Semiconductor firm Mi Material lodges preliminary prospectus to raise an indicative S$168 million
The company says there is no minimum amount to be raised
Singapore-based semiconductor firm Mi Material has filed a preliminary prospectus to list on the Singapore Exchange, with the aim of raising S$168.2 million from new shares. The company reports a significant increase in profits and revenue, with a profit of US$14.3 million for the six months ending June 30, up from US$2.9 million a year earlier.
Revenue also more than doubled to US$53.7 million. The offering will include 77.5 million offering shares, with 71.3 million shares offered through an international placement and 6.2 million through a public offer in Singapore. Seven cornerstone investors have agreed to subscribe for 41.9 million shares. Mi Material plans to use a third of the proceeds to establish a US R&D lab, with operations expected to start in late 2028.
Other uses of the funds include refurbishing Taiwan production facilities and expanding production in Malaysia. The company will begin trading on October 28 and aims to have a market capitalization of S$891 million.
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