Bitmain has filed a formal application for IPO

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Bitmain has filed a formal application for IPO

The largest mining company Bitmain submitted to the Hong Kong stock exchange (HKEX) listing application for an initial public offering (IPO), reports CoinDesk.

The application is a first draft, and some of its details, in particular, the number for sale of the shares and the direct date of the IPO, still in the editing process.

However, the document stated that in the past year, the Bitmain revenue totaled $719 2 517 000. This figure is higher than in 2016 ($277 612 000). As at 30 June 2018, the company’s revenue was $2 845 467 000.

The application States that in 2017, gross profit in the mining company was $1 212 750 000, which also exceeds the performance 2016 ($000 151 351).

Earlier, the head of Bitmain Jihan Wu expressed indignation because of the actions of the chief financial officer of the company, which disclosed the figures of the first quarter 60 days after completion, not 90, as he expected.

Media have speculated that in the IPO, the publication of such information could have an adverse effect on the company’s investment attractiveness.

In addition, the document confirmed media reports that Bitmain owns a 3% share in the Internet browser Opera, thanks to the investment of $50 million

The application also stated that the underwriters of the IPO are China International Capital Corporation Hong Kong Securities Limited, Commerce and Finance Law Offices, Maples and Calder LLP, KPMG and Frost & Sullivan.

Earlier it was reported that during the IPO Bitmain intends to raise $18 billion At the same time, Bloomberg with reference to informed sources gave a figure of $3 billion.

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