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Chinese chip designer Intchains Group files for a $25 million US IPO

June 22, 2022

Intchains Group, a China-based fabless provider of ASIC chips for blockchain applications, filed on Wednesday with the SEC to raise up to $25 million in an initial public offering.

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. As of December 31, 2021, the company had completed a total of seven tape-outs using its Xihe Platform for 22nm ASIC chips, and achieved a 100% success rate.

The Shanghai, China-based company was founded in 2017 and booked $99 million in revenue for the 12 months ended December 31, 2021. The company plans to list on the Nasdaq under the symbol ICG. Intchains Group filed confidentially on January 18, 2022. Maxim Group LLC is the sole bookrunner on the deal. No pricing terms were disclosed.