According to documents obtained CoinDesk, the largest manufacturer of mining equipment, Bitmain is planning in September to draw through an initial public offering (IPO) of $18 billion.
As the newspaper notes, due raised through the issue of shares of the funds, the capitalization of the Chinese giant can reach 40 to 50 billion US dollars. Bitmain listing on the Hong Kong stock exchange will be held either in the last quarter of this year or in the first quarter of the next. The role will act as the underwriter China International Capital Corporation. At about this same time hold IPO and other Chinese “unicorns” mining market — Canaan Creative and Ebang Communication.
Bitmain is one of the most expensive cryptocurrency companies, successfully held in July, pre-IPO, when it raised $1 billion Then the market value of the company was estimated at $15 billion. For comparison, the us cryptocurrency company Coinbase in April were estimated at $8 billion.
Shortly before that Bitmain was able to raise $400 million in venture investment from Sequoia Capital. In the same funding round participated in the U.S. IDG Capital, and Coatue Management, a Russian company DST Global and Singapore’s EDBI and GIC.
If Chinese companies manage to raise $18 billion, it will surpass Facebook in the largest IPO.
Projected stock price and trading volume is not yet known, however, the investment banks are predicting P/E ratio (price/earnings) at 20 for the first year of public trading.
This forecast is based on the company’s financial performance. So, for 2016 or 2017 and the first quarter of the current year profit Bitmain amounted to $3.2 billion In 2017 revenue of $2.5 billion, while only in the first quarter of 2018, this figure reached $2 billion this year Bitmain expects to receive $2.5 billion profit.
ForkLog previously reported that Bitmain has invested $3 million into blockchain startups tribeOS that specializiruetsya on developing solutions to combat fraud in the advertising business.