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Agro, a Crypto mining firm gets listed on LSE and raises $32.5 million in its IPO

Crypto mining

Argo Blockchain has become one of the first companies in the Blockchain and Cryptocurrency industry to get listed on the London Stock Exchange (LSE). Argo Blockchain, a cryptocurrency mining company has raised $32.5 million (£25 million) through an initial public offering (IPO).

Argo Blockchain has its headquarters in London but its mining operations are running in Canada. The company made its debut on Friday under the ARB ticker and 156 million ordinary shares were placed, which accounted for 53.2% of the shared capital by the company in an initial admission document from the London Stock Exchange (LSE).

Argo’s initially planned to raise $23.1 million (£20 million) at a valuation of $46.2 million (£40 million). The company was over-subscribed at 16p a share and achieved a total market cap of $61.2 million (£47 million).

Jonathan Bixby said in a statement “The company’s admission to the London main market is a big step in Agro’s development and we will be in a strong position to execute our long-term growth strategy.”

He also added, “We are delighted with the strong response from investors which will enable us to grow our business in multiple jurisdictions.”

In December 2017 Agro was founded with a mission to provide accessible cryptocurrency mining to its users with the help if a subscription-based model. The cryptocurrency miner won an approval to be listed on the London Stock Exchange (LSE) in May 2018 and launched its platform in June 2018.

Argo is mining Bitcoin Gold (BTG), Ethereum(ETH), Ethereum Classic(ETC) and Zcash (ZEC) on behalf of its users. The users then pay a monthly subscription fee and get rewards in proportion to the package they select.

According to the company’s website, all of its current offerings are currently sold out and it’s not the only cryptocurrency miner which is looking to tap into the stock market potential. Bitmain, the cryptocurrency mining equipment giant is also planning to go public.

 

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