Mi Material Launches S$215 Million IPO on SGX Amid Semiconductor Demand

Mi Material, a semiconductor materials supplier based in Singapore, has initiated its initial public offering (IPO) on the Singapore Exchange (SGX), aiming to raise S$215 million. The company expects to receive net proceeds of S$157.9 million from the IPO after expenses.

The offer price for the shares is set at S$1.80 each. Of the total shares offered, 71.3 million will be allocated to institutional and other investors, while 6.2 million shares are reserved for public investors. Additionally, cornerstone placements have been secured from several institutional investors, including abrdn Asia, abrdn Malaysia, Amova Asset Management Asia, ArecaCapital, Barings Singapore, Fullerton Fund Management, and Manulife Investment Management, which are expected to bolster confidence in the offering.

“We are more focused on the things that we can control.”Kevin Tan, CEO

Mi Material, a spinoff from Bursa-listed Mi Technovation, specializes in producing solder spheres for semiconductor packaging under its Accurus brand. The company operates production facilities in Taiwan and mainland China, with plans to establish a new facility in Senai, Johor, which is anticipated to begin contributing to revenue by the end of 2027. This strategic location within the Johor-Singapore Special Economic Zone positions Mi Material favorably to serve its regional customer base.

In its recent financial disclosures, Mi Material reported a substantial increase in revenue, with first-half earnings for 2026 reaching US$14.3 million, up from US$2.8 million in the previous year. The company’s revenue for the same period grew to US$53.7 million, compared to US$25.6 million in the first half of 2025. Analysts project a continued upward trend, forecasting a 15.6% increase in revenue for the third quarter of 2026.

CEO Kevin Tan emphasized the company’s focus on controllable factors amidst market fluctuations, saying that the company is more focused on the things it can control. This approach includes investing in research and development (R&D) facilities in both the US and Singapore, aimed at innovating new materials, particularly in the thermal interface materials (TIM) sector, where there is currently no global market leader.

“We can have a nice equity story, but at the end of the day, whatever story you point out, it comes back to the earnings.”Kevin Tan, CEO

Mi Material's customer base is diversified, with 62% of its business derived from mobility and wearables, 30% from high-performance computing and memory, and 8% from automotive and renewable energy sectors. The company’s proprietary alloys, which offer high heat reliability and durability, are a key differentiator in a market increasingly demanding miniaturization of components.

Tan said the company can benefit from evolving technology trends. The counter is set to commence trading on October 28, 2026.