Chinese miner manufacturer Ebang has raised its IPO target to $ 125 millionChinese cryptocurrency mining equipment manufacturer Ebang has updated its initial public offering (IPO) prospectus.

Chinese miner manufacturer Ebang raises target for IPO to $ 125 million

Chinese cryptocurrency mining hardware manufacturer Ebang updates its initial public offering (IPO) prospectus.

According to a document filed with the Commission on US Securities and Exchange Commission, Ebang Raises Fundraising Target From $ 100M To $ 125M. Prime Number Capital was listed as the underwriter. According to her estimates, the value of Ebang could be $ 600 - 900 million. Last November, another Chinese miner manufacturer, Canaan Creative, raised $ 90 million through an IPO. Since the listing, the value of its shares has dropped by more than 4 times..

Ebang plans to issue 19,323,600 shares and price them between $ 4.5 and $ 6.5. The company says its 7- and 8-nm chips are now out of development and into production. In addition, she is engaged in the creation of an ASIC miner based on a 5nm chip and devices for mining other cryptocurrencies such as Litecoin and Monero.

Your net loss for first quarter Ebang estimates at $ 2.5 million on revenue of $ 6.4 million. Revenue growth over the same period last year was 6.1%. The company calls the positive development of the situation in the bitcoin market during the first months of 2020 as the main factor. Loss of Canaan in the same segment amounted to $ 5 million.

IN 2019 year Ebang has purchased the largest volume of ASIC chips from Samsung among its competitors. It accounted for 43.8% of materials and services for the production of these chips.

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