Chinese crypto-mining device maker Canaan has attracted a total of $90M during its IPO on NASDAQ, Bloomberg reports.
The company reportedly sold about 10 million shares yesterday at a price of $9, raising $90M in total. This amount is significantly lower than what Canaan initially expected to raise during its IPO. The company had reported that it planned to raise around $400M, that is $310M more. However, it later lowered its target to $100M.
The maker of crypto mining devices filed an IPO application to go public in Hong Kong last year, however, its application was not approved.
Canaan has just become the first major Chinese mining company to go public in the US.
Last week it was reported that the company had lost the support of Credit Suisse, one of its biggest partners for its IPO.
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