Coinsilium, UK-based blockchain technology investment and development company, is preparing for the first ever initial public offering of a blockchain technology group, after raising £1m.
In July 2015, the company announced that it is going to IPO on Alternative Investment Market (AIM) of the London Stock Exchange, at the moment Coinsilium is determined to float on ICAP’s Securities and Derivatives Exchange’s (ISDX) growth market due to favorable listing requirements. The date for the public listing of its shares is January 2016 at the earliest.
“London is vying to be the centre of financial technology, and the world’s first IPO of a blockchain technology company shows that we are doing our bit,” said Cameron Parry, Executive Chairman and Co-Founder of Coinsilium.
According to Parry, the company’s revenues were “only in the tens or hundreds of thousands” so far — and mainly come from advising other firms on the blockchain — but he expected the company to be profitable by the end of next year.
Besides, the company is finishing 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).
150 new investors joined the Seedrs campaign, in which 37 days remain. Coinsilium team 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.
“We hope to become a major player in the industry and contribute to its growth,” said Eddy Travia, Coinsilium Chief Executive Officer, back in July this year.
“In London the environment couldn’t be more positive with discussions with the Bank of England and regulators,” Eddy Travia said concerning the decision to list in London rather than the US. “It’s a better fit. The government feel more positive about what blockchain can bring to the City in terms of finance innovation.”