Canaan, a fabless designer of Bitcoin mining equipment, raised $90 million by offering 10 million ADSs at $9, the low end of the range of $9 to $11. At the offer price Cannan commands a market cap of $1.4 billion.
Canaan plans to list on the Nasdaq under the symbol CAN. Citi, China Renaissance and CMB International Capital acted as lead managers on the deal.
