Deals

Bitcoin Firm Canaan Loses Credit Suisse as Lead in Smaller IPO

Credit Suisse was lead underwriter listed in October filing
Company seeks up to $110 million, sells shares at $9-11 each

A Cryptocurrency Mining Rig at Open Computing Pte Director Wilson Josup's Office — Photographer: Wei Leng Tay/Bloomberg

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By Crystal Tse and Carol Zhong

November 14, 2019 at 5:06 PM UTC

This article is for subscribers only.

Canaan Inc., a maker of Bitcoin mining machines, lost the lead left bank for its U.S. initial public offering and has scaled back its offering.

The company plans to offer 10 million American depository shares at $9 to $11 apiece to raise as much as $110 million, according to an amended filing to the U.S. Securities and Exchange Commission. Canaan previously listed the size of IPO as much as $400 million.