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Argo mining company listed on LSE raises Rs 224 crore

Argo mining company listed on LSE raises Rs 224 crore

August 7, 2018 9:58 am,

Argo Mining is a UK based mining services provider, which is now the first crypto company to be listed on the London Stock Exchange (LSE). It raised five million pounds which were more than the company had expected. It was reported on 3rd August in a local newspaper that this company is raising around $32 million for a total valuation of about $61 million.

“Argo admission to the London main market is a major step in the company development and will put us in a strong position to execute our long-term growth strategy,” Jonathan Bixby, Executive Chairman also said that they are very delighted with the strong response from investors they are getting which will enable them to grow their business in multiple jurisdictions.

Argo cryptocurrency raised 25 million pounds that is Rs 224 crore in its initial public offering. A total number of 15,62,50,000 shares representing nearly 53.2 percent of the shares in the company issued share capital on Admission were placed at 16 Pence per share, valuing Argo at a market capitalization of 47 million pounds. The Placing was significantly over-subscribed, a release by the LSE said. On admission, the mining company will have 29,37,50,000 shares in issue.

The Argo mining company was incorporated in December last year that is in 2017 and started its services on 11th June 2018. It provides cryptocurrency Mining as a Service (MaaS) to be available at scale to anywhere, anyone in the world.

Currently, Argo covers four cryptocurrencies, being Bitcoin Gold, Ethereum, Ethereum Classic, and Zcash.

The Argo mining company said that its system allows the user to manage and configure the cryptocurrency they wish to mine and which mining pool they wish to contribute to and how they would like to store the generated coins not only this but the company does not intend to offer any form of cryptocurrency custody service, and therefore the users are responsible for the storage and security of their cryptocurrency.