Canaan set for Nasdaq listing. Targets $100 million from the U.S. IPO
The terms for the Canaan US IPO has been released. As per the details shared by the Renaissance Capital, Canaan plans to raise as much as $110 million by offering 10 million shares at a price range of $9 to $11.
Earlier in the filing to the US SEC, Canaan initially planned a raise of $400 million from the IPO and firms Citi group, China Renaissance, CMBI, Galaxy Digital Advisors LLC, Huatai Securities, and Tiger Brokers are serving as Canaan’s underwriters. Credit Suisse which was listed in the previous filing as the lead underwriter of the offering, isn’t mentioned in the revised filing.
Now with the changed terms, Canaan has set a valuation of $1.6 billion assuming average of the proposed range. The listing on the Nasdaq is on Nov 20 and will be under the ticker symbol CAN.
Canaan Inc, the maker of cryptocurrency mining equipment has a market share of 21.9% and booked $177 million in sales for the 12 months ending Sep 30, 2019. Canaan Inc’s rival, Bitmain is also seeking the US IPO. After a failed attempt in Hong Kong Exchange, both Canaan and Bitmain filed for the US IPO in H2 2019.
Opportunity to generate exposure:
Canaan will be ringing the bell at Nasdaq. This provides a unique opportunity to showcase the company on a global scale. The listing is one of the largest crypto-related IPO in the U.S. stock market and could provide meaningful exposure to the larger audience about the crypto industry.
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