Editor's Note: This article comes fromWu said blockchain (ID: yibenqkl), reprinted by Odaily with authorization.
Editor's Note: This article comes from
Wu said blockchain (ID: yibenqkl)
, reprinted by Odaily with authorization.
On November 13, Wu Shuo Blockchain exclusively learned that Canaan, the first stock of mining machines, will soon be listed on Nasdaq. The time is set for November 21.
At 6 am on November 14th, Beijing time, Canaan updated its prospectus again, confirming that it will issue 10 million ADSs, priced at US$9-11 per share, and the amount of funds raised will be between US$90 million and US$110 million, which is lower than the original What the outside world thinks is 200 million or 400 million US dollars. At the same time, the prospectus shows that Credit Suisse, the number one lead underwriter, has withdrawn from the ranks of underwriters. This is the last update of the prospectus before listing on the 21st.
Canaan’s fundraising amount is higher than the 36kr that was recently listed on the US stock market, and slightly lower than NetEase Youdao. 36kr and Netease Youdao have market capitalizations of about 500 million and 1.5 billion U.S. dollars respectively, and it is expected that Canaan’s market capitalization will be between the two. Regarding the amount of funds raised, Canaan originally filled it in as US$400 million, but according to the ADS calculation of the updated prospectus, the amount of funds raised is between US$90 million and US$110 million.
Canaan’s prospectus initially revealed that the underwriters included Credit Suisse, Citigroup, Huaxing Capital, CMB International, Galaxy Digital Advisors LLC, Huatai Securities and Tiger Securities International. Among them, Galaxy Digital Advisors LLC is a broker-dealer under Galaxy Digital, an encrypted asset investment bank.
Among them, Credit Suisse (credit Suisse) ranked first, and Citigroup (Citigroup) ranked first and second, and they were the two main underwriters.
On the 12th, according to sources close to Canaan, due to various reasons, Credit Suisse is suspected to have withdrawn from the ranks of lead underwriters.
In this regard, the relevant person in charge of Canaan told Wu Shuo Blockchain that he would not comment. The author asked Kong Jianping, chairman of Canaan, for confirmation, but the other party never responded.
The updated prospectus shows that Credit Suisse has indeed withdrawn from the ranks of lead underwriters and added Haitong International Securities. There were rumors that Citigroup was also hesitating. However, the update of the prospectus shows that Citigroup did not withdraw after Credit Suisse withdrew, and will carry the banner of the lead underwriter.
Screenshot of the original underwriter
Screenshot of current underwriter
According to lawyer Raymond Wang, the lead underwriter is the general coordinator of the entire IPO project, responsible for coordinating all parties involved in the project, including enterprises, accounting firms, law firms, appraisers, public relations companies and other institutions, and managing their respective processes in the project . In addition, the lead underwriter also supervises the drafting and submission of various IPO documents, maintains real-time communication with the exchange, provides listing guidance at any time according to the needs of the company, organizes roadshows, and undertakes the bulk of stock sales. The underwriter's profit model is to earn a certain percentage of commissions from the money raised by listed companies.
In general, why do lead underwriters quit? The news I got is that it may be because the fundraising is not very smooth and the corresponding benefits cannot be obtained. The news obtained by Block Rhythm from investment bankers is "cyclical reasons". Specific reasons vary.
