Mi Material launches S$1.80 IPO to raise S$168.2 million
The semiconductor materials unit plans research facilities in the US and Singapore, equipment upgrades in Taiwan and manufacturing expansion in Johor.
Mi Material Holding Ltd, a unit of Mi Technovation Bhd, has launched an initial public offering (IPO) priced at S$1.80 a share, targeting S$168.2 million from public and cornerstone investors. Its prospectus sets Oct 28 for its Mainboard debut on Singapore Exchange.
Separately, Mi Technovation will receive RM46.8 million by selling existing shares through the IPO. Mi Material’s market capitalisation will be S$891 million when it lists.
Mi Material has allocated the proceeds towards a US centre for research and demonstration, alongside a Singapore research facility. Its plans also cover refurbishment and upgrades to production equipment in Taiwan, as well as expansion of its Johor manufacturing facilities.
The offering has seven cornerstone investors: abrdn Asia Ltd, abrdn Malaysia Sdn Bhd, Amova Asset Management Asia Ltd, Areca Capital, Barings, Fullerton and Manulife Investment Management.
Previously known as Accurus Scientific, Mi Material makes solder spheres used to link chips with circuit boards. The business accounts for about 45%-55% of Mi Technovation’s earnings.
Oversea-Chinese Banking Corporation and CGS International Securities Singapore are jointly handling global coordination, bookrunning and underwriting for the offering.
