UK-based crypto mining company Argo Mining (ARB) reportedly held IPO on the London Stock Exchange.
After successful IPO, the company generated GBP 25 million (some $32.5 million) and consequently became the first company from the crypto segment that was listed on the London Stock Exchange. It is worth mentioning that the initial IPO target was set at GBP 20 million.
According to the official document released by the LSE, Argo Mining issued 156 million shares priced at 16 pence per share. The overall company value is estimated at GBP 47 million.
"Argo's admission to the London main market is a major step in the Company's development and will put us in a strong position to execute our long-term growth strategy. We are delighted with the strong response from investors which will enable us to grow our business in multiple jurisdictions," said the company executive chairman.
The company got the green light from the UK Listing Authority in May. After that, Argo opened a subscription for crypto mining the following month.
As the company representative stated, the company targets the status of Amazon Web Services but in the crypto segment.
"More than 90 per cent of crypto mining is done by elites on an industrial scale because it is technically very difficult to do...It is incredibly expensive to buy, up front, the hardware you need at $5,000 a machine," he added.