Argo Mining Gains $32M on London Exchange
After launching an initial product offering on London's stock exchange, Argo Mining has managed to raise around $32.5M. Argo Mining offers easy and accessible cryptocurrency mining services through subscriptions and has become the first company of its kind to list on the LSE and conduct an IPO. Around $6M extra was raised through the IPO, exceeding the target number by the company.
Argo Mining conducted the IPO with over 150M shares consisting of 53 percent of the shared capital distributed by the company as per reports. Each share was valued at around 16 pence and in total, accumulated to about $61M USD. The company executive, Jonathan Bixby, stated that the Argo’s introduction to the stock exchange is a massive move forward in terms of growth and will boost Argo Mining to a higher level and boost its long-term plan of expansion.
He adds that the company is overjoyed with the positive attitude investors have displayed and will allow the company to spread its business to several other locations. Argo Mining was granted approval by the Listing Authority in the UK to be added to the LSE. As per Argo’s webpage, all of the offered mining packages are currently out of stock. The company supports BTG, Ethereum, ZEC and Ethereum Classic.
The executive has also stated that the company is determined on being the equivalent to Amazon within the cryptocurrency industry. He adds that over 90% of any digital currency mining operations are conducted by large-scale companies due to the difficulty associated with mining, including expenses and effort, as well as resources and equipment.
As of now, many other cryptocurrency mining firms are looking into possible initial product offerings. Several rumors regarding Bitmain are circulating as well, saying that the company may possibly be undergoing a pre-initial product offering of its own and a possible public introduction.
Chinese mining equipment manufacturers, including Canaan, have also applied for initial product offerings on the HKSE.