Argo Blockchain announces US initial public offering pricing
12:14, 23 September 2021
Argo Blockchain has announced the pricing of its initial public offering (IPO) of 7.5 million American Depositary Shares (ADSs), which represent an aggregate of 75 million ordinary shares, at a public offer price of $15 (£10.93) each.
The cryptocurrency mining company, which is currently listed on the London Stock Exchange, said in a statement on Thursday that it has raised gross proceeds of $112.5m before deducting underwriting discounts and commissions.
"Each ADS offered represents 10 ordinary shares of Argo Blockchain. In addition, Argo Blockchain has granted the underwriters a 30-day option to purchase up to an additional 1,125,000 ADSs at the public offering price, less underwriting discounts and commissions," it said.
Nasdaq listing
The ADSs will trade on the Nasdaq Global Market under the ticker symbol ARBK from Thursday. The offering is expected to close on 27 September, subject to the satisfaction of customary closing conditions.
Jefferies and Barclays are acting as joint book-running managers for the IPO. Canaccord Genuity and Stifel GMP are acting as co-lead managers, while Compass Point, DA Davidson & Co, Ladenburg Thalmann, Roth Capital Partners, finnCap Ltd, and Tennyson Securities are acting as co-managers.
Shares in Argo were down 5.73% on the London Stock Exchange on Thursday afternoon.
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