Intchains Group Limited Announces Pricing of US$8.0 Million Initial Public Offering
16 March 2023 - 9:22AM
Intchains Group Limited (the “Company” or “Intchains Group”), a
provider of integrated solutions consisting of high-performance
ASIC chips and ancillary software and hardware for blockchain
applications, today announced the pricing of its initial public
offering (the “Offering”) of 1,000,000 American Depositary Shares
(“ADS”) at a price to public of US$8.00 per ADS for the total
offering size of approximately US$8.0 million, assuming the
underwriters do not exercise their over-allotment option to
purchase additional ADSs. Each ADS represents two Class A ordinary
shares of the Company. The ADSs are expected to commence trading on
March 16, 2023, U.S. Eastern time, on the Nasdaq Capital Market
under the symbol “ICG.” The offering is expected to close on March
20, 2022, subject to customary closing conditions.
The Company has granted the underwriters a
45-day option to purchase up to an aggregate of 150,000 additional
ADSs to cover over-allotments at the initial public offering price,
less underwriting discounts and commissions.
The Company intends to use the net proceeds from
the Offering for (i) the continuing development and enhancement of
the Company’s “Xihe” Platform and “Wangshu” Platform; (ii) the
establishment of research and development centers in China,
Singapore and selected locations overseas, research and development
projects in cooperation with software companies in China and
overseas, and the expansion of the Company’s research and
development team; (iii) the establishment of an overseas operating
center in Singapore, which will have business operation management
functions, end application development capabilities and sales
operations; (iv) the purchase of wafers and other raw materials
from qualified suppliers; and (v) other working capital and general
corporate purposes.
Maxim Group LLC is acting as the sole book
running manager of the Offering.
A registration statement on Form F-1 (File No.
333-265756) related to the Offering has been filed with the U.S.
Securities and Exchange Commission (the “SEC”) and was declared
effective by the SEC on March 15, 2023. The Offering is being made
only by means of a prospectus forming a part of the effective
registration statement. Copies of the prospectus relating to the
Offering may be obtained from Maxim Group LLC, 300 Park Avenue,
16th Floor, New York, NY 10022, by telephone at +1-212-895-3500, or
by email at syndicate@maximgrp.com. In addition, a copy of the
prospectus relating to the Offering may be obtained via the SEC's
website at www.sec.gov.
This press release does not constitute an offer
to sell or a solicitation of an offer to buy the securities
described herein, nor shall there be any sale of these securities
in any state or jurisdiction in which such an offer, solicitation,
or sale would be unlawful prior to registration or qualification
under the securities laws of any such state or jurisdiction.
About Intchains Group
Limited
Intchains Group Limited is a provider of
integrated solutions consisting of high-performance ASIC chips and
ancillary software and hardware for blockchain applications. The
Company utilizes a fabless business model and specializes in the
front-end and back-end of IC design, which are the major components
of the IC product development chain. The Company has established
strong supply chain management with a leading foundry, which helps
to ensure its product quality and stable production output. The
Company’s products consist of high-performance ASIC chips that have
high computing power and superior power efficiency as well as
ancillary software and hardware, which cater to the evolving needs
of the blockchain industry. The Company has built a proprietary
technology platform named “Xihe” Platform, which allows the Company
to develop a wide range of ASIC chips with high efficiency and
scalability. For more information, please visit the Company’s
website at: www.intchains.com.
Forward-Looking Statements
Certain statements in this announcement are
forward-looking statements, including but not limited to, the
Company's proposed Offering. These forward-looking statements
involve known and unknown risks and uncertainties and are based on
the Company’s current expectations and projections about future
events that the Company believes may affect its financial
condition, results of operations, business strategy and financial
needs, including the expectation that the Offering will be
successfully completed. Investors can identify these
forward-looking statements by words or phrases such as “may,”
“could,” “will,” “should,” “would,” “expect,” “plan,” “intend,”
“anticipate,” “believe,” “estimate,” “predict,” “potential,”
“project” or “continue” or the negative of these terms or other
comparable terminology. The Company undertakes no obligation to
update or revise publicly any forward-looking statements to reflect
subsequent occurring events or circumstances, or changes in its
expectations, except as may be required by law. Although the
Company believes that the expectations expressed in these
forward-looking statements are reasonable, it cannot assure you
that such expectations will turn out to be correct, and the Company
cautions investors that actual results may differ materially from
the anticipated results and encourages investors to review other
factors that may affect its future results in the Company's
registration statement and other filings with the SEC.
For investor and media inquiries, please
contact:
Intchains Group Limited Email:
ir@intchains.com
Ascent Investor Relations LLCTina XiaoPhone: +1
917-609-0333Email: tina.xiao@ascent-ir.com
Intchains (NASDAQ:ICG)
Historical Stock Chart
From Nov 2024 to Dec 2024
Intchains (NASDAQ:ICG)
Historical Stock Chart
From Dec 2023 to Dec 2024