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Chinese crypto mining play Nano Labs cuts deal size by 45% ahead of $20 million US IPO

July 5, 2022

Nano Labs, a fabless chip designer in China focused on cryptocurrency mining, lowered the proposed deal size for its upcoming IPO on Tuesday.

The Hangzhou, China-based company now plans to raise $20 million by offering 1.8 million ADSs at a price range of $11.35 to $11.51. The company had previously filed to offer 3.5 million ADSs at a range of $9.50 to $11.50. At the midpoint of the revised range, Nano Labs will raise -45% less in proceeds than previously anticipated.

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 was founded in 2019 and booked $6 million in revenue for the 12 months 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.