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Argo Blockchain launches IPO of American depositary shares

By Angela Barnes

09:15, 14 September 2021

Cryptocurrency mining equipment
Argo Blockchain is listed on the London Stock Exchange – Photo: Shutterstock.

Argo Blockchain has started an initial public offering (IPO) of 7.5 million American Depositary Shares (ADSs), representing an aggregate of 75 million ordinary shares. 

The cryptocurrency mining company made the announcement on Tuesday, and said it had applied to list the ADSs on the Nasdaq Global Market under the ticker symbol “ARBK”. 

Argo said that each ADS comprises 10 ordinary shares of Argo (priced at 140.12p on Tuesday morning).

In a statement, the company said that Jefferies and Barclays are acting as joint book-running managers for the offering, while Canaccord Genuity and Stifel GMP are acting as co-lead managers for the offering.

US100

17,774.70 Price
+0.380% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 21:00 (UTC)
Spread 1.8

DE40

17,822.00 Price
-0.400% 1D Chg, %
Long position overnight fee -0.0221%
Short position overnight fee -0.0001%
Overnight fee time 21:00 (UTC)
Spread 8.0

US30

37,911.00 Price
+0.480% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 21:00 (UTC)
Spread 2.2

HK50

16,243.80 Price
-1.060% 1D Chg, %
Long position overnight fee -0.0227%
Short position overnight fee 0.0008%
Overnight fee time 21:00 (UTC)
Spread 30.0

Other involved include; Compass Point, D.A. Davidson & Co., Ladenburg Thalmann, Roth Capital Partners, finnCap Ltd, and Tennyson Securities, acting as co-managers.

Argo revenue

On 3 September, Argo posted its latest earnings. It said it made £6.83m in mining revenue last month, an increase of £2.23m, as the price of bitcoin rose. 

It said it sold a total of 206 bitcoins in August, down from 225 in July, bringing the overall amount mined for the year-to-date to 1,314.

Read more: European stocks dip as heavyweight miners fall

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