Mi Material has launched a S$215 million Singapore Exchange IPO to fund research and production expansion across the United States, Singapore, Taiwan and Malaysia.
Capital for a wider footprint
The Singapore-based semiconductor materials company is offering 77.5 million shares at S$1.80 each. The offering includes S$139.5 million from the IPO and S$75.5 million from cornerstone placements.
Mi Material SGX IPO at a Glance
| Who | Mi Material |
|---|---|
| What | SGX Mainboard IPO |
| Total deal size | S$215 million |
| Shares offered | 77.5 million shares at S$1.80 each |
| Gross proceeds (new & c… | S$168.2 million |
| Trading begins | 2pm, 28 October 2026 |
Source: Mi Material IPO prospectus
Trading on the SGX Mainboard is expected to begin at 2pm on 28 October 2026. The public offer closes at noon on 26 October.
Mi Material expects to receive about S$168.2 million in gross proceeds from new and cornerstone shares. It will not receive proceeds from shares sold by parent company Mi Technovation.
Most of the funds will support a United States research and development centre. The site will also demonstrate products for American customers. Mi Material plans an additional research laboratory in Singapore.
Meanwhile, the company will upgrade its Taiwan facilities and expand production in Malaysia. Its Senai plant in Johor targets first-phase production in the fourth quarter of 2026.
By FurtherAsia’s reading of the numbers, the IPO links Singapore capital with a regional manufacturing network. That structure gives investors exposure to advanced packaging materials without relying solely on equipment sales. This deal follows a broader regional trend — the NXP Malaysia chip expansion similarly drew international capital into the Johor semiconductor corridor.
A materials play on advanced chips
Mi Material ranks among the world’s two largest solder sphere suppliers. The company held 24% of the global serviceable market in 2025, according to the source report.
Solder spheres connect semiconductor chips with circuit boards and packages. Demand extends across mobile devices, wearables, data centres, edge artificial intelligence and renewable energy applications.
Mi Material reported US$65.3 million in revenue for the financial year ended 31 December 2025. It recorded US$10 million in net profit during the same period.
The company said revenue growth reached a compound annual rate of about 28% over the past three years. However, customer concentration remains a central factor for investors.
| Metric | Figure | Period |
|---|---|---|
| Revenue | US$65.3M | FY 2025 |
| Net profit | US$10M | FY 2025 |
| Revenue CAGR | ~28% | Past 3 years |
| Global market share | 24% | 2025 |
What does the Mi Material IPO mean for investors?
Three major customers represented 50% of revenue in 2025. The group serves chip designers in consumer electronics, artificial intelligence chips and high-bandwidth memory. Its five largest direct customers contributed about 46% of revenue.
Mi Material’s production base spans Taiwan and China. Its Malaysian expansion adds capacity closer to key Asian semiconductor supply chains. The planned United States centre could also deepen customer development and product testing.
Singapore’s capital markets continue to attract technology listings — a momentum also visible in the city-state’s AI-driven manufacturing demand hitting a six-year high.
Mi Material’s chief executive Kevin Tan said the company must translate its equity story into earnings. That focus matters as investors assess recurring materials sales against semiconductor cycle risks.
The analyst view is clear: Mi Material’s IPO offers investors a materials-led route into advanced chip growth.
Investors should watch the 28 October debut, the Senai production start, and progress at the United States research centre.
Quick answers
Mi Material is raising S$215 million through its SGX Mainboard listing, comprising S$139.5 million from the IPO and S$75.5 million from cornerstone placements, with gross proceeds to the company of about S$168.2 million.
The bulk of proceeds will fund a United States research and development centre, plus upgrades to Taiwan facilities, a new Singapore laboratory, and expanded production at its Senai plant in Johor, Malaysia, targeting first-phase output in Q4 2026.
Mi Material held 24% of the global serviceable solder sphere market in 2025, making it one of the world’s two largest suppliers, with revenue of US$65.3 million and a compound annual growth rate of about 28% over the prior three years.
