Fabless chipmaker Nano Labs, which specializes in integrated circuits for cryptocurrency mining, has downsized its proposed US initial public offering by 46% to $20M.
In its most recent filing, the chipmaker said that it now plans to offer 1.77M American Depositary Shares, priced between $11.35 to $11.51 per ADS. If priced at the midpoint, the deal would raise around $20M .
Underwriters would be granted a 30-day option to buy up to 266K additional ADSs at the IPO price.
In an earlier filing, Nano said that it was looking to offer 3.5M ADSs, priced between $9.50 to $11.50, which would have raised around $37M.
Nano Labs said it expects the deal to generate net proceeds of $15.7M, excluding an exercise of the underwriters’ option and if priced at $11.43 per ADSs. If the option is exercised, it anticipates net proceeds of $18.5M.
Incorporated in the Cayman Islands, Nano Labs operates through subsidiaries in China and Hong Kong. The company designs and sells integrated circuits, which are manufactured by third-party suppliers.
For a more in-depth look at Nano Labs, check out SA contributor Donovan Jones’s “Nano Labs Finalizes Proposed US IPO Terms”.
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Fabless chipmaker Nano Labs downsizes proposed US IPO by 46% to $20M