Simpson Thacher-Led Crypto Miner Launches $100M IPO

By Tom Zanki (November 14, 2019, 4:10 PM EST) -- Chinese cryptocurrency miner Canaan Inc., which describes itself as the world's second-largest maker of bitcoin mining machines, plans to raise about $100 million in a U.S. initial public offering set to price next week, according to a securities filing.

Hangzhou-based Canaan, advised by Simpson Thacher & Bartlett LLP, told regulators it plans to offer 10 million shares priced between $9 and $11, raising $100 million at midpoint. Canaan expects to price its offering on Wednesday, Nov. 20, according to IPO research firm Renaissance Capital, part of a lineup of six companies set to go public next week.

Canaan said it ranked...

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