Chinese mining company Canaan Creative raised $ 90 million during the initial public offering in the United States. The company has become a pioneer among manufacturers of miners.

The company placed 10 million American Depositary Shares (ADS) for $9 each what meets minimum expectations. According to the application to the US Securities and Exchange Commission (SEC), the sale price of shares ranged from $9 to $11.

Canaan initially filed for an IPO planning to raise about $400 million.

The company later lost Credit Suisse as a lead underwriter which led to the reduction of the planned amount to $ 100 million.

The placement of Canaan shares was carried out by Citi, China Renaissance, and CMB International Capital. Stocks are expected to be offered by the NASDAQ today, November 21, under the CAN ticker.

The day before the IPO, the company placed external dynamic ads of bitcoin on skyscrapers along the Fuchunjiang River.

Previously, the company tried to undergo an IPO in Hong Kong.