IPOs

Mining for an IPO: Ebang International sets terms for $106 million US IPO

Ebang International Holdings, which makes equipment for cryptocurrency mining in China, announced terms for its IPO on Wednesday. In its latest filing, the company selected the Nasdaq as its listing exchange and added Prime Number Capital as an underwriter.

The Zhejiang, China-based company plans to raise $106 million by offering 19.3 million shares at a price range of $4.50 to $6.50. At the midpoint of the proposed range, Ebang International Holdings would command a market value of $721 million. 

A global leader in the Bitcoin mining machine space, Ebang designs application-specific integrated circuit (ASIC) chips and fabless integrated circuits (IC) for Bitcoin mining machines. Close peer Canaan (CAN) went public last November and is down 78% from IPO.

Ebang International Holdings was founded in 2010 and booked $109 million in revenue for the 12 months ended December 31, 2019. It plans to list on the Nasdaq under the symbol EBON. AMTD Global Markets, Loop Capital Markets, and Prime Number Capital are the joint bookrunners on the deal.

The article Mining for an IPO: Ebang International sets terms for $106 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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