The company filed an application for an initial public offering with the HKEX on Monday, document shows. Since the application is still in draft form, it's unclear at this stage the valuation of the Zhejiang-based company or how much it intends to raise.
Today’s filing does not give details on how much Ebang is seeking to raise for its IPO, nor does it give a precise valuation for the firm. However, the filing does include a financial statement which states that Ebang earned 925 million yuan ($141 million) in revenue in 2017 – an almost eighteen-fold increase from 2016. It also suggested that the proportion of Ebang’s revenue generated solely from the sale of Bitcoin miners has significantly increased year-on-year, rising from 31 percent in 2015 to 42 percent in 2015, to 94.6 percent in 2017.
Ebang claims to have an 11 percent market share of the bitcoin ASIC market, a figure it hopes to increase following the release of its still-in-production 7nm chips. They also say that they have experienced 30-fold revenue growth over the past three years. In 2017, Ebang brought in 925.4 million RMB (~$142 million), up from 29.2 million RMB (~$4.5 million) in 2015. The company also posted a 385 million RMB (~$59 million) profit in 2017 after clearing just 11.1 million RMB ($1.7 million) the year prior.