Nano Labs, a fabless chip designer in China focused on cryptocurrency mining, raised $20 million by offering 1.8 million ADSs at $11.50, near the top of the revised range of $11.35 to $11.51. The company originally planned to offer 3.5 million ADSs at a range of $9.50 to $11.50, before revising the terms last week.
Nano Labs develops high throughput computing (HTC) chips, high performance computing (HPC) chips, as well as distributed computing and storage solutions, smart network interface cards (NIC) vision computing chips, and distributed rendering. Its products are currently designed primarily for the mining of various cryptocurrencies, and include near-memory HTC chips with applications in the ASIC-based Grin mining market and HPC chips used for embedding in Bitcoin mining machines.
Nano Labs plans to list on the Nasdaq under the symbol NA. AMTD Global Markets, Maxim Group LLC, and Tiger Brokers acted as joint bookrunners on the deal.
