Yahoo Finance Crypto Exchange INX Plans $117M US IPO With Small Israeli Underwriter
INX has named a low-profile Israeli outfit to underwrite its reported $117 million initial public offering (IPO) later this year.
In an amended filing to the Securities and Exchange Commission (SEC) this week, the Gibraltar-based crypto and security token exchange confirmed it had chosen A-Labs Finance and Advisory to underwrite its IPO.
A private company based outside of Tel Aviv, INX’s website names digital asset manager Silver Castle as another of its clients.
A-Labs has received a $500,000 fee to underwrite the offering and will receive an additional $500,000 should the IPO take more than $10 million in investment. Should the sale reach the $117 million hard cap, A-Labs can expect to take home a total of $8 million.
A-Labs is only able to promote the sale to non-U.S. investors.
INX's filing with the Securities and Exchange Commission earlier this month – which put the expected IPO price in the middle of its previous target range to raise $117 million in proceeds – didn’t name A-Labs as the underwriters.
INX’s executive managing director, Alan Silbert, is the brother of Barry Silbert, the founder and CEO of Digital Currency Group, CoinDesk’s parent company.
Per this week’s filing, A-Labs had agreed to manage INX’s IPO in September 2017 and has slowly accumulated more than 10% of INX’s common stock.
A definite IPO date, as well as the venue, have yet to be confirmed.
UPDATE: (Aug. 14, 16:47 UTC): Changes sixth paragraph to note the most recent IPO target is within the prior range.
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