PowerLedger’s Bitcoin IPO powers towards $30m

Aug 31 2017 at 3:06 PM – by Ben Potter

Perth energy trading platform PowerLedger has raised $17 million in the first two stages of its Australia-first virtual currency IPO and looks set to raise more than $30 million by the time its public offer closes.

Demand has exceeded Powerledger’s initial expectations and the success of the “initial coin offering” or “ICO” shows there can be a strong appetite for fundraising offers from Australian firms using this novel form of fundraising and virtual currencies like Bitcoin and Ethereum.

Chair Jemma Green said the $17 million came from a discounted private presale of 90 million Powerledger tokens or POWRs to members of the company’s community, and a public presale of 100 million POWRs to investors and partner utilities that was filled in 72 hours.

The company allows households and community organisations to trade surplus solar power over a blockchain network. It will launch an uncapped public offer of 160 POWRs – which will raise another $15 million or so if it goes off at a similar price to the public presale – next week.

Dave Martin and Jemma Green of PowerLedger originally said they would be satisfied with $5 million, but could raise $10 ...
Dave Martin and Jemma Green of PowerLedger originally said they would be satisfied with $5 million, but could raise $10 million or $20 million if demand is strong. TREVOR COLLENS
Read more: http://www.afr.com/news/powerledgers-bitcoin-ipo-powers-towards-30m-20170829-gy68pb#ixzz4rUpASYSb
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