The IPO of blockchain venture investment firm Coinsilium has been extended until next month.
The most likely date for the public listing of its shares on ICAP’s Securities and Derivatives Exchange’s (ISDX) growth market is now January 2016.
Coinsilium, based in the Level39 Fintech Accelerator in Canary Wharf, invests in, incubates and advises Bitcoin and blockchain-related startups. It was originally slated to go public on the London Stock Exchange’s Alternative Investment Market (AIM) in early August. But the listing was switched to ICAP’s ISDX due to what Executive Chairman Cameron Parry said were more favorable listing requirements.
It is also wrapping up an equity crowdfunding campaign on Seedrs. 77% of the £1.5 million ($2.27 million) investment goal has been reached. The investment goal represents a 20.06% equity stake in the company, implying a pre-money valuation of £5,979,350 ($9.03 million).
Changing the Face of AML with Self Service AnalyticsGo to article >>
150 new investors joined the Seedrs campaign, in which 37 days remain. Coinsilium said it expects the IPO offer to close sometime next month, during which it will make an application for the trading of shares.
Another crowdfunding campaign for Coinsilium was previously held on Bitcoin-focused crowdfunding platform BnkToTheFuture in anticipation of the originally planned August IPO. In that campaign, the implied pre-money valuation was $22.8 million.
The IPO extension reintroduces the question of who will become the first publicly listed crypto company via the IPO process. All publicly listed crypto companies have thus far taken the ‘backdoor’ approach by reverse merging will existing shell companies.
Australia-based mining startup Bitcoin Group, also in the midst of its IPO, had been slated to go live on the Australian Securities Exchange (ASX) on December 11, but recently pushed off the listing until at least January.