Intchains Group, a China-based fabless designer of ASIC chips for blockchain applications, is tentatively aiming to list on the Nasdaq next week.
The Shanghai, China-based company plans to raise $29 million by offering 3.6 million ADSs at a price range of $7 to $9. At the midpoint of the proposed range, Intchains would command a fully diluted market value of $499 million.
Intchains provides high-performance ASIC chips and ancillary software and hardware for blockchain applications, and says it utilizes a fabless business model to specialize in the front-end and back-end of IC design. Intchains designs its ASIC chips in-house utilizing its proprietary "Xihe" Platform, which the company states allows it to develop a wide range of ASIC chips with efficiency and scalability.
Intchains Group was founded in 2017 and booked $106 million in sales for the 12 months ended September 30, 2022. It plans to list on the Nasdaq under the symbol ICG. Maxim Group LLC is the sole bookrunner on the deal.
