First crypto firm on London Stock Exchange raises $32.5 million in IPO

UK based crypto mining company Argo Blockchain has raised £25 million (about $32.5 million) in IPO (initial product offering) being listed on the Main Market of the London Stock Exchange. Argo has placed 53.2 percent of its share capital, which is 156,250,000 ordinary shares, with the price equal to 16 pence per single share and the market cup equal to £47 million (about $61 million).

Argo rises 32,5$ in IPO

Argo rises 32,5$ in IPO

Argo has got permission to be listed on the London Stock Exchange in May. The company mentioned in an official statement that it hopes to raise £20 million. The result thus outperforms the initial target value by £5 million.

Argo Blockchain, established in late 2017, offers cloud-based crypto mining as a service (MaaS). The service is available via subscription and positioned as the mass-market solution to make high-performance servers affordable to anyone. The platform is live since June 11, 2018. After subscribing, customers are able to mine four cryptocurrencies - Bitcoin Gold, Ethereum, Ethereum Classic, and Zcash.

"Argo's admission to the London main market is a major step in the Company's development and will put us in a strong position to execute our long-term growth strategy. We are delighted with the strong response from investors which will enable us to grow our business in multiple jurisdictions,"

Argo’s Executive Chairman Jonathan Bixby comments on the matter.