Mi Material Holding Limited plans to put S$55.8 million from its Singapore share sale into a Texas research and demonstration center, its largest allocation as the semiconductor supplier builds capacity in Malaysia.
The company opened an offer of 77,496,800 shares at S$1.80 each on Oct. 19. Seven cornerstone investors have also agreed to subscribe for 41,940,700 new shares at the same price, bringing the combined gross deal value to about S$215 million.
Mi Material is issuing 51,496,800 of the offer shares. Together with the cornerstone shares, they represent S$168.2 million in gross proceeds for the company. Its parent, Mi Technovation Berhad, is selling the other 26 million offer shares for S$46.8 million in gross proceeds before fees. Mi Material will receive none of the proceeds from those existing shares.
The prospectus estimates S$157.9 million in net proceeds for Mi Material, assuming the over-allotment option is not exercised. The Texas center accounts for 33% of its gross proceeds. The company also plans to spend S$33.3 million on Taiwan facility upgrades, S$27.9 million on production expansion in Malaysia and S$23 million on a Singapore research and development laboratory. It allocates S$17.9 million to general and working capital and S$10.3 million to fees and offer expenses.
Mi Material says the Texas location would place its research work near customers’ U.S. development and materials qualification teams. It plans to start establishing the center within six months after the offer is completed and aims to begin operations by the end of 2028.
Construction of its new plant in Senai, Johor, began in October 2025. Mi Material expects three production lines to be ready in the fourth quarter of 2026, followed by a production ramp-up in early 2027. It targets operation of four additional lines by the end of 2027.
Mi Material makes solder spheres used to connect semiconductor packages to circuit boards. It reported US$65.3 million in revenue and US$10 million in net profit for 2025. Its five largest direct customers accounted for 46% of revenue that year, according to the prospectus.
Mi Technovation is expected to retain about 73.7% of Mi Material after the offering and cornerstone issuance, assuming the over-allotment option is not exercised.
The Singapore public offer is scheduled to close at 12 a.m. ET (04:00 UTC) on Oct. 26. Trading is expected to begin at 2 a.m. ET (06:00 UTC) on Oct. 28.
