Intchains Group Limited Announces Closing of US$8.0 Million Initial Public Offering
21 March 2023 - 3:40AM
Intchains Group Limited (Nasdaq: ICG)(the “Company”), a provider of
integrated solutions consisting of high-performance ASIC chips and
ancillary software and hardware for blockchain applications, today
announced the closing 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 began trading on March 16, 2023, U.S. Eastern time, on the
Nasdaq Capital Market under the symbol “ICG.”
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 acted 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 was 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. 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. 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 LLC
Tina XiaoPhone: +1 917-609-0333Email:
tina.xiao@ascent-ir.com
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