Mi Material targets US, Malaysia expansion with S$215m SGX IPO
The Singapore-based semiconductor materials firm will list on October 28, earmarking S$168.2 million of its raised capital for R&D and facility upgrades.
SGX Listing Fuels Global Growth Plans
Singapore's Mi Material plans to raise S$215 million through its initial public offering (IPO) on the Singapore Exchange (SGX) mainboard, with trading slated to begin on October 28. The public offer, which commenced on October 19, is set to close at noon on October 26. The company is offering 77.5 million shares at S$1.80 each.
Of the total capital raised, S$168.2 million is specifically allocated for strategic expansion. OCBC and CGS International are jointly managing the issue, also serving as bookrunners and underwriters. Cornerstone investors include Amova Asset Management, Fullerton Fund Management, and Manulife Investment Management (Singapore).
Leading Solder Sphere Supplier
Mi Material ranks among the top two global suppliers of solder spheres, which are critical components connecting semiconductor chips to circuit boards in mobile devices, data centres, and AI applications. According to company statements released ahead of the listing, the firm captured 24% of the global serviceable market in 2025.
For the financial year 2025, Mi Material reported US$65.3 million in revenue and a net profit of US$10 million. Chief Executive Kevin Tan noted the company achieved a 28% compound annual growth rate (CAGR) over the past three years. The firm operates as a subsidiary of Bursa-listed Mi Technovation.
Strategic R&D and Production Expansion
The majority of the S$168.2 million IPO proceeds will fund a new research and development (R&D) centre in the United States. This facility will also function as a demonstration platform for Mi Material's US-based clients.
Further R&D investment includes establishing a new laboratory in Singapore, positioning it closer to regional client headquarters, and upgrading its existing facility in Taiwan. Mi Material's third production facility in Senai, Malaysia, is nearing completion, with trial production runs already underway. This Malaysian site is expected to house seven production lines by 2027.
Mi Material's strategic expansion, funded by its SGX listing, shows a proactive move to diversify and strengthen semiconductor material supply chains across Asia and North America.
The S$168.2 million investment in R&D and production capacity directly supports the growing demand for specialised materials crucial for advanced chip manufacturing in AI and premium electronics sectors.
This capital injection and facility build-out could stimulate demand for highly skilled engineering talent and specialised industrial infrastructure in Singapore, Malaysia, Taiwan, and the US over the next 18 months, impacting regional labour markets and industrial real estate.
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.
Comments.
Comments are moderated. We remove what is unlawful, abusive or off-topic, and and you remain responsible for what you post.
Reader comments open soon. Until then, corrections and responses go to our newsroom, and we publish what we get wrong on Corrections.