Crypto mining company Ebang International files for a $100 million US IPO

Ebang International Holdings, which makes equipment for cryptocurrency mining in China, filed on Friday with the SEC to raise up to $100 million in an initial public offering.

Ebang designs application-specific integrated circuit (ASIC) chips and fabless integrated circuits (IC) for Bitcoin mining machines (82% of 2019 revenue). It was a leading Bitcoin mining machine producer in the global market in 2019 by computing power, according to Frost & Sullivan. In the year ended December 31, 2019, the company's revenue declined 66% and gross margin swung negative to -28%.

The Zhejiang, China-based company was founded in 2010 and booked $109 million in revenue for the 12 months ended December 31, 2019. It plans to list on either the NYSE or the Nasdaq under the symbol EBON. Ebang International Holdings filed confidentially on February 14, 2020. AMTD Global Markets and Loop Capital Markets are the joint bookrunners on the deal. No pricing terms were disclosed.

The article Crypto mining company Ebang International files for a $100 million US IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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