27 September, 2018
The leading producer in the crypto mining industry – Bitmain – has reportedly filed IPO application with the Hong Kong Exchange (HKEX).
According to the news reports, the company submitted just draft, so its details (schedule, amount of shares, etc) are still under consideration and subject to amendments.
Considering the available data, Bitmain reported about $2.5 billion revenue in 2017, while the previous year results amounted to $277.6 million. This year, the revenue reached $2.8 billion as of end-June.
The underwriters include China International Capital Corporation Hong Kong Securities Limited, Commerce and Finance Law Offices, Maples and Calder LLP, KPMG и Frost & Sullivan, as the application reads, though "none of the experts named above has any shareholding in any member of our Group...", commented the company in the document.
It was rumoured that Bitmain targets $18 billion, but later the media citing sources mentioned much lower sum – $3 billion.
It is worth mentioning that Bitmain's CFO unveiled Q1 results in 60 days after the quarter end, rather than a 90-day period, as the company's CEO expected. As a result, such a move can undermine the attractiveness of the company for the potential investors.