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Crypto Exchange INX Plans $117M US IPO With Small Israeli Underwriter

Crypto exchange INX has told the SEC its upcoming IPO will be underwritten by a relatively low-profile Israeli company called A-Labs.

Aug 14, 2020 at 3:15 p.m. UTC
Updated Sep 14, 2021 at 9:44 a.m. UTC

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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