Bitmain rival Canaan sets a $100 million target for US IPO.

Bitcoin miner maker Canaan has set a target of $100 million to raise in its Initial Public Offering(IPO) in the US. If the company receives enough investment interest, it will become the first major bitcoin miner maker to go public in the traditional stock market.

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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.

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Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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