Rhodium Enterprises Inc. has set terms for its initial public offering, in which the bitcoin miner could be valued at more than $1.7 billion. The company is looking to raise up to $107.7 million, as it is offering 7.69 million Class A shares in the IPO, which is expected to price between $12 and $14 a share. With 56.84 million Class A shares and 67.50 million Class B shares expected to be outstanding after the IPO, the pricing could value the company at up to $1.74 billion. The stock is expected to list on the Nasdaq under the ticker symbol "RHDM." B. Riley Securities and Cowen are the joint bookrunners, and Needham is the lead manager of the IPO. The company recorded net income of $12.8 million on revenue of $82.1 million during the nine months ended Sept. 30, 2021, and held $8.4 million in digital assets and $272.1 million in total assets as of Sept. 30. The company is looking to go public at a time of relative investor disdain for IPOs and bitcoin, as the Renaissance IPO ETF (IPO) has dropped 19.2% over the past three months, while bitcoin has tumbled 23.8% and the S&P 500 has gained 8.3%.
-Tomi Kilgore