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China-based fabless chip provider Intchains Group (ICG) has filed for a proposed US$29 million IPO.
Intchains said in its filing that it intends to offer 3.6 million American Depositary Shares at a price between $7 and $9 apiece, which is what would fetch around $29m if priced at median. The underwriters would be granted an option to purchase up to an additional 536,000 shares.
The company hopes to list its shares on the Nasdaq under the symbol ICG. Maxim Group acts as lead bookrunner.
Intchains was founded in the Cayman Islands and operates through subsidiaries in China. The company specializes in ASIC chips and associated software and hardware for blockchain applications.
For 2021, Intchains reported net income of $71 million on revenue of $99 million.
For more information on intchains, see “Intchains Begins US IPO Effort” by SA contributor Donovan Jones.
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