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Crypto mining company Canaan sets terms for $100 million US IPO

November 13, 2019

Canaan, a leading maker of cryptocurrency mining equipment, announced terms for its US IPO on Wednesday.

The Hangzhou, China-based company plans to raise $100 million by offering 10 million ADSs at a price range of $9 to $11. At the midpoint of the proposed range, Canaan would command a fully diluted market value of $1.6 billion and an enterprise value of $1.4 billion. It originally filed for a $400 million offering in October, and had planned to raise as much as $1.5 billion in 2018.

Canaan was founded in 2013 and booked $177 million in sales for the 12 months ended September 30, 2019. It plans to list on the Nasdaq under the symbol CAN. It had been on our Private Company Watchlist since January 2019. Citi, China Renaissance and CMB International Capital are the joint bookrunners on the deal. Credit Suisse was removed as lead bookrunner. It is expected to price on Wednesday, November 20, 2019.