Argo Blockchain PLC (LSE:ARB, OTCQX:ARBKF, FRA:0XP) raised US$112.5mln in an initial public offering for its American Depositary Shares (ADS) which are listing on Nasdaq.
In a statement, Argo said the issue of 75mln ADS - each of which represents 10 ordinary shares listed in London – were priced at US$15.00 per ADS.
A further 1.125mln ADS may be sold by the IPO’s underwriters as the company has now granted them a 30-day option.
The ADS trade on the Nasdaq Global Select Market, under the ‘ARBK’ ticker symbol.
Jefferies and Barclays are the book-running managers for the IPO whilst Canaccord Genuity (TSX:CF, LSE:CF) and Stifel GMP acted as co-lead managers. A number of other brokers including finnCap were also involved in the ADS offering.
In London, Argo Blockchain’s ordinary shares closed Wednesday’s trading session at 160.5p each, giving it a market capitalisation of around £612mln.
Argo earlier this month said it was the first publicly-traded cryptocurrency miner to become climate positive from scope-one, scope-two and greenhouse gas (GHG) emissions from the value chain associated with its mining operations.
In the month of August it mined a total of 206 Bitcoins, taking its tally for the first eight months of 2021 to 1,314. The company generated £6.83mln of cryptocurrency mining revenue in August and retained a holding of 1,659 Bitcoins at the end of the month.