The company filed an application for an initial public offering with the HKEX on Monday, document shows. Since the application is still in draft form, it’s unclear at this stage the valuation of the Zhejiang-based company or how much it intends to raise.
The filing confirmed an earlier report from Reuters which indicated in May that the firm was in talks with advisors for the move. According to the report at the time, Ebang was looking to raise as much as $1 billion, which, if true, could be the largest IPO in the cryptocurrency industry.
The filing also comes just a month after Ebang’s rival bitcoin miner maker Canaan Creative submitted an IPO application to the HKEX, which was also reportedly aiming to raise $1 billion.
In addition, Ebang’s filing today offered fine details on the firm’s business operations.
Based on a financial statement included as part of the IPO filing, Ebang raised 925 million yuan ($141 million) in revenue in 2017 alone, marking a 17x year-on-year growth compared with 2016.
Similarly, the firm said in the document it recorded 380 million yuan (or $60 million) in net profit in 2017, which is 34 times more than that in the year before…