Intchains Group, a China-based fabless designer of ASIC chips for blockchain applications, raised $8 million by offering 1 million ADSs at $8, within the range of $7 to $9. The company offered 0.3 million fewer ADSs than anticipated. It originally planned to offer 3.6 million ADSs before lowering the terms in February. The IPO float is just 1.7% of basic shares outstanding.
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 plans to list on the Nasdaq under the symbol ICG. Maxim Group LLC acted as sole bookrunner on the deal.
