Jihan Wu, the CEO of the Chinese company Bitmain, plans to conduct a foreign IPO.
As reported by Bloomberg, Wu “opened” for the IPO shares are denominated in U.S. dollars, as it will allow early investors to cash out their investments.
A Fortune gained access to the document detailing the latest financial results of the company before the IPO, to be held “very soon”.
According to this document, Bitmain has earned about $ 1 billion in net profit in the first quarter of 2018, while the profit for the year according to preliminary estimates will amount to 2 to 3 billion dollars.
Now Bitmain plans to attract more funds, and the planned overall evaluation of the company will amount to 14 billion US dollars, which is about 17% higher than 12 billion U.S. dollars. This was appreciated by the company during the funding round B, which was held in June. According to one of the audit firms “big four” Bitmain also received 1.2 billion dollars in net profit in 2017.
During a round of financing, Bitmain got 300 to $ 400 million from subsidiaries, Sequoia China Sequoia Capital, an American hedge Fund Coatue and the Singapore state investment Fund EDBI. And in September 2017, the company received $ 50 million in a round of series A funding from Sequoia Capital and IDG Capital.