Mining giant Canaan raised $ 90 million on IPO and became a pioneer

Chinese mining company Canaan Creative raised $ 90 million during the initial public offering in the United States. The company has become a pioneer among manufacturers of miners.

The company placed 10 million American Depositary Receipts (ADS) for $ 9. This meets minimum expectations. According to an application to the US Securities and Exchange Commission (SEC), the sale price of securities ranged from $ 9 to $ 11.

Canaan initially filed for an IPO with the intention of raising about $ 400 million.

The company later lost Credit Suisse as a leading underwriter and reduced plans to $ 100 million.

Placement of Canaan shares was carried out by Citi, China Renaissance and CMB International Capital. Under the CAN ticker, papers are expected to begin trading on the NASDAQ today, November 21.

The day before the IPO, the company placed an external dynamic ad for bitcoin on skyscrapers along the Fuchunjiang River.

Recall that information about the possible holding of Canaan initial public offering in the United States appeared in the summer. Previously, the company tried to enter an IPO in Hong Kong.

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