Argo Blockchain Plc Plans $138 Million IPO for September 23rd (ARBK)

Argo Blockchain Plc (ARBK) plans to raise $138 million in an initial public offering (IPO) on Thursday, September 23rd, IPO Scoop reports. The company will issue 7,500,000 shares at $18.40 per share.

In the last 12 months, Argo Blockchain Plc generated $14.4 million in revenue and $8.6 million in net income. The company has a market cap of $846.1 million.

Jefferies, Barclays, Canaccord, Genuity and Stifel GMP ​ served as the underwriters for the IPO and Compass Point, D.A. Davidson, Ladenburg Thalmann, Roth Capital Partners, finnCap and Tennyson Securities ​ were co-managers.

Argo Blockchain Plc provided the following description of their company for its IPO: ” (NOTE: Not an IPO. The offering is an up lift from the London Stock Exchange Main Market (the “LSE”), under the symbol “ARB,” and on the OTCQX® Best Market (“OTCQX”), under the symbol “ARBKF.” On September 10, 2021, the last reported sale price of our ordinary shares on the LSE was £1.334, or $1.84 per ordinary share based on the exchange rate of £1.00 to $1.38 on that date. Based on the last reported sale price of our ordinary shares on the LSE on September 10, 2021, we have assumed an initial public offering price of $18.40 per ADS.  We are a leading blockchain technology company focused on large-scale mining of Bitcoin and other cryptocurrencies. We mine using purpose-built computers (or “mining machines”) to solve complex cryptographic algorithms (or “verify” or “solve” blocks) in the blockchain in exchange for rewards and fees denominated in the native token of that blockchain network. Our mining strategy is to cost-effectively acquire the latest generation mining machines and install them in North American facilities that utilize predominantly renewable and inexpensive power. We have a fleet of more than 21,000 machines mining Bitcoin and other cryptocurrencies and can generate more than 1,075 petahash per second, of which approximately 215 petahash is located in facilities we recently acquired in Quebec, Canada, and approximately 860 petahash is located in hosted facilities.  “.

Argo Blockchain Plc was founded in 2018 and has 7 employees. The company is located at 9th Floor 16 Great Queen Street, London WC2B 5DG, England and can be reached via phone at +44 20 788 400 3403 or on the web at http://www.argoblockchain.com.

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