October 2, 2022

Mining giant Canaan raised $ 90 million through IPO

Mining giant Canaan raised $ 90 million through IPO

Canaan Inc., the largest manufacturer of cryptocurrency mining equipment, has taken a leading position in crypto industry as the IPO launches in the UnitedStates of America. According to the application, the company initially set a goal to raise over $ 400 million on the Nasdaq. Later, however, Canaan management amended, announcing its intention to raise $ 100 million.

At the moment, companies from China have already succeededraise $ 90 million. Note that in total about 10 million American depositary shares were issued at a price of $ 9 apiece. So, the stock price ranges from $ 9 to $ 11.

Canaan's IPO efforts seem to have finally begun to bear fruit. The company previously filed for IPOs in China and Hong Kong, but they did not continue.

A successful $ 90 million fundraiser opened up the opportunity for Canaan to get ahead of its direct competitors, including the largest producer of Bitmain miners.