about the consortium with over 200 members including Intel, Wells Fargo, and Microsoft Corp have recently surfaced, with reports implying R3 was on the verge of bankruptcy. However, financial documents released by the company shut down the rumors, although they revealed that R3 had missed recent revenue targets by a significant margin.

It also recently released the latest version of its Corda blockchain, called the Corda Enterprise, that is specifically designed to cater to businesses.

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