Canaan Creative Plans To Raise $100 Million For US IPO

The second leading Bitcoin mining maker company in the world, Canaan Creative, has set a $100 million target for its initial public offering in the US.

Recently, Hangzhou, a Chinese Bitcoin miner maker, has revised its initial public offering application with the US SEC. It is planning to provide 10 million American depositary shares, within a price range of $9 to $11 each.

The offering will acquire an amount worth $100 million if Canaan attracts enough interest in the investment. The raking in would make it the first significant Bitcoin mining making firm to open matters to public view in the share market.

Canaan will demand a diluted market capitalization worth around $1.5 billion, with an offering of that size. The company will be left with about 2.3 billion outstanding shares. As per the filing, each American depositary share would be represented by 15 of the firm’s Class A shares.

Canaan reported on November 5 that it made a profit of $13 million on $95 million of revenue in Q3 of this year. It revealed a net loss worth $45 million in the first half of the year.

In the company’s earlier IPO filing, it had fixed an amount worth $400 million for placeholders. The current figures would be revised before the final listing is done.

Leave a Reply

Please Login to comment

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Notify of
%d bloggers like this: