Bitcoin mining machine maker Canaan raises $90m in US IPO

Cryptocurrency mining machines sit in operating racks at the home of Dmitry Gutov, a Russian cryptocurrency 'miner,' in Krasnogorsk, Russia, on Thursday, Sept. 7, 2017. Photographer: Andrey Rudakov/Bloomberg

Canaan Inc., a maker of Bitcoin mining machines, raised $90 million after pricing its U.S. initial public offering at the bottom of its marketed range.

The Hangzhou, China-based company sold 10 million American depository shares for $9 apiece on Wednesday, according to data compiled by Bloomberg. The shares had been marketed for $9 to $11, according to filings with the U.S. Securities and Exchange Commission.

The firm, which initially filed to raise as much as $400 million in October, lost its lead underwriter, Credit Suisse Group AG, before the deal was launched, according to its filings.

Twenty-eight companies based in China or Hong Kong raised $3.25 billion in U.S. IPOs this year through Tuesday, about half that from the same period in 2018, according to data compiled by Bloomberg. This year’s listing have fallen 6.6% on a weighted-average basis. That compares with a 6.5% overall increase for U.S. listings this year and a 14% increase in the S&P/BNY Mellon China ADR Index.

Canaan filed to list in Hong Kong before the city’s exchange indicated that it was “premature” for crypto-related businesses to go public in the Asian financial hub. While Bitcoin has more than doubled this year to more than $8,000 on Wednesday, its value is less than half of its all-time high in December 2017.

The offering was led by Citigroup Inc., China Renaissance Holdings Ltd. and CMB International Capital Ltd. The shares are expected to begin trading Thursday on the Nasdaq Global Market under the symbol CAN.

Bloomberg

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.