Home News Mining company Iris Energy files for $100M IPO

Mining company Iris Energy files for $100M IPO

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The Australian Sydney-based mining company Iris Energy has sent an application to the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO) on Form F-1.

Foreign issuers must submit this type of application. According to the document, Iris Energy plans to list on the Nasdaq stock exchange under the ticker IREN and raise $100 million. The bookrunners for the firm’s IPO are JPMorgan, Canaccord Genuity, Citigroup, Macquarie Capital and Cowen. Thus, pricing terms remain undisclosed. The shares are likely to begin trading later this year.

The company is focused on Bitcoin (BTC) mining using green energy. Iris Energy operates a data center in Canada with a capacity of 30 MW. It is powered by renewable sources, including hydroelectric power plants.

Proceeds from the IPO to increase working capital

Businessman presses button ipo Initial Public Offering diagram online network

“We have been mining Bitcoins since 2019. We are liquidating all mined coins, so as of September 30, 2021, there is no BTC on our balance,” the prospectus says.

Iris Energy plans to use the net proceeds from the IPO to increase working capital, expand equipment and mining capacity.

Earlier in May, Iris Energy refused to enter the stock market through a deal with a special-purpose acquisition company (SPAC); under which it intended to raise $300-$500 million. Instead, management focused on raising $200 million in venture capital.

Nasdaq IPOs

Previously in August, Iris Energy filed an application with the SEC for a direct listing of shares on Nasdaq. The company expects to receive public status in the fourth quarter of 2021. By 2022, the company intends to increase the total hashrate of its sites to 4.5 EH/s.

Recall that at the end of July, the mining company Stronghold Digital Mining announced an IPO on Nasdaq. The company’s headquarters in Pennsylvania filed an S-1 application with an amount of $100 million.

A week ago, Stronghold upsized its IPO target from $100M to $127M. According to the press release, the firm will place 6,687,305 Class A shares at a price of $19. The company plans that the securities will begin trading on Nasdaq on October 20, under the SDIG ticker.

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