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.