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Chinese chip designer Intchains Group cuts ADS offering by 65% ahead of $10 million US IPO

February 22, 2023

Intchains Group, a China-based fabless designer of ASIC chips for blockchain applications, lowered the proposed deal size for its upcoming IPO on Wednesday.

The Shanghai, China-based company now plans to raise $10 million by offering 1.3 million ADSs at a price range of $7 to $9. The company had previously filed to offer 3.6 million ADSs at the same range. At the midpoint, Intchains Group will raise 65% less in proceeds than previously anticipated. The IPO float is now just 2.1% of basic shares outstanding.

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.

Intchains Group was founded in 2017 and booked $108 million in revenue for the 12 months ended September 30, 2022. It plans to list on the Nasdaq under the symbol ICG. Maxim Group LLC is the sole bookrunner on the deal.