First cryptocurrency company listed on London Stock Exchange raises Rs 224 crore

A cryptocurrency mining company has raised 25 million pounds or Rs 224 crore via an initial public offering at the London Stock Exchange.

Argo Mining, a UK-based mining services provider, is the first crypto company to be listed on the LSE. The company raised five million pounds more than it had expected.

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

A total of 156,250,000 ordinary shares (representing 53.2% of the company’s issued share capital on Admission) were placed at 16 pence per share, valuing Argo at a market capitalisation of 47 million pounds. The Placing was significantly over-subscribed, a release by the LSE said.

On admission, the Company will have 293,750,000…