The world’s second-largest Bitcoin miner maker, Canaan, plans to raise about $100 million in its initial public offering (IPO) in the US.
The Hangzhou, China-based manufacturer of the Avalon Bitcoin miner made an update to its IPO application with the U.S. Securities and Exchange Commission (SEC) on Wednesday. It’s aiming to provide 10 million American depositary shares (ADS) with each at a price of between $9 and $11.
If Canaan receives enough investment interest, it is estimated that the offering might rake in $100 million, making it the first major Bitcoin miner maker to go public and the traditional stock market.
With that size of offering, it would also mean Canaan commands a market value that is diluted of approximately $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, and this is according the filing that is updated.
In the initial IPO filing by Canaan in late October, there was a placeholder that was set by the company amounting to $400 million for its IPO ambitions. The latest figure may still be revised prior to its final listing.
Previously, on November 5th, Canaan revealed that it brought home a profit of $13 million on revenues of about $95 million for the third quarter of 2019. The net loss that the company reported was $45 million for the first half of 2019.