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Ebang IPO trades in today at $5.23 per share

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The efforts of Ebang, a Chinese Bitcoin ASIC chip manufacturer, to go public in the United States, has turned successfully. The company announced that its planned Initial Public Offering (IPO) commences today and will be traded at the price of $5 per share.

Ebang IPO shares hoped to recure approximately $100.75 million

A press release on Friday informed that Ebang IPO would issue about 19,264,337 Class A ordinary shares. Most precisely, the company mentioned that each share would be traded at the values of $5.23, with a symbol”EBON.” The trading of Ebang IPO shares starts today on the Nasdaq Global Select Market.

The trading is estimated to last until the next four days (June 30), subject to customary closing conditions, as noted in the announcement. Ebang hopes to raise approx. $100.75 million from the US public offering, that’s if the underwriters don’t indicate an over-allotment option to acquire more shares.

For the Ebang IPO, the Hong Kong-based AMTD Global Markets and Chicago-based Loop Capital Markets in Chicago were appointed as the underwriters. Reportedly, the Chinese chip maker granted them the right to acquire as much as 2,889,650 more shares “from the date of the final prospectus at the initial public offering price.”

Ebang’s second shot for IPO in the United States

Ebang was reportedly established in 2010. It is also considered as one of the earliest entities in China that specializes in the production of ASIC chips for cryptocurrency mining. The journey to Ebang IPO in the United States began after the chipmaker filed for the deal with the SEC in April.

This is the company’s second attempt to go public, although the initial effort wasn’t in the United States. Ebang initially planned to go public in Hong Kong around 2018, with plans to raise $1 billion. However, the offering could not hold, resulting in the second shot in the US.

Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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