Tuesday 14 September 2021 2:26 pm

Argo Blockchain launches IPO with sale of US shares

Argo Blockchain, the only London listed crypto mining company, has launched an Initial Public Offering as it awaits approval to list on the Nasdaq exchange.

Today, Argo said it had commenced the sale of 7,500,000 American Despositary Shares, equal to 75,000,000 ordinary shares. The last closing price of Argo’s ordinary shares on the London Stock Exchange Main Market was £1.334 indicating that the sale could raise £100m.

The news comes as the company awaits approval to list shares on the US’s Nasdaq Global Market. Argo Blockchain, London’s only listed crypto mining company, filed an application with the US Securities and Exchange Commission to sell its shares under the ticker ARBK in August.

Along with its planned Nasdaq listing, Argo Blockchain is making inroads into the US with the expansion of its mining facilities on 160 acres of newly purchased land in Texas.

The acquisition, which drew criticism from the short-sellers Boatman Capital who claimed Argo purchased the land at ten times its valuation, will add 200MW of power to the company’s network.

Argo has confirmed that Jefferies and Barclays are acting as joint book-running managers for the sale while Canaccord Genuity and Stifel GMP are acting as co-lead managers.

The company’s share price has jumped 6.5 per cent today and is trading at 139.50GBX.