Singapore-based semiconductor materials maker Mi Material Holding Ltd is set to debut on the Singapore Exchange’s Mainboard on Wednesday (Oct. 28) following an initial public offering (IPO) and cornerstone placement with a combined transaction value of about S$215 million ($168 million).
The company priced its shares at S$1.80 each, valuing it at about S$891 million upon listing, according to a statement on Tuesday.
Mi Material said the transaction was Singapore’s largest semiconductor IPO since ST Assembly Test Services Ltd listed in 2000.
The offering comprised 77.5 million shares, including 71.3 million shares through an international offer and 6.2 million shares in a Singapore public offer.
The international offer was subscribed about 2.2 times, while the public offer was subscribed 1.3 times. Overall subscriptions and indications of interest amounted to about S$294 million, or 2.1 times the shares available.
A separate placement of 41.9 million new shares to seven cornerstone investors accompanied the offering.
The investors included abrdn, Amova Asset Management Asia, Areca Capital, Barings Singapore, Fullerton Fund Management, and Manulife Investment Management Singapore, per the announcement.
Trading is expected to begin at 2 p.m. on Wednesday under the stock code MIM.
Mi Material makes precision solder spheres, components used to establish electrical connections in advanced semiconductor packaging.
It accounted for about 24% of the global serviceable addressable market for solder spheres in 2025, ranking among the world’s three largest suppliers, according to market research firm Yole cited in the company’s prospectus.
Its products serve semiconductor foundries, integrated device manufacturers, and outsourced semiconductor assembly and test providers.
The company’s revenue more than doubled to $53.7 million in the six months ended June 30, 2026, from $25.6 million a year earlier. Profit rose to $14.3 million from $2.9 million over the same period.
Mi Material plans to use the proceeds to expand manufacturing capacity in Malaysia, establish a research and development and demonstration centre in the US, set up an R&D laboratory in Singapore, and upgrade existing production facilities in Taiwan.
