Crypto Mining Hardware Manufacturer Canaan Downgrades IPO Target to $100 Million

Michael LaVere
  • Crypto mining manufacturer Canaan Creative has downgraded its IPO target price to $100 million.
  • The previous initial public offering filing had a target price of $400 million. 

Crypto mining machine manufacturer Canaan Creative has updated the terms of its initial public offering (IPO) filing to list shares on a U.S. stock exchange, which includes downgrading its target raise to $100 million. 

According to the updated filing with the U.S. Securities and Exchange Commission (SEC), Canaan has downgraded its IPO from an original target of $400 million to $100 million. The IPO was first announced at the end of October, with Canaan looking to succeed in the launch of a public offering where it’s crypto mining rig competitor Bitmain had previously failed. 

The new filing states that Canaan is aiming to offer 10 million American depositary shares at a price of between $9 and $11 per share. The updated IPO price also pegs Canaan’s diluted market value at around $1.5 billion. Last week it was reported that Canaan had generated a Q3 profit of $13 million, compared to a total net profit of $8.3 million for all of 2018.

Assuming the IPO is a success, Canaan would become the first major bitcoin mining rig manufacturer to go public in the traditional stock market. 

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