Mi Material’s public offer of 77.5 million shares 2.1 times subscribed

The initial public offering (IPO) of Malaysian semiconductor advanced packaging materials manufacturer Mi Material has been met with strong demand, with the offering being 2.1 times subscribed. The Singapore-headquartered company's debut on the mainboard of the local bourse is set for Wednesday, October 28. The IPO, together with a cornerstone placement, is valued at approximately S$215 million.

The company offered roughly 77.5 million shares at S$1.80 each, with 6.2 million shares available for subscription in the Singapore public offer and the remaining near-71.3 million shares under an international offer. The Singapore public offer was around 1.3 times subscribed, while the international offer was about 2.2 times subscribed.

Subscriptions and indications of interest amount to around S$294 million in total. A separate placement of more than 41.9 million new shares was made to seven cornerstone investors. The company's market capitalization upon listing is expected to be around S$891 million. CEO Kevin Tan stated that as semiconductor packaging needs evolve, the focus will be on strengthening manufacturing and R&D capabilities, deepening customer relationships, and executing growth strategy for sustainable long-term growth.

The proceeds from the IPO will primarily be used to support expansion plans, enhance R&D capabilities, expand manufacturing capacity in Malaysia, and upgrade existing production facilities in Taiwan.