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Bitmain Files Application To Conduct IPO And Finalizes Preparations

14:40 27/09/2018

The representatives of Bitmain, the leading manufacturer of equipment for mining, have sent an official application to the Hong Kong stock exchange (HKEX) to hold an IPO, CoinDesk reports.


Recently, there has been much various information on the Bitmain's desire to organize the initial public offering. In mid-August, anonymous sources informed that the firm plans to raise $3 billion during the event. In early September, it was reported that, as part of preparations, the company can disclose data on the revenues for Q2 of 2018 earlier than it was planned.


Finally, the Bitmain's application was published on the website of the HKEX. Currently, it is in blue, and there is no definite date of the IPO. Also, it has not yet been specified in what amount the company will be assessed and how many shares will be offered for sale.


The application is yet to be edited, but some data about the income of Bitmain is available now. The company's profit for 2017 amounted to more than $2.5 billion, which was almost nine times the sum of $277.6 million in 2016. Revenues for the first six months of 2018 have already exceeded last year figures and constituted $2.84 billion.


Moreover, the representatives of Bitmain informed that there is $886.9 million of cryptos on their accounts as of June 30, among which are bitcoin, ether, Litecoin, and Dash. At the same time, there was a loss of $102.7 million in the first half of 2018 due to the crypto market crash. It is the reason why Cihan Wu, the head of the firm, didn’t want to disclose the indicators for Q1 ahead of time. He feared that this information would have a negative impact on the assessment of the company.

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