Singapore-based semiconductor materials firm Mi Material is seeking to raise approximately $215 million through its initial public offering (IPO) and cornerstone placements ahead of its listing on the Singapore Exchange (SGX). The company launched its IPO on October 19, offering 77.5 million shares at $1.80 each, with the public portion comprising 6.2 million shares reserved for local investors and 7.3 million shares available to institutional and overseas buyers. The IPO is set to close at noon on October 26, with shares expected to begin trading on October 28 at 2 p.m.
The total capital raise includes $139.5 million from the public offering and an additional $75.5 million from placements to cornerstone investors. The cornerstone tranche involves 41.9 million shares and has attracted interest from seven fund managers, including Amova Asset Management, Fullerton Fund Management, and Manulife Investment Management (Singapore), all of which participate under the Equity Market Development Programme. OBEC serves as the issue manager, joint bookrunner, and underwriter alongside CGS International.
Mi Material specializes in solder spheres—tiny metallic pellets that establish electrical connections between semiconductor chips and circuit boards—used in mobile devices, wearable technology, data centers, edge artificial intelligence, and renewable energy applications. The company holds around 24% of the global addressable market share for solder spheres projected for 2025, positioning it as one of the two largest suppliers worldwide.
The company traces its origins to Taiwanese firm Accurus, founded in 1998, which was acquired by German chemicals conglomerate Henkel in 2006. After a management buyout in 2010, the firm shifted focus to patented solder sphere production, subsequently acquired by Mi Technovation, a Bursa-listed company specializing in die-sorting and inspection equipment for outsourced semiconductor assembly and test (OSAT) firms, in 2021.
For the fiscal year 2025, Mi Material reported total revenue of $65.3 million (S$83.4 million) and a net profit of $10 million. Half of its revenue was generated from three large chip design customers in premium consumer electronics, AI-specific integrated circuits, and high-bandwidth memory sectors. The company’s top five direct customers, such as OSAT and fabrication firms, contributed approximately 46% of revenue during the same period.
At a media briefing on October 19, Chief Executive Kevin Tan highlighted the company’s robust growth trajectory, noting a compound annual growth rate (CAGR) of about 28% over three years, a notable achievement given its established nearly three-decade history. Mi Material operates facilities in Tainan, Taiwan, and Ningbo, China, and is nearing completion of a third plant in Senai, Malaysia, currently engaged in trial production.
The majority of proceeds from the IPO, approximately $68.2 million, are earmarked for expansion initiatives, including establishing a research and development center in the United States that will also serve as a demonstration platform for clients. Additionally, Mi Material plans to open an R&D laboratory in Singapore to better engage with regional customers and upgrade its existing Taiwanese facility.
Responding to concerns about recent underperformance of IPOs on the SGX, Tan emphasized the company’s focus on maintaining solid earnings as a foundation for investor confidence. He described Mi Material’s business model as more defensive compared to cyclical semiconductor equipment firms, citing recurring sales of materials as a stabilizing factor.
Looking ahead, Mi Material aims to expand its customer base and collaborate with current clients to develop innovative products. Key among its research efforts is the creation of a thermal conducting layer using proprietary specialty alloys designed to enhance heat efficiency in semiconductor chips. The company has developed three such alloys, which it expects will enable it to secure greater market share and improved margins compared to standard tin and silver alloys.
Tan underscored the value of Mi Material’s established relationships with end-market chipmakers, which allow for close collaboration in setting industry standards. He pointed to the company’s strong third-quarter performance in fiscal year 2026—with revenue up 15.6% quarter-on-quarter to $37.8 million and a stable gross margin of 47.5%—as evidence of the business’s resilience amid broader concerns about volatility in the artificial intelligence sector.