Iris Energy, a bitcoin miner primarily powered by renewable energy, announced terms for its IPO on Tuesday.
The Sydney, Australia-based company plans to raise $215 million by offering 8.3 million shares at a price range of $25 to $27. At the midpoint of the proposed range, Iris Energy would command a market value of $1.4 billion.
Iris Energy is a Bitcoin mining company that builds, owns, and operates data center and electrical infrastructure for the mining of Bitcoin primarily powered by renewable energy. The company targets entry into regions where there are low-cost, abundant, and attractive renewable energy sources. In January 2020, Iris acquired its first site in British Columbia, Canada, which is connected to the British Columbia Hydro and Power Authority electricity transmission network on which the electricity was 98% sourced from clean or renewable sources. The site has approximately 30 MW of capacity and operating hashrate capacity of approximately 0.7 EH/s, as of October 1, 2021. Its mining operations generate revenue by earning Bitcoin through a combination of block rewards and transaction fees from the operation of its ASICs, and exchanging these Bitcoin for currencies such as USD or CAD on a daily basis.
Iris Energy was founded in 2018 and booked $17 million in revenue for the 12 months ended September 30, 2021. It plans to list on the Nasdaq under the symbol IREN. J.P. Morgan, Canaccord Genuity, Citi, Macquarie Capital, Cantor Fitzgerald, CITIC CLSA, and Cowen are the joint bookrunners on the deal. It is expected to price during the week of November 15, 2021.
