By Colin Kellaher
The Intchains Group Ltd. announced on Friday that it plans to sell nearly 3.58 million American depository shares at a price of between $7 and $9 a share in its IPO.
At the midpoint of this $8 range, the Shanghai-based provider of integrated products for blockchain applications expects net proceeds to be approximately $23.7 million, or approximately $27.7 million if the underwriters exercise their option to purchase exercise another 536,250 ADS.
Intchains said it plans to use the proceeds to further develop and improve its Xihe and Wangshu platforms, research and development activities, establish an overseas operations center in Singapore, and purchase wafers and other raw materials.
Intchains said it has applied to list its ADSs on the Nasdaq Capital Market under the symbol ICG.
Write to Colin Kellaher at [email protected]
(ENDS) Dow Jones Newswires
September 02, 2022 7:19 am ET (11:19 GMT)
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