Mining Company Iris Energy Files IPO Application with the SEC

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Australian mining company Iris Energy wants to conduct an IPO and earn about $100 million.

According to the firm, the sale of shares is planned to be carried out on the Nasdaq. Ordinary shares will be placed under the ticker IREN if the application is approved by the regulator.

The management team of the company believes the review will not take long and that the first round of bidding will be held already by the end of the year. However, both the price and the number of shares to be made available still remains unknown.

Bloomberg has recently reported Iris Energy is looking for investors to raise about $200 million before a direct listing on the Nasdaq. All proceeds from the future IPO will go towards increasing working capital and the purchase of mining equipment.

The company’s management team refused in May this year to hold IPO as part of a deal with SPAC. Then, according to analysts, it could have gotten between $300 and $ 500 million when selling shares. Nevertheless, Iris Energy decided to work with venture capital investors directly and conduct a direct IPO on its own terms.