The world’s second-largest bitcoin miner maker has set a target of $100 million for its United States IPO. The Canaan is aiming to offer 10 million American depository shares (ADS) with each at a price of between $9 and $11. According to the updated filing, each ADS would represent 15 Class A ordinary shares of the company.
Canaan is the biggest rival to Bitmain.
The Hangzhou, China-based manufacturer of the Avalon bitcoin miner filed for a US IPO on October 28th with Citi Group, Credit Suisse, Galaxy Digital, and four other companies as underwriters. However, in its update filing, it removed Credit Suisse as a lead underwriter.
Canaan is considered as the biggest rival to bitcoin mining giant Bitmain. If the IPO of the company goes successful, Canaan’s diluted market value would be $1.6 billion.
It generated $95 million in revenues for Q3 2019.
Canaan reported a profit of $13 million in the third quarter of this year as it generated $95 million in revenues. It also reported a net loss of $45 million for the first half of this year. In its initial IPO filing in October, the company had set a target of $400 million, but in its updated filing, the target was reduced to $100 million.