Mi Material ends Singapore trading debut at S$1.82
The semiconductor materials maker’s offering and cornerstone placement brought in about S$215 million, with its public tranche subscribed 1.3 times.
Shares in Mi Material closed at S$1.82 on Oct 28 after the company joined the Singapore Exchange (SGX) mainboard, edging above the S$1.80 IPO price. Turnover reached 10.8 million shares during its debut session.
The company offered 77.5 million shares in the IPO. Of these, 71.3 million went into the international placement, which drew subscriptions of 2.2 times the available shares. The Singapore public allocation comprised 6.2 million shares and was subscribed 1.3 times.
Balloting results recorded 754 successful public-offer applicants. The international offering attracted 183 investors; allocations included 9.2 million shares to Fullerton Fund Management, seven million to AR Capital and 5.5 million to Amova Asset Management Asia.
Including a separate cornerstone placement, fundraising amounted to about S$215 million. At the offer price, Mi Material’s estimated market capitalisation was S$891 million. It was the ninth mainboard listing of the year.
Based in Singapore and spun off from Malaysia-listed Mi Technovation, the company produces precision solder spheres that provide electrical connections in advanced semiconductor packaging. It has factories in Taiwan and mainland China. A plant being established in Senai, Johor, is expected to start contributing to earnings by the end of 2027.
Mi Material plans to spend gross proceeds on a US research and demonstration centre, a Singapore research laboratory, increased Malaysian manufacturing capacity and improvements to its Taiwan facilities.
Revenue reached US$53.7 million for the first half of 2026, compared with US$25.6 million a year earlier. Net profit increased to US$14.3 million from US$2.8 million.
