Intchains Group opens at $8, IPO priced at $8 per ADS

Intchains Group, a provider of integrated solutions consisting of high-performance ASIC chips and ancillary software and hardware for blockchain applications, priced its initial public offering of 1M American Depositary Shares, or "ADS," at a price to public of $8.00 per ADS. The company intends to use the net proceeds from the offering for the continuing development and enhancement of the company’s "Xihe" Platform and "Wangshu" Platform; 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; the establishment of an overseas operating center in Singapore, which will have business operation management functions, end application development capabilities and sales operations; the purchase of wafers and other raw materials from qualified suppliers; and other working capital and general corporate purposes. Maxim is acting as the sole book running manager of the offering.