Bitcoin Miner Maker Canaan Creative Cut Down its IPO Target by 75%

    Canaan Creative now intends to raise $100 million, down from the previous target of $400 million, from IPO. Rekt Alert, says Dovey Wan as its lead underwriter Credit Suisse also quit.

    China-based Avalon Bitcoin miner manufacturer Canaan Creative has updated its initial public offering request with the US SEC on 11/13/2019.

    Planned for later this month, Canaan is focusing on proposing Ten million American depositary shares (ADS) and prices will run between Nine and Eleven dollars each.

    As per the latest filing, each of the ADS, US dollar-denominated equity shares of a foreign-based company that is available for purchase on an American stock exchange, would amount to 15 Class A ordinary shares of the company.

    The 2nd significant Bitcoin miner producer in the world would bring in $100 million if the company draws enough investment interest. This would put Canaan’s overall market value at about $1.6 billion. If successful, it would become the 1st major crypto mining of Bitcoin to become public on a conventional stock market.

    Late in October when Cannan Creative initially filed the IPO, the company intended to raise $400 million, with plans to be listed on the Nasdaq under the ticker CAN. The latest Hundred  million dollar figure may get revised before the final listing as well. Dovey Wan, Founding Partner at Primitive Crypto said,

    “Rekt™ alert: Canaan Creative Inc updated its IPO file, adjusted the expected raise to One Hundred Million dollars, much lower than the anticipated $200-400M range. And its lead underwriter Credit Suisse also QUIT.”

    As part of the IPO registration, Canaan disclosed on the first week of November, that it generated a gain of thirteen million in Q3 of of this year, but reported an overall forfeiture of forty-five million for the 1st six months of the year.

    Canaan previously attempted to launch the IPO as well in Hong Kong and China twice but failed. It’s competitor Bitmain, that has 75% of the crypto hardware market share is also trying to complete an IPO.

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