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IPO Roundup: Chinese Bitcoin mining equipment producer Canaan leads three-IPO week

Also going public this week are a Chinese debt collection firm and a California-based silicon timing solutions company

Bitcoin mining machines
In the first six months of 2019, Canaan's Bitcoin mining machines accounted for 21.9% of the combined computing power of all the Bitcoin mining machines sold globally

A trio of companies are lined up to go public this week.

Pricing Tuesday

YX Asset Recovery Ltd (NYSE:YXR), a Chinese consumer debt collection service, is planning an $81 million IPO. 

The company is set to offer 9.3 million shares at a price between $7.75 and $9.75 per share.

YX Asset Recovery is the largest provider of delinquent credit card receivables recovery service in China, according to data from iResearch, and the company claims to have serviced seven of the 10 biggest commercial banks in China last year, as measured by outstanding balance of credit cards.

Pricing Wednesday

SiTime Corp (NASDAQ:SITM), the silicon timing system solutions company being spun out of MegaChips Corporation, is aiming for a $60 million public offering. 

The Santa Clara, California-based company expects to offer 4.3 million shares at a price between $13 and $15 per share. 

SiTime’s products include oscillator systems, resonators and clock ICs, the integrated circuits that control the timing signals electronic systems. 

The company said the global timing market was worth more than $7.7 billion last year, and it expects that market to grow to $10.1 billion by 2024.

For its part, SiTime has generated revenue from sales of resonators and additional minimal revenue from sales of clock ICs, which it began sampling in the second quarter of 2019.

Pricing Thursday

Canaan Inc (NASDAQ:CAN), the world’s second largest maker of cryptocurrency mining equipment in the first half of 2019, has its sights set on a $100 million IPO. 

The Hangzhou, China-based company plans to offer 10 million shares at a price between $9 and $11 per share.

Canaan offers supercomputing solutions through its proprietary high performance computing application-specific integrated circuits (ASICs). In the first six months of 2019, its Bitcoin mining machines accounted for 21.9% of the combined computing power of all the Bitcoin mining machines sold globally, the company said.

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

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