China-based fabless chip provider Intchains Group (ICG) has filed for a proposed $29M US initial public offering.

Intchains said in its filing that it was looking to offer 3.6M American Depositary Shares, priced between $7 and $9 apiece, which would raise around $29M if priced at the midpoint. Underwriters would be granted an option to buy up to 536K additional shares.

The company hopes to list its shares on Nasdaq under the symbol ICG. Maxim Group is serving as lead bookrunner.

Incorporated in the Cayman Islands, Intchains operates through subsidiaries in China. The company specializes in ASIC chips and related software and hardware for blockchain applications.

For 2021, Intchains reported net income of $71M on revenue of $99M.

For more on Intchains, check out SA contributor Donovan Jones’s “Intchains Begins US IPO Effort”.