Australian crypto miner Iris Energy plans IPO to raise $100 million

Australian bitcoin mining company Iris Energy filed with the SEC for an initial public offering (IPO) on Form F-1.

Such a filing type is required for foreign issuers. According to the document, Iris Energy plans to list on Nasdaq under ticker IREN and raise $100 million.

The bookrunners for the offering are JPMorgan, Canaccord Genuity, Citigroup, Macquarie Capital and Cowen.

The company focuses on Bitcoin mining using green energy. Iris Energy operates a 30 MW data centre in Canada powered by renewables, including hydroelectric plants.

“We have been mining bitcoins since 2019. We liquidate all mined coins, so as of September 30, 2021 there were no BTC on our balance sheet,” the prospectus states.

Iris Energy plans to use the net proceeds from the IPO to increase working capital, expand equipment and mining capacity.

In May Iris Energy abandoned a plan to go public via a SPAC, under which it aimed to raise $300–$500 million. Instead, management focused on raising $200 million of venture capital.

In August, Iris Energy filed with the SEC for a direct listing of its shares on Nasdaq.

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