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Investing.com -- BGIN Blockchain Limited (NASDAQ:BGIN) made its public market debut Tuesday, with shares opening at $6.00, matching the initial public offering price.
The digital asset technology company offered 5,000,000 Class A ordinary shares in its IPO, raising approximately $30 million in gross proceeds before deducting underwriting discounts and related expenses.
BGIN, which trades under the ticker symbol "BGIN" on the Nasdaq Global Market, specializes in proprietary cryptocurrency-mining technologies with a historical focus on altcoins.
The company plans to use the net proceeds from the offering for several strategic initiatives, including the purchase and construction of mining farms, research and development of new proprietary chips for cryptocurrency mining machines, and general corporate purposes.
BGIN designs and manufactures mining machines under its ICERIVER brand and aims to make crypto mining more accessible by developing innovative products for various market segments, from beginners to large-scale industrial miners. The company provides customers with operational flexibility through advanced mining infrastructure and hosting services.
The IPO underwriters, led by sole book-running manager D. Boral Capital LLC, have been granted an over-allotment option to purchase up to an additional 15% of Class A ordinary shares at the public offering price, exercisable within 45 days after the closing of the offering.
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