Mi Material prices Singapore IPO shares at S$1.80
The offering and cornerstone subscriptions are expected to yield about S$203.2 million after underwriting fees and estimated expenses.
Mi Technovation Bhd's semiconductor materials subsidiary, Mi Material Holding Ltd, has set a S$1.80 price for its Singapore Exchange IPO. Estimated net proceeds, including a concurrent cornerstone issuance, are approximately S$203.2 million, with approximately S$157.9 million due to Mi Material.
Of the 77.5 million shares on offer, Mi Material is issuing 51.5 million, while parent Mi Technovation is selling 26 million existing shares. The international tranche allocates 71.27 million shares to institutions and selected foreign investors outside the United States; Singapore public investors are allocated 6.22 million.
Separately, seven cornerstone investors have signed subscription agreements covering 41.94 million newly issued shares, also priced at S$1.80 each.
An over-allotment arrangement gives stabilising manager CGS International Securities the right to buy as many as 5 million additional shares at the offer price. Full exercise would bring estimated net proceeds payable to Mi Technovation to approximately S$54 million.
Mi Technovation also plans a share distribution to eligible shareholders, allocating one Mi Material share per 100 shares held in the parent, with treasury shares excluded. Holdings recorded on October 12 put the distribution at 8.98 million shares.
Based in Singapore, Mi Material produces precision solder spheres and related products at factories in Taiwan's Tainan and China's Ningbo. It said a third factory in Senai, Johor, is targeted to become production-ready in the fourth quarter of 2026, with output ramping up in early 2027.
The company also plans additional production capacity in Taiwan and intends to establish a Texas centre for research, development and demonstration.
