Semiconductor Packaging Play: Mi Material Debuts on SGX at S$1.80

Established in Tainan, Taiwan, in 1998, $Mi Material(MIM.SI)$ has over 28 years of experience in the electronics and semiconductor industry, operating under the corporate brand “Accurus”. Today, the Group is headquartered in Singapore and is one of the leading manufacturers of semiconductor advanced packaging materials. 

It is principally engaged in the design, development, manufacturing and commercialisation of precision solder spheres, which serve as critical interconnect components enabling electrical conductivity between integrated circuits (ICs) and printed circuit boards (PCBs) across a broad spectrum of advanced semiconductor packaging applications. 

Its products and solutions are mainly us ed in end-use applications such as high-performance computing (HPC) for artificial intelligence (AI), memory (including high bandwidth memory (HBM)), mobile devices and wearables, and automotive applications.

Competitive Strengths based on the IPO Prospectus 

• Established position in the global solder sphere market with a focus on fine-pitch and ultra-fine-pitch solder spheres and specialty alloys where packaging complexity, performance requirements and growth rates are the highest. Its portfolio’s wide dimensional range, combined with proprietary alloys, allows the Group to address highly differentiated customer requirements across advanced mobile, HPC, AI, automotive and emerging packaging architectures.

• Exposure to structurally strong growth drivers and attractive end-markets as chip architectures push toward higher I/O density, smaller pitch sizes and multi-die designs.
   

• High entry barriers and strong customer stickiness from R&D-driven customer embeddedness and quality control, supported by rigorous customer qualification processes that can take several years to complete and technical know-how compounded over successive product cycles.
   

• Strong financial performance with a revenue CAGR of 28.1%, compared with the global solder sphere SAM CAGR of 26.2% over the same period. The Group was consistently profitable from FY2023 to 1HFY2026, with profit before tax margin and adjusted EBITDA margin averaging approximately 19.5% and 24.9%, respectively, over the three years ended 31 December 2025.
   

• Experienced management team with deep domain expertise, combining long-tenured leadership with deep functional expertise across materials science, R&D, process engineering and high-volume manufacturing. 

Key Strategies and Future Plans

• Expansion and geographic diversification in the United States through a new R&D and demonstration centre by end-2028, bringing the Group closer to its customers, strengthening product development collaboration, and supporting regional demand.
   

• Capacity expansion and geographic diversification in Malaysia, with the new production facility in Senai, Johor, expected to result in an increased production capacity of between approximately 2,100 billion to 2,800 billion solder spheres. 
   

• Capacity expansion in Taiwan, involving structural and facilities upgrade, production equipment expansion and modernization, and the installation of four new production lines. The project is expected to be completed by 2029.
   

• Intensify R&D to capture new market opportunities beyond traditional solder sphere applications. The key pillars of its R&D intensification strategy include strengthening R&D capabilities through expansion in Singapore and the United States, focusing on ultra-fine solder spheres as a disruptor to plating-based interconnects, and expanding from electrical to thermal interconnects in advanced packaging.
   

• Building contingencies in manufacturing through strategic expansion and operational resilience comprising:

  - automation and productivity enhancement of its Taiwan operations, including the deployment of AI-driven robotic systems;

  - localised market positioning of its PRC operations by developing alloy compositions and ball diameter specifications calibrated to the requirements of local industries; and

  - regional servicing hub and business continuity through its Malaysia operations. 

Key Risks (Refer to page 34 of the IPO Prospectus for the full list) 

• Dependent on relationships with major customers. A significant portion of revenue is also concentrated among major customers, which accounted for 41.4% of 1HFY2026 revenue. The Group may not be able to promptly replace lost sales if any of its major customers cease or reduce their orders.
   

• Reliance on a few key suppliers for certain raw materials and production inputs. Despite efforts to diversify its suppliers, the limited supplier base for certain inputs may expose the Group to supply shortages or disruptions, potentially affecting product deliveries, increasing costs and delaying income recognition.
   

• Failure to comply with the conditions of licences and permits could result in their revocation or non-renewal, affecting the Group’s ability to operate. The Group is also subject to export control regulations, and substantial fines could trigger lenders' risk control measures and cross-default provisions, adversely affecting its financial condition.
   

• Exposure to the cyclical nature of the semiconductor industry, particularly AI-related semiconductor demand, where any prolonged downturn in key end-markets could materially affect its business, financial condition, results of operations and prospects.

Financials & Valuation 

• Revenue grew by 17.6% from US$39.8 million in FY2023 to US$46.8 million in FY2024 and further increased by 39.5% to US$65.3 million in FY2025, primarily due to an increase in the sales volume across all product categories and a product mix with a higher proportion of specialty alloys and fine-pitch solder spheres. 
   

• Adjusted EBITDA grew from US$8.2 million in FY2023 to US$13.3 million in FY2024 and US$16.7 million in FY2025. Adjusted EBITDA margins were 20.6%, 28.3% and 25.6% in FY2023, FY2024 and FY2025, respectively.
   

• Building on its FY2025 performance, revenue increased 109.8% YoY in 1HFY26, driven by demand from key customers and OSATs in the HPC and Memory segments. Adjusted EBITDA increased 207.6% YoY while adjusted EBITDA margin improved from 25.5% in 1HFY25 to 37.5% in 1HFY26.
   

• The Group does not have a fixed dividend policy, but its Board intends to recommend and distribute at least 20.0% of its net profit after tax as dividends for the period from the Listing Date to 31 December 2026 and for FY2027, subject to its cash management and capital expenditure requirements, potential acquisitions and debt considerations.

IPO Details

• Offer price at S$1.80 per share.

• The Offering will consist of an aggregate of 77.5 million shares (subject to the Over-allotment Option) comprising:

  - 71.3 million shares by way of an international placement to selected investors, including institutional and other investors in Singapore

  - 6.2 million shares by way of a public offer

• The following Cornerstone Investors subscribed to 41.9 million shares (Cornerstone Shares) at the Offer Price:

  - abrdn Asia Limited

  - abrdn Malaysia Sdn. Bhd.

  - Amova Asset Management Asia Limited

  - Areca Capital Sdn Bhd

  - Barings Singapore Pte. Ltd.

  - Fullerton Fund Management Company Ltd.

  - Manulife Investment Management (Singapore) Pte. Ltd

• Based on post-offering shares of 495 million, the estimated IPO market capitalisation is S$891 million. 

• Estimated gross proceeds due to Mi Material from the Offering and the issuance of the Cornerstone Shares will be approximately S$168.2 million. 

• Use of gross proceeds primarily for: 

  - Establishment of a R&D and demonstration centre in the United States

  - Refurbishment and equipment upgrade of production facilities in Taiwan

  - Expansion of production facilities in Malaysia

  - Establishment of R&D laboratory in Singapore

  - General corporate and working capital purposes

  - Payment of underwriting fees and offering expenses