Canaan Inc. lost Credit Suisse as a lead in its IPO

Bitcoin mining devices maker Canaan

Bitcoin mining devices maker Canaan Inc. lost the lead for its US IPO and has scaled back its offering.

According to the information the corporation reported to the US SEC, it intends to offer 10 million American depository shares at $9 to $11 apiece to raise about $110 million. Previously, Canaan listed the size of initial public offering as much as $400 million.

Credit Suisse Group AG was listed as the lead underwriter of the IPO in October. In Wednesday’s revised list, the company’s name was not mentioned.

The Swiss bank was worried whether the offering could secure sufficient orders. The bank was one of the leads of 36Kr Holdings Inc.’s shares sale when the website cut the size of an IPO, and the shares fell 10% in its Nasdaq debut. Credit Suisse also advising Alibaba Group Holding Ltd. on its planned Hong Kong share sale, which could be the biggest listing in the city this year.

Canaan’s listing is going to be led by China Renaissance, CMB International and Citigroup Inc. The shares are going to be listed on the Nasdaq Global Market under the symbol CAN.

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