Mi Material launches SGX IPO at S$1.80 per share, raising over S$200 million

Mi Material Holding Ltd, the semiconductor material arm of Mi Technovation Bhd, listed on the Singapore Exchange with an issue price of S$1.80 per share, aiming to raise S$203.2 million. The offering consists of 77.5 million shares, split between 51.5 million fresh issuances and 26 million existing shares from the parent. International investors and the Singapore public will receive 71.27 million and 6.22 million shares respectively, while a cornerstone consortium of seven firms agreed to buy 41.94 million shares.

Joint Global Coordinators Oversea-Chinese Banking Corporation Limited and CGS International Securities Singapore will manage the deal, with CGS also acting as stabilising manager, authorized to buy up to 5 million extra shares for 30 days post-listing. Proceeds of roughly S$203.2 million will flow to Mi Material and Mi Technovation, with the latter also planning a dividend-in-specie distribution of up to 9 million shares to its shareholders.