Mi Material debuts with landmark $215m semiconductor IPO

The firm is expected to have a market capitalisation of $891m upon listing.

Mi Material Holding Limited attracted a total of $215m in aggregate offering and cornerstone placement ahead of its debut on the mainboard of the Singapore Exchange Securities Trading Limited (SGX-ST) on 28 October.

Shares trading is expected to commence on a “ready” basis on 28 October under the stock code “MIM.”

The initial public offering (IPO) totals 77.5 million shares at an offering price of $1.80 each, including 71.2 million international offers and 6.2 million Singapore public offers.

The international offer was subscribed approximately 2.2 times, whilst the local public offer was subscribed approximately 1.3 times.

Overall, the offering earned subscriptions and indications of interest amounting to about $294m, more than two-fold the offering shares available.

Combined with the separate placement of 42.9 million new shares to seven cornerstone investors, the aggregate transaction value is around $215m — the largest semiconductor IPO in Singapore since 2000.

At $1.80 apiece, Mi Material is expected to have a market capitalisation approximating $891m upon listing.

Gross proceeds from the offering and cornerstone shares will primarily support its expansion plans and R&D strengthening, said Mi Material.

The firm plans to establish an R&D and demonstration centre in the US and an R&D laboratory in Singapore. It will also expand its manufacturing capacity in Malaysia and upgrade its production facilities in Taiwan.

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