Mi Material lists on SGX Mainboard after S$215m IPO
Singapore's Mi Material Holding Ltd debuted on the Singapore Exchange on Wednesday, pricing shares at S$1.80 each and achieving an S$891 million valuation.
Mi Material's SGX Debut
Mi Material Holding Ltd, a Singapore-based semiconductor materials manufacturer, commenced trading on the Singapore Exchange's (SGX) Mainboard on Wednesday, October 28. The company's initial public offering (IPO) and a concurrent cornerstone placement raised a combined S$215 million (US$168 million).
Shares were priced at S$1.80 each, giving the firm a market capitalisation of approximately S$891 million upon listing. This marks Singapore's largest semiconductor IPO since ST Assembly Test Services Ltd listed in 2000, according to Mi Material.
Strong Investor Interest
The offering saw significant investor interest. The international offer, comprising 71.3 million shares, was subscribed about 2.2 times. The Singapore public offer of 6.2 million shares attracted 1.3 times subscription. Overall subscriptions and indications of interest totalled approximately S$294 million, representing 2.1 times the shares available.
A separate placement of 41.9 million new shares went to seven cornerstone investors, including abrdn, Fullerton Fund Management, and Manulife Investment Management Singapore. Mi Material produces precision solder spheres, essential components for advanced semiconductor packaging.
Growth and Expansion Plans
Mi Material reported strong financial performance for the six months ending June 30, 2026. Revenue more than doubled to US$53.7 million from US$25.6 million a year earlier. Profit also increased significantly, reaching US$14.3 million compared to US$2.9 million in the same period. The company plans to deploy the IPO proceeds for strategic expansion.
This includes boosting manufacturing capacity in Malaysia, establishing a research and development (R&D) and demonstration centre in the United States, setting up an R&D laboratory in Singapore, and upgrading existing production facilities in Taiwan.
Mi Material's expansion across Malaysia, Singapore, and Taiwan highlights ongoing shifts in Asia's semiconductor supply chain. The company, which held about 24% of the global serviceable addressable market for solder spheres in 2025, ranks among the world's top three suppliers, according to market research firm Yole.
Its listing provides investors with direct exposure to a critical component supplier within the region's expanding chip ecosystem. The planned investments indicate a strategic move to diversify and enhance production capabilities, responding to global demand for advanced semiconductor packaging materials.
This article is journalism, not investment advice; consult a licensed professional before making financial decisions. Market data is indicative, may be delayed, and should be verified with your broker or exchange before use.
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