Mi Material launches $215m IPO amidst Asia, US expansion plans

The company plans to establish an R&D and demo centre in Texas.

Semiconductor materials unit Mi Material Holding Ltd has launched a $215m initial public offering (IPO) on the Singapore Exchange (SGX) Mainboard to support its expansion plans across Asia and the United States (US).

The company is offering 77.5 million shares at $1.80 each, or about $139.5m. These comprise 51.5 million new shares and 26 million existing shares from its parent, Malaysia-listed Mi Technovation Berhad.

Seven cornerstone investors have separately committed $75.5m.

Mi Material expects to receive gross proceeds of about $168.2m from the new and cornerstone shares, but will not receive any proceeds from Mi Technovation’s share sale.

“The IPO will support our plans to expand manufacturing capacity, strengthen our research and development capabilities and capture new market opportunities,” said Kevin Tan Kiang Hiong, CEO and executive director of Mi Material.

Amongst Mi Material's plans include establishing a research and development (R&D) laboratory in Singapore and an R&D and demonstration centre in the US.

The proposed centre in Texas will bring the group closer to customers whose research and material qualification teams are based there, it added.

The company will also expand its production facilities in Malaysia, where the first phase of its new plant in Senai, Johor, is targeted to begin production in the fourth quarter of 2026.

In addition, it will refurbish and upgrade equipment at its production facilities in Taiwan.

The public offer will close at noon on 26 October.

Trading of the shares is expected to begin on a “ready” basis at 2 p.m. on 28 October, subject to the completion of the offering and the shares’ admission to SGX.

Founded in 1998, Mi Material designs and manufactures precision solder spheres, which provide electrical connections within semiconductor packages.

The company held a 24% share of the global solder sphere market in 2025, placing it among the world's top three suppliers, according to research firm Yole.

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Mi Material launches $215m IPO amidst Asia, US expansion plans

The company plans to establish an R&D and demo centre in Texas.Semiconductor materials unit Mi Material Holding Ltd has launched a $215m initial public offering (IPO) on the Singapore Exchange (SGX) Mainboard to support its expansion plans across Asia and the United States (US).

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