IPO of the bitcoin mining firm gathers 90 million

Chinese company Canaan Inc., a producer of bitcoin mining ASICs, raised $90 million with an IPO launched on the US market.  In fact, the Hangzhou-based company sold 10 million shares at $9 each, thanks to a public offering managed by Citigroup, China Renaissance Holdings and CMB International Capital. Canaan planned to raise approximately $100 million

Chinese business Canaan Inc, a manufacturer of bitcoin mining ASICs, elevated $90 million with an IPO released on the United States market.

In truth, the Hangzhou-based firm marketed 10 million shares at $9 each, many thanks to a public offering taken care of by Citigroup, China Renaissance Holdings and also CMB International Capital. Canaan intended to increase about $100 million by offering 10 million shares at a cost of in between $9 and also $11

The firm currently has a market capitalisation of roughly $1.5 billion. The shares will certainly quickly be offered for trading on the Nasdaq under the CAN icon.

In truth, Canaan at first intended to increase $400 million on the Hong Kong market, yet this job was not successful both as a result of the desertion of the primary expert, Credit Suisse Group, as well as due to the fact that the Hong Kong Stock Exchange considered it as well early to checklist firms connected to cryptocurrencies.

As an outcome, the task was downsized as well as drawn away to the American market, i.e. the Nasdaq stock market.

The business was started in 2013 as well as is mostly associated with the manufacturing of blockchain web servers and also the layout of ASIC microprocessor options for bitcoin mining. Its items are marketed around the world and also in the last 2 months has actually tape-recorded sales of around 177 million bucks

In 2018, Canaan manufactured the globe’s initial 7nm mining chip and also the globe’s very first business RISC-V smart computer chip, the K210

By the end of 2019, it prepares to begin generating the 2nd generation of 28 nm AI-K510 chips



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