Ebang International Holdings, which makes equipment for cryptocurrency mining in China, filed on Friday with the SEC to raise up to $100 million in an initial public offering.
Ebang designs application-specific integrated circuit (ASIC) chips and fabless integrated circuits (IC) for Bitcoin mining machines (82% of 2019 revenue). It was a leading Bitcoin mining machine producer in the global market in 2019 by computing power, according to Frost & Sullivan. In the year ended December 31, 2019, the company's revenue declined 66% and gross margin swung negative to -28%.
The Zhejiang, China-based company was founded in 2010 and booked $109 million in revenue for the 12 months ended December 31, 2019. It plans to list on either the NYSE or the Nasdaq under the symbol EBON. Ebang International Holdings filed confidentially on February 14, 2020. AMTD Global Markets and Loop Capital Markets are the joint bookrunners on the deal. No pricing terms were disclosed.
