From $400M to $90M
Beforehand, the corporate regarded to boost significantly extra. Having did not safe an IPO in Hong Kong final yr, Canaan regarded to the U.S., with a funding determine of $400 million circulating previous to the occasion.
A setback got here when Canaan misplaced its largest financial institution, Credit score Suisse, simply final week. In consequence, the scale of the IPO was dramatically lowered: documents submitted on the time contained a projected $100 million aim and didn’t point out Credit score Suisse.
In response to Bloomberg citing “individuals conversant in the matter,” Credit score Suisse “was involved whether or not the providing might safe adequate orders.”
Canaan inks first-mover benefit