Bitcoin Miner Maker Canaan Sets $100 Million Target for US IPO

Canaan, the world’s second-largest bitcoin miner maker, intends to raise about $100 million in its initial public offering (IPO) in the U.S.

The Hangzhou, China-based manufacturer of the Avalon bitcoin miner updated its IPO application with the U.S. Securities and Exchange Commission (SEC) on Wednesday. It’s aiming to offer 10 million American depositary shares (ADS) with each at a price of between $9 and $11.

If Canaan receives enough investment interest, the offering would rake in $100 million, making it the first major bitcoin miner maker to go public in the traditional stock market.

With that offering size, it would also mean Canaan commands a diluted market value of about $1.5 billion with about 2.3 billion outstanding ordinary shares after the offering. Each ADS would represent 15 Class A ordinary shares of Canaan, according to the updated filing.

In Canaan’s initial IPO filing from late October, the company set a placeholder amount of $400 million for its IPO ambitions. The latest figure may still be revised prior to its final listing.

Previously, Canaan revealed on Nov. 5 that it brought home a profit of $13 million on revenues of $95 million for the third quarter of 2019. It reported a net loss of $45 million for the first half of 2019.

Canaan chairman Kong Jianping image via Poolin