Nano Labs, a fabless chip designer in China focused on cryptocurrency mining, announced terms for its IPO on Wednesday.
The Hangzhou, China-based company plans to raise $37 million by offering 3.5 million ADSs at a price range of $9.50 to $11.50. At the midpoint of the proposed range, Nano Labs would command a market value of $582 million.
Nano Labs was founded in 2019 and booked $6 million in revenue for the fiscal year ended December 31, 2021. It plans to list on the Nasdaq under the symbol NA. AMTD Global Markets, Maxim Group LLC, and Tiger Brokers are the joint bookrunners on the deal.
