Mi Material IPO draws subscriptions of 2.1 times ahead of Singapore debut
The semiconductor materials maker expects a market capitalisation of around S$891 million when it lists on Oct 28.
Mi Material’s initial public offering was subscribed 2.1 times ahead of its scheduled Oct 28 mainboard debut in Singapore, the company said in a bourse filing. The Singapore-headquartered semiconductor packaging materials manufacturer priced roughly 77.5 million shares at S$1.80 each.
Demand differed across the two portions: the Singapore public tranche of some 6.2 million shares was around 1.3 times subscribed, attracting application monies of some S$14.3 million. The international tranche, comprising nearly 71.3 million shares, was about 2.2 times subscribed. Mi Material said subscriptions and indications of interest for the offering totalled around S$294 million.
Including a separate cornerstone placement, the transaction was valued at about S$215 million. More than 41.9 million new shares were placed with seven cornerstone investors, including abrdn Asia, abrdn Malaysia, Amova Asset Management Asia and Fullerton Fund Management.
Mi Material plans to direct gross proceeds mainly towards expansion and stronger research and development capabilities. Its plans include a US R&D and demonstration centre, a Singapore R&D laboratory, additional manufacturing capacity in Malaysia, and refurbishment and upgrades at its existing Taiwan production facilities.
The company designs, develops, manufactures and commercialises precision solder spheres used as interconnect components in advanced semiconductor packaging. OCBC is managing the issue and shares global coordination, bookrunning and underwriting responsibilities with CGS International Securities Singapore.
