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A cryptocurrency mining company raised £ 25 million or Rs 224 crore through an initial public offering on the London Stock Exchange.
Argo Mining, a UK-based mining service provider, is the first encrypted company to be listed on the LSE. The company raised five million pounds more than expected.
"The admission of Argo to the main London market is an important step in the development of the company and will enable us to implement our long-term growth strategy", Jonathan Bixby, Executive President, stated "We are delighted with the strong investor response that will allow us to expand our business across multiple jurisdictions."
A total of 156,250,000 ordinary shares (equal to 53.2% of the share capital issued by the company Admission) were placed at 16 pence per share, valuing Argo with a market capitalization of 47 million pounds. The Placing was significantly over-subscribed, a statement from the LSE said.
Upon admission, the Company will have 293,750,000 outstanding ordinary shares.
The company was formed in December of last year and started its services on June 11, 2018 Provides "cryptocurrency Mining as a Service (MaaS) to be available on a large scale to anyone, anywhere in the world . "
Currently, Argo covers four cryptocurrencies, being Bitcoin Gold, Ethereum, Ethereum Classic and Zcash. [19659002] The company said that its system allows the user to configure and manage the cryptocurrency he wants to extract, which mining basin he wants to contribute to and how they would like to memorize the coins generated.
The company does not intend to offer any form of cryptocurrency custody service, and therefore users are responsible for the storage and security of their cryptocurrency.
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