Canaan Creative Raises $90 Million in IPO | canaan creative ipo
Whileinitiallytargeting$400million.SharethisarticleCanaanCreative,amajorminingequipmentmanufacturer,haslaunchedanInitialPublicOffering.ThecompanyisbestknownforitsAvalonMinerlineofASICdevices,whicharedesignedforuseinBitcoinmining.AsofNov.21,theIPOraised$90millionaccordingtoBloombergdata. [1][2]Thecompanyhasbroughtsevenfinancialinstitutionsonboardasunderwriters,includingCitigroup,ChinaRenaissance,CMBI,HuataiSecurities,andTigerBrokers.GalaxyDigital,whichbecamealicensedunderwriterinJuly,isalsoon...
While initially targeting $400 million. Share this articleCanaan Creative, a major mining equipment manufacturer, has launched an Initial Public Offering. The company is best known for its AvalonMiner line of ASIC devices, which are designed for use in Bitcoin mining. As of Nov. 21, the IPO raised $90 million according to Bloomberg data. [1][2]
The company has brought seven financial institutions on board as underwriters, including Citigroup, China Renaissance, CMBI, Huatai Securities, and Tiger Brokers. Galaxy Digital, which became a licensed underwriter in July, is also on this list.[3]
Canaan claims it is the second largest manufacturer of mining hardware: according to its IPO filing, it is responsible for 21.9% of ASIC hashpower sold in the first half of 2019. The largest company is Bitmain, which is responsible for 65.2% of hashpower sold during that time.[4]
Despite Canaan’s significant share of the ASIC market, the company has been suffering from falling p...