Ebang International Holdings, which makes equipment for cryptocurrency mining in China, announced terms for its IPO on Wednesday. In its latest filing, the company selected the Nasdaq as its listing exchange and added Prime Number Capital as an underwriter.
The Zhejiang, China-based company plans to raise $106 million by offering 19.3 million shares at a price range of $4.50 to $6.50. At the midpoint of the proposed range, Ebang International Holdings would command a market value of $721 million.
A global leader in the Bitcoin mining machine space, Ebang designs application-specific integrated circuit (ASIC) chips and fabless integrated circuits (IC) for Bitcoin mining machines. Close peer Canaan (CAN) went public last November and is down 78% from IPO.
Ebang International Holdings was founded in 2010 and booked $109 million in revenue for the 12 months ended December 31, 2019. It plans to list on the Nasdaq under the symbol EBON. AMTD Global Markets, Loop Capital Markets, and Prime Number Capital are the joint bookrunners on the deal.
