Chinese Bitcoin Equipment Producer Canaan IPO Slashed With Cryptocurrencies Sentiment

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  • #22524
    MoneyNeverSleeps
    Participant

    Chinese firm Canaan Inc., a maker of Bitcoin…

    [article]1315[/article]

    #22533
    Super Harley
    Participant

    Canaan (CAN) plans to raise $100 million at a $1.6 billion market cap. It originally filed to raise $400 million (and in 2018 was rumored to be targeting over $1 billion).

    The #2 player in the space, Canaan has shown that it’s capable of being highly profitable, with a 61% net margin in the 1Q18.

    However, its performance is heavily influenced by Bitcoin prices; a price slump earlier in the year caused Canaan’s sales to fall 96% in the 1Q19.

    #22538
    Super Harley
    Participant

    Five IPOs and two SPACs plan to raise $634 million in the week ahead.

    One of the leading makers of cryptocurrency mining equipment, Canaan (CAN) plans to raise $100 million at a $1.6 billion market cap. It originally filed to raise $400 million (and in 2018 was rumored to be targeting over $1 billion). The #2 player in the space, Canaan has shown that it’s capable of being highly profitable, with a 61% net margin in the 1Q18. However, its performance is heavily influenced by Bitcoin prices; a price slump earlier in the year caused Canaan’s sales to fall 96% in the 1Q19.

    The following IPOs are expected to price this week:

    Canaan (CAN), a leading maker of cryptocurrency mining equipment, plans to raise $100 million by offering 10.0 million ADSs at a price range of $9.00 to $11.00. At the midpoint of the proposed range, Canaan would command a market value of $1.6 billion. Canaan, which was founded in 2013, booked $1.2 billion in sales over the last 12 months. The Hangzhou, China-based company plans to list on the Nasdaq under the symbol CAN. Citi, China Renaissance, and CMB International Capital are the joint bookrunners on the deal.

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