Have you heard of the idiom “Third time’s the charm” and ever wondered whether there is even a pinch of truth in it? At least one company will agree to it. Bitcoin Group, the Australia based digital currency company has finally received a go ahead to float an IPO after two previously unsuccessful attempts.
With Bitcoin Group receiving a go ahead from concerned authorities, the Australian Securities Exchange (ASX) will soon have a second bitcoin based company going for an IPO. Australian Securities and Investments Commission had thwarted previous attempts made by Bitcoin Group to float an IPO due to various reasons.
Bitcoin Group had twice applied for an IPO by filing the prospectus with the Australian Securities and Investment Commission. The company shared the first prospectus on June 29 of this year stating September 2 as the listing date. The initial prospectus was rejected by the ASIC and a stop order was issued against it. The initial prospectus was followed by a second one submitted on July 31. Bitcoin Group had listed October 2 as the revised date for IPO in the second prospectus.
Unfortunately, the second prospectus submitted by Bitcoin Group was also rejected by ASIC after pointing out certain shortcomings in it. Now finally the third submission received ASIC’s approval for floating Bitcoin Group’s IPO. Bitcoin Group had to revise and resubmit the proposal to gain approval from ASIC.
With the impending IPO, Bitcoin Group will be issuing 100 million new shares each priced at 20 cents. The company intends to raise over $20 million for this IPO. Up on completion of this offer, Bitcoin Group will have a market capitalization of about $32.9 million. The company currently has seven sites spread across Australia, China and Iceland, which are involved in mining operations. The IPO will provide Bitcoin Group with access to fresh funds, which can be used to cover the operating, and expansion costs.