Intchains Group, a China-based fabless designer of ASIC chips for blockchain applications, announced terms for its IPO on Friday.
The Shanghai, China-based company plans to raise $29 million by offering 3.6 million ADSs at a price range of $7 to $9. At the midpoint of the proposed range, Intchains Group would command a market cap of $499 million.
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.
Intchains Group was founded in 2017 and booked $99 million in revenue for the 12 months ended December 31, 2021. It plans to list on the Nasdaq under the symbol ICG. Maxim Group LLC is the sole bookrunner on the deal.
