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 in the U.S. The Hangzhou, China-based manufacturer of the Avalon bitcoin miners updates its IPO application with the U.S. Securities and Exchange Commission on Nov. 13.

It's aiming to offer 10 million American depositary shares with each at a price between $9 to $11. If Canaan receives enough investment interest, the offering would help it raise about $100 million, making it the first major bitcoin miner maker that goes public in the traditional stock market.

With that offering size, it would also mean Canaan commands a diluted market value at 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 end of October, it set a placeholder amount of $400 million for its IPO size.

The latest update of its offering amount 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 a revenue of $95 million for Q3 2019, after it recorded net loss of $45 million for the first half of 2019.

Canaan chairman Kong Jianping image courtesy to Poolin.