Mi Material’s public offer of 77.5 million shares 2.1 times subscribed
Another 41.9 million new shares go to seven cornerstone investors
Singapore-headquartered semiconductor advanced packaging materials manufacturer Mi Material's IPO has seen overwhelming demand, with applications for its 77.5 million shares nearly three times the amount offered. This marks Singapore's largest semiconductor listing since ST Assembly Test Services in 2000, with the company pricing its shares at S$1.80 each.
The offering was split between a Singapore public offering of 6.2 million shares and an international offering of around 71.3 million shares. Mi Material received subscriptions and indications of interest totaling approximately S$294 million, including participation from investors like AR Capital and Fullerton Fund Management. The company, under the leadership of CEO Kevin Tan, plans to use the gross proceeds from the IPO to bolster its expansion efforts and enhance its research and development capabilities.
Written by urgent.news from The Business Times - Singapore's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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