KUALA LUMPUR: Mi Material Holding Ltd, a unit of Mi Technovation Bhd, had launched its initial public offering (IPO) on the Singapore Exchange, pricing its shares at S$1.80 each, to raise a total of S$203.2 million (RM829.58 million).
The listing comprises a total offering of 77.5 million shares. This involves a fresh issuance of 51.5 million new shares by Mi Material, alongside 26 million existing shares offered by Mi Technovation as the vendor.
The issuance is structurally divided into two main tranches; an international offer comprising 71.27 million shares targeted at institutional and selected foreign investors outside the United States, as well as 6.22 million shares to the Singapore public.
Concurrently, a consortium of seven cornerstone investors has executed agreements to subscribe to an aggregate of 41.94 million new shares at the S$1.80 offering price.
The cornerstone backers include abrdn Asia Limited, abrdn Malaysia Sdn Bhd, Amova Asset Management Asia Limited, Areca Capital Sdn Bhd, Barings Singapore Pte Ltd, Fullerton Fund Management Company Ltd, and Manulife Investment Management (Singapore) Pte. Ltd.
Oversea-Chinese Banking Corporation Limited and CGS International Securities Singapore Pte Ltd are acting as the Joint Global Coordinators, Bookrunners, and Underwriters for the exercise.
To support price stability upon the commencement of trading, Mi Technovation has granted the underwriters an over-allotment option.
CGS International Securities, acting as the stabilising manager, has the right to purchase up to 5 million additional shares—representing approximately 6.5 per cent of the total offering shares—at the S$1.80 price.
This stabilization window will remain active for 30 days from the listing date on SGX or until the maximum 5 million shares have been bought for stabilising actions.
The execution of this over-allotment option will not increase the total number of issued and outstanding shares immediately following the completion of the offering and cornerstone issuance.
Based on the S$1.80 offer price, the estimated net proceeds from the offering and the issuance of the cornerstone shares, after deducting underwriting fees and estimated offering expenses, will be approximately S$203.2 million.
Approximately S$157.9 million of the proceeds will be due to Mi Material. If the over-allotment option is exercised in full, the estimated net proceeds from the offering due to Mi Technovation will be approximately S$54 million (approximately RM220.45 million).
Mi Technovation will also undertake a dividend-in-specie, to be distributed to its entitled shareholders.
The proposed distribution will involve the distribution of up to 9 million shares to the shareholders of Mi Technovation whose names appear in the record of depositors as of 5.00 pm on Oct 12.
The distribution ratio is one distribution share for every 100 Mi Technovation shares held, excluding treasury shares.
Based on the respective shareholdings of the entitled shareholders as of Oct 12, 8.98 million shares will be distributed to the entitled shareholders.
Mi Material is one of the leading manufacturers of semiconductor advanced packaging materials, engaged in the design, development, manufacturing and commercialisation of precision solder spheres.
Solder spheres serve as critical interconnect components enabling electrical conductivity between integrated circuits and printed circuit boards.
"Our products and solutions are mainly used in end-use applications such as high-performance computing (HPC) for artificial intelligence (AI), memory (including high bandwidth memory (HBM)), mobile devices and wearables, and automotive applications," said the group.
Beyond its core solder spheres, Mi Material also produces solder-related materials and products, including solder ingots, copper core solder spheres, solder paste and solder preforms.
According to Yole, a market research, technology and strategy analysis, Mi Material's market share of the global solder sphere market based on the serviceable addressable market was 24 per cent in 2025.
Mi Materials have been part of Mi Technovation group since April 2021, operating as its semiconductor material business unit. The shareholders of Mi Technovation approved the spin-off of the business unit on Sept 17.
Mi Materials is headquartered in Singapore and currently has production facilities in Tainan, Taiwan and Ningbo, China. It has a combined annual production capacity of our production facilities ranging from approximately 6,600 billion to 8,900 billion solder spheres.
"To support our growth and diversify our production capability, we are in the process of establishing a third production facility in Senai, Johor, which is targeted to be ready for production by the fourth quarter of 2026, with production ramp-up in early 2027, and we plan to expand the production capacity of our facility in Taiwan," said Mi Material.
In addition, the group intends to build a research and development (R&D) and demonstration centre in Texas.
"Over the years, we have established ourselves as a key participant in the global semiconductor advanced packaging supply chain, with long-standing relationships, some of which span over 20 years, with integrated device manufacturers, semiconductor foundries and outsourced semiconductor assembly and test providers across markets including Taiwan, China, Malaysia, the European Union, Singapore, the United States, Japan, Korea and the Philippines," said Mi Material.
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