Mi Material seeks S$215 million through Singapore listing
The semiconductor materials supplier plans research facilities in the US and Singapore, while trial production is under way at a new Malaysian plant.
Singapore-based Mi Material is seeking S$215 million from an initial public offering and cornerstone placements ahead of its Singapore Exchange mainboard listing. The semiconductor materials supplier launched its IPO on Oct 19, with trading expected to begin at 2pm on Oct 28.
The fundraising comprises S$139.5 million from the IPO and S$75.5 million from cornerstone investors. Priced at S$1.80 each, the IPO's 77.5 million shares include 6.2 million for the Singapore public and 71.3 million for institutional and overseas investors. Public subscriptions close at noon on Oct 26.
A separate allocation of 41.9 million cornerstone shares has attracted interest from seven fund managers. OCBC is managing the issue and shares bookrunning and underwriting duties with CGS International.
Most of the S$168.2 million in proceeds will go towards a US research and development centre that will also demonstrate products to US-based clients. Mi Material also plans a Singapore research laboratory and improvements to its Taiwan facility.
The company operates plants in Tainan, Taiwan, and Ningbo, China. A third plant in Senai, Malaysia, is nearing completion and has begun trial production runs. Its parent, Mi Technovation, is listed on Bursa Malaysia.
Mi Material makes solder spheres, small pellets used to connect chips with circuit boards and packaging. It recorded FY2025 revenue of US$65.3 million and net profit of US$10 million. Chief executive Kevin Tan said the company is developing specialty alloys for a thermal conducting layer intended to improve chip heat efficiency.
